What is the physical significance of Poisson's ratio with respect to engineering materials?
Poisson’s ratio is the ratio of lateral strain to longitudinal strain in a material. It means that if Poisson’s ratio is large, lateral strain is more (for the same given longitudinal strain) compared to another material whose Poisson’s ratio is small.
If you extend a material in one direction, then the size of the material perpendicular to the direction would reduce and vice versa. If you pull, cross section decreases and if you push (compress) cross section increases.
Larger the Poisson’s ratio, softer is the material. Largest value for Poisson’s ratio is 0.5
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