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COVID-19 Impact Affects Piezoelectric Materials Market Globally in 2020

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The global 

piezoelectric materials

market

 is

anticipated to gain impetus from the increasing research and development

activities to create lead-free piezoceramics. They include three vital

compositional families, namely, bismuth perovskite-based ceramics, alkaline

niobate perovskite-based ceramics, and titanate-based ceramics. This

information is given by Fortune

Business Insights(TM) in a recent report, titled, "Piezoelectric

Materials Market Size, Share & Industry Analysis, By Type (Piezoceramics

[Lead Zirconate Titanate and Lead-free Ceramics], Piezopolymers,

Piezocomposites, and Others), By Application (Actuators, Motors, Transducers,

Sensors, SONAR, Generators & Transformers, Acoustic Devices, Resonators,

and Others), By End-Use Industry (Automotive, Healthcare, IT & Telecom,

Consumer Goods, Aerospace & Defense, and Others), and Regional Forecast,

2020-2027." The

report further states that this market size was USD 1,352.2 million in 2019. It is projected to reach USD 1,839.4 million by 2027,

thereby exhibiting a CAGR of 4.0% during the forecast period.





The emergence of the COVID-19 pandemic has brought the world to a standstill.

Several companies have halted their manufacturing processes. Until and unless a

vaccine is discovered, disruptions in supply chain and heavy financial losses

of a wide range of industries are inevitable. Our reports would provide

accurate information about the best strategies that you can follow to regain

your business confidence and generate more shares.





Drivers & Restraints-




Rising Automation in

Automotive & Electronic Industries to Boost Growth




Several end-use industries

such as electronics and automotive are looking forward to bringing in

automation in their manufacturing processes. This has further surged the demand

for devices, such as motors, actuators, transducers, and sensors. These devices

help in the smooth operation of production lines. They utilize piezoelectric

materials to measure various quantities, namely, acoustic intensity, strain,

pressure, and acceleration. Therefore, the demand for these materials is

expected to grow in the coming years backed by the high dependence of

industries on automation.




Gain More Insights into the Piezoelectric Materials Industry Research Report:

 



https://www.fortunebusinessinsights.com/piezoelectric-materials-market-102938





However, these materials are mainly used in energy conversion and sensing

devices. But, when they are subjected to harsh environments, such as heavy

stress and high temperature, the results can be severely affected. This factor

may hamper the piezoelectric materials market growth in the near future.



Segment-




Automotive Segment to Grow

Steadily Owing to High Usage of Piezoelectric Materials




Based on end-use industry,

the market is segregated into aerospace & defense, consumer goods, IT &

telecom, healthcare, automotive, and others. Out of these, the automotive

segment held 18.4% piezoelectric materials market share in 2019. This growth is

attributable to the usage of these type of materials in braking systems,

sensors, fuel injectors, and actuators. Also, tire pressure sensors, airbag

sensors, seat belt buzzers, and fuel atomizer require these materials

extensively. Such factors would contribute to the steady growth of this segment

in the coming years.



Regional Analysis-




Government's Support to

Manufacturers during COVID-19 will Favor Growth in Asia Pacific




In terms of geography, in

2019, Asia Pacific generated USD 905.9 million revenue. This growth is attributable

to the expansion of production capacities by companies located in South Korea,

India, China, Taiwan, and Japan. These countries are considered to be the major

manufacturing hubs for consumer goods and electronics. Besides, the COVID-19

pandemic has caused losses for the electronics manufacturers. Thus, the

governments of these countries are offering them incentives and tax rebates to

set up new production plants.



North America, on the other

hand, is anticipated to showcase good growth on account of the major

contribution of the U.S. The country is planning to conduct several space

exploration programs. Hence, the sensing objects used in such activities would

require piezoelectric materials to achieve remote access to the components of

the spacecraft. Europe is set to revive after the severe effects of the

coronavirus pandemic. This would mainly occur because of the research and

development of automated and driverless cars



Read More About Press

Release:



https://www.fortunebusinessinsights.com/press-release/hot-sauce-market-9191