Electrostrictive Material Market size forecast to reach $7.4 billion by 2026, after growing at a CAGR of 6.1% during 2021-2026 due to growing demand for actuators and polymers across various end use sectors such as automotive, healthcare and others with growing demand for robotics in the industrial automation field. Electrostrictive materials are similar to piezoelectric materials such as lead magnesium niobate-lead titanate. They are ferroelectric crystals that show dimensional shift in an applied mechanical stress on an electric field or an electric polarization. The growth of the market for electrical materials is driven by strong demand from the end-use industries such as healthcare, automotive, consumer goods, and others. According to India Cellular and Electronics Association (ICEA), India expected to reach a value of US$ 100 billion to manufacture laptops and tablets by 2025. Thus, the growing production of consumer goods will be increasing use of electrostricitve material in the projected period.
Impact of COVID-19
COVID-19 pandemic has presented massive disruptions in the demand-supply equilibrium across multiple industries such as consumer goods, automotive, building and construction, and more, which are leading economic losses at a global level. In accordance to the China Academy of Information and Communications Technology (CAICT), smartphones market sales dropped 10% in May 2020 to 32.6 million and 16% in June 2020 to 27.42 billion. The plant shutdown across the globe in the second quarter of 2020 and this has reduced the production scale of electrostrictive materials market.
Electrostrictive Material Market Segment Analysis - By Material Type
Relaxor ferroelectrics segment has led electrostrictive material market with largest share of more than 40% in 2020. The ceramic/catalyst material is widely used in various electromechanical devices due to their very high efficiency and stable thermal properties over a wide range of temperature, which help to control electric conductivity. Additionally, lead magnesium niobate -lead titanate are ferroelectric crystals which have small size and light weight, that can be used in underwater application. Lead zirconate titanate helps to generate a voltage when some mechanical stress is applied on piezoelectric fields. Furthermore, lead magnesium niobate-lead titanate is often known as piezoelectric materials, making them suitable for the application of electrical materials. Thus, relaxor ferroelctrics are very useful for sensors and actuator application, which is propelled the electrostrictive material market.
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Electrostrictive Material Market Segment Analysis - By Application
Actuator held the largest share of more than 35% in the electrostrictive material market in 2020. The rising demand for smart actuators (3D printed soft actuator) in automotive, aerospace & defense, and consumer goods is likely to boost the market growth. The actuators are used for controlling and moving the system or machine. Additionally, sound navigation and ranging (SONAR) projector used electrostrcitive materials in underwater to convert electric energy into sound energy, is an electromechanical device. It converts energy and signals one form to another form. Hence, increasing demand for actuators and SONAR projector is also influenced the industry during the scenario.
Electrostrictive Material Market Segment Analysis – By End Use Industry
Automotive held the largest share of more than 25% in the electrostrictive material market share in 2020. The growing advancement of polymers in automotive sector further drive the market growth. According to the International Trade Administration (ITA), the Chinese government expected to run the production of automobiles with 35 million units by 2025. Additionally, according to the India Brand Equity Foundation (IBEF), the Indian Government expects automobile sector to attract US$ 8 billion to US$10 billion in local and foreign investments by 2023. Whereas, electrostrictive materials are used in the healthcare sector to build medical equipment with built-in sensor technology. The application of the ultrasonic transducer utilizes relaxor-based single-crystal electrostrictive materials. According to the Investments in Medical and Health Research and Development in America, the total investment in medical and health research and development sector was grew by 6.4% from 2017 to $194.2 billion in 2018 by Unites States. Apart from this, in recent years rising consumer preferences for automated and high-end machines and gadgets have pushed the demand for piezoelectric materials, which will be boost the demand of electrostractive material.
Electrostrictive Material Market Segment Analysis - By Geography
APAC dominated the electrostrictive material market share with more than 45.2%, followed by North America due to the expansion of information and telecommunications services and the increasing automotive industry in the region. India has emerged as a significant contributor to the global automotive industry and fourth largest market in 2019. According to Indian Brand Equity Foundation (IBEF), the automotive exportation reached 4.77 million vehicles in FY20 and growing at a CAGR of 6.94% during FY16-FY20. Furthermore, the exportation of two wheelers was 73.9%, followed by passenger vehicles at 14.2%, three wheelers at 10.5% and commercial vehicles at 1.3%. China has the world's largest demand for passenger cars. According to China Passenger Car Association, sales of luxury vehicle grew 26.6% in May 2020 and their market share increased up to 14% compared to 12.9% in the first quarter of 2020. Moreover, the massive aerospace and defense sector is anticipated to propel the market growth in North America. North America aerospace annual demand has expected to be up 5.4% in 2019. According to the Aerospace Industries Association (AIA), aerospace and defense industry of USA contributed more than USD 374 billion to the nation's GDP in 2018, representing 1.8% of the U.S. GDP. Hence, increasing growth of the industries will further influence the market size of electrostrictive materials.
Electrostrictive Material Market Drivers
Increasing Demand for Actuators in Automotive Industry
Actuators are controls electronic systems in passenger cars and commercial vehicles. Actuators are converting the electrical signals from the control unit into an action. Actuators, such as hydraulic actuators, pneumatic, electrical, thermal and mechanical actuators, are built using electrical materials. Actuators used for reducing emissions and fuel consumption, which are leading to the use of electric vehicles. According to India Brand Equity Foundation (IBEF), the Indian electric vehicle (EV) market is estimated to reach worth Rs. 50,000 crore (US$ 7.09 billion) by 2025. In addition, according International Energy Agency (IEA), electric car sales reached 2.4% in 2018 and 1% in 2017 also topped 2.1 million globally in 2019. Hence, increasing growth of the industries will further influence the market size of electrostrictive materials.
Growing Information and Telecommunication Industry in India
The world's burgeoning information and telecommunications industry is the main factor driving the development of the electricity sector. India held the largest share of the telecommunications industry, further unlocking huge opportunities for manufacturers of electrostrictive materials. According to IBEF, India is the world’s second-largest telecommunications market. The total subscriber base in the country stood at 1,168.66 million with a tele-density of 86.22% in 2020. Google paid Rs. 33,737 (US$ 4.5 billion) for a 7.73% stake in Reliance Industries Ltd.’s (RIL) digital subsidiary—Jio Platforms Ltd in 2020. Another one, Reliance Jio partnered with 22 foreign airlines for inflight internet connectivity with plans starting at Rs. 499 (US$ 6.76) per day. Apart from this, in 2020-2021 the department of telecommunications has been allocated UDS $ 9 billion, a 184% increase over the revised estimate of 2019-2020. Hence, growth of the telecommunication sector will further influence the market size of electrostrictive materials.
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High Manufacturing Cost Restraining the Market Growth
The uses of electrostrictive material require high investments. Increased investments in R&D to innovate new electrostrictive material has resulted in broadened applications in automotive, construction, healthcare, aerospace, and chemical industries. Piezo-electric materials like lead magnesium niobate-lead titanate are electrostrictive material. When mechanical stress is applied to piezo electric materials and ferroelectric crystals, then they produce electricity, whereas shape memory restores to its original shape with any changes in temperature. But increasing demand of developed polymers and electric material from end user may act as a challenge for the market as it requires high cost of investment.
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Electrostrictive Material Market. Major players in the Electrostrictive Material Market are APC International, Harris Corporation, PI Ceramic, Morgan Technical Ceramics, Mad City Labs, Smart Materials Corp., Piezo Kinetics, Inc., MSI Transducers Corporation, Sparkler Ceramics Pvt. Ltd., Noliac A/S, and among others.
Key Takeaways
Asia-Pacific market is expected to experience outstanding growth over the forecast period, owing to the increasing demand of electrostrictive Materials with expanding information and telecommunication services in various countries such as India, China, and Japan.
Increasing demand for electrostrictive material for actuator and adoption of developed material such as polymers from various end use industries such as aerospace & defense, telecommunication sector, healthcare and automotive.
According to Federal Aviation Authority (FAA), in Unites States the number of jet aircraft is expected to grow 28% by 2038 and the cargo jet aircraft fleet is 37% by 2038.
Increasing demand of Lead Magnesium Niobate-Lead Titanate, ferroelctric crystals which are available in various dimensions and shapes, such as a wafer, disc, plate, and powder due to wide usage in manufacture of ultrasound machines.
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