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Piezoelectric Polymers Market Size
Piezoelectric Polymers Market size is expected to witness significant growth during 2024-2032, driven by technological advancements, the burgeoning demand for consumer electronics, and expanding application scope in various industries. According to a WeForum.org 2023 report, renewable energy sources like solar, wind, and nuclear power are projected to satisfy over 90% of the rise in global energy demand by 2025. This push towards sustainability and the adoption of renewable energy sources has led to the surge in demand for innovative solutions to capture and utilize ambient energy sources efficiently. To that end, piezoelectric polymers have emerged as vital solutions due to their unique ability to convert mechanical vibrations and movements into electrical energy.
Piezoelectric Polymers Market Trends
The growing demand for miniaturized electronic devices and sensors is boosting the demand for piezoelectric polymers. These materials play a vital role in the development of miniature sensors and actuators that are used in wearable devices, medical implants, and IoT-enabled devices. Moreover, the rising investments in R&D activities aimed at enhancing the properties and performance of piezoelectric polymers is expected to further propel the market growth.
Piezoelectric Polymers Market Analysis
The market share from the polyvinylidene fluoride (PVDF) material segment is poised to register a decent growth trajectory till 2032, owing to its high thermal stability, and chemical resistance. PVDF-based piezoelectric polymers are utilized in applications, such as sensors, transducers, energy harvesting devices, and actuators. These materials also find applications in structural health monitoring, vibration sensing, and acoustic devices. Moreover, with ongoing R&D efforts focused on improving the performance and cost-effectiveness, the segment will record significant growth.
Piezoelectric polymers industry size from the motor application segment is set to gain traction between 2024 and 2032. Piezoelectric actuators and motors are used in various automotive and industrial applications due to their high precision, fast response time, and compact size. These actuators are also employed in fuel injectors, valve control systems, and adaptive optics in vehicles for improving fuel efficiency, reducing emissions, and enhancing the overall performance.
North America piezoelectric polymers market is poised for substantial revenue growth until 2032, fueled by the massive influx of renewable energy projects in the region. Ambitious initiatives in the U.S. and Canada to promote solar photovoltaics and renewable energy technologies are driving the energy transition and reducing carbon footprints. This will lead to increased utilization of piezoelectric polymers in energy harvesters. The U.S. Energy Information Administration (EIA) predicts that solar power's share in the U.S. energy generation will double from 3% in 2022 to 6% by 2024, further highlighting the increasing importance of piezoelectric polymers in the energy sector across the region.
Piezoelectric Polymers Industry Share
Some of the major piezoelectric polymers market key players include:
- Arkema
- Polyk Technologies
- Kureha Corporation
- Toray Industries, Inc.
- Solvay S.A.
These firms are focusing on expansion strategies to boost innovation and strengthen their business footprint. They are also essaying partnership ventures to sustain the rising market competition.
Piezoelectric Polymers Industry News
In 2023, Chiyoda Corporation secured an Engineering, Procurement, and Construction (EPC) contract from Kureha Corporation, in partnership with IHI Plant Corporation, to expand the PVDF monomer process capacity at Kureha’s Iwaki facility.