Piezoelectric Materials Market Size, Share, Growth Analysis, By Region - Industry Forecast 2024-2031

Piezoelectric Materials Market size was valued at USD 29.23 billion in 2019 and is poised to grow from USD 30.9 billion in 2023 to USD 48.14 billion by 2031, growing at a CAGR of 5.7% in the forecast period (2024-2031).

Piezoelectricity is a property unveiled by some materials which triggers an electric field by giving force to it. Piezoelectric materials can change shapes and possess high degree of stiffness during exposure to mechanical stress. These are commonly used in the formulation of a variety of electronic goods including sensors, actuators, transducers, SONAR, motors, and generators, which in turn will propel the global piezoelectric materials market growth over the forecast period. The materials possess a low thermal expansion which is good for electronics applications and can be used as an insulator because this prevents damage because of changes in temperature being carried out in tough conditions.

The developed countries like the United States and Germany are growing since there is an increasing demand for photovoltaic and it is expected to increase the usage of the product.

But due to the growing demand for substitutes such as dielectric and inherently conductive polymers in manufacturing actuators due to product innovation by Parker and Solvay is expected to hinder the industry growth. 

US Piezoelectric Materials Market is poised to grow at a sustainable CAGR for the next forecast year.