Superconducting Materials Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 10.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Superconducting Materials Market Analysis
The global superconducting materials market is expected to grow with a CAGR greater than 10% during the forecast period.
The COVID-19 pandemic negatively hampered the global superconducting materials market growth due to considerable disruption in the supply chain activities and reduced the production of commodities, goods, and services. However, the industry witnessed a recovery in 2021, thus rebounding the demand for the market studied.
- Increasing expenditures on medical machinery and equipment are driving the market.
- On the flip side, inadequate availability of feedstock materials such as Yttrium is hindering the growth of the market studied.
- However, the potential to bring changes to electric power and high-field magnet technology shall create a lucrative opportunity in the future.
- Asia-Pacific accounted for the highest share of the market and is likely to continue dominating the market during the forecast period.
Superconducting Materials Market Trends
This section covers the major market trends shaping the Superconducting Materials Market according to our research experts:
Medical Sector is Expected to Dominate the Market
- Currently, the medical sector accounts for the highest market share of the global market for superconducting materials.
- Magnetic resonance imaging (MRI) machines have seen a surge in demand in recent years owing to rising health issues and concerns worldwide. Moreover, superconducting materials are required in MRI machines to provide energy to maintain large magnetic fields. Superconducting materials try to reduce the resistance in the wires to almost zero.
- Due to factors such as a large elderly population in countries such as the United States and Canada, North America includes the largest market share in the magnetic resonance imaging (MRI) market. For instance, in 2021, according to the Center for Medicare and Medicaid Services (CMS), the US government spent USD 4.1 trillion in the healthcare sector to improve and maintain public health activities. Therefore, increased expenditure on healthcare by countries such as the US and Canada, which enable public healthcare providers to adopt advanced MRI systems, is estimated to create demand for the superconducting materials market in the countries.
- Also, governments in several developing countries have increased their medical sector expenditures to improve equipment efficiency. For instance, according to the Organization for Economic Co-operation and Development (OECD), the number of magnetic resonance imaging (MRI) scanners in Italy increased by 169 in 2021, which shows an increase of 9.1% compared with 2020.
- Owing to the abovementioned factors, the medical sector is expected to witness the highest demand for superconducting materials during the forecast period.
Asia-Pacific to Dominate the Market
- In the recent past, there is a significant growth in the demand for superconducting materials in the Asia-Pacific region.
- The surge in demand is largely attributed to the region's increasing electrical and electronics products.
- China and India are expected to witness strong growth in the demand for superconducting materials, owing to favorable government support to increase production in the electrical and electronics industry. For instance, in 2021, the total profit of electronics manufacturing enterprises in China grew by 38.9% from the previous year, reaching CNY 828.3 billion (USD 128.35 billion).
- Moreover, in India, the production value of consumer electronics in India amounted to INR 705 billion (USD 9.53 billion) in the fiscal year 2021, which shows a decrease of 12.9% compared with 2020. The drop in production value was due to the impact of the coronavirus pandemic.
- Additionally, the medical industry in the Asia-Pacific region witnessed major growth in recent years, which is likely to drive the market studied. For instance, India's health sector expenditure increased from INR 2.73 lakh crore (USD 36.92 billion) in 2020 to INR 4.72 lakh crore (USD 63.83 billion) in 2021, an increase of nearly 73%. Therefore, increasing expenditure in the health sector is estimated to create demand for superconducting materials in the country.
- Hence, due to the abovementioned factors, Asia-Pacific will likely witness the highest growth rate during the forecast period.
Superconducting Materials Industry Overview
The superconducting materials market is moderately consolidated in nature. The major companies include (not in a particular order) evico GmbH, Hitachi, Ltd., NEXANS, SuperPower Inc., and Sumitomo Electric Industries, Ltd.
Superconducting Materials Market Leaders
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evico GmbH
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Hitachi, Ltd.
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SuperPower Inc.
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Sumitomo Electric Industries, Ltd.
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NEXANS
*Disclaimer: Major Players sorted in no particular order
Superconducting Materials Market News
- December 2022: Philips entered into a research partnership with US magnet solutions provider MagCorp to explore superconducting magnets for MR scanners that do not require cooling to ultra-low temperatures (-452 °F or -269 °C) using liquid helium.
- April 2022: Mazhar Ali, an associate professor, and his research group at TU Delft discovered one-way superconductivity without magnetic fields. Superconductors can make electronics hundreds of times faster with zero energy loss.
Superconducting Materials Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Expenditures on Medical Machinery and Equipment
4.1.2 Growing Demand from the Electronics Industry
4.2 Restraints
4.2.1 Inadequate Availability of Feedstock Materials such as Yttrium
4.3 Industry Value-chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Product Type
5.1.1 Low-temperature Superconducting Materials (LTS)
5.1.2 High-temperature Superconducting Materials (HTS)
5.2 End-user Industry
5.2.1 Medical
5.2.2 Electronics
5.2.3 Other End-user Industries
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 Italy
5.3.3.4 France
5.3.3.5 Rest of Europe
5.3.4 Rest of the World
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) ** /Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 evico GMBH
6.4.2 Hitachi, Ltd.
6.4.3 Hyper Tech Research, Inc.
6.4.4 JAPAN SUPERCONDUCTOR TECHNOLOGY, INC. (JASTEC)
6.4.5 MetOx Technologies, Inc.
6.4.6 NEXANS
6.4.7 Sumitomo Electric Industries, Ltd.
6.4.8 Super Conductor Materials Inc.
6.4.9 Superconductor Technologies Inc.
6.4.10 SuperPower Inc.
6.4.11 Western Superconducting Technologies Co,Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Potential to Bring Changes to Electric Power and High-field Magnet Technology
Superconducting Materials Industry Segmentation
Superconducting materials refer to various metallic compounds or alloys that can conduct electricity/ electric charge with no resistance and without releasing heat, sound, and energy. Common superconducting materials include gallium, cadmium, aluminum, vanadium, zinc, tungsten, thorium, lead, titanium, and lanthanum. These materials are available in powders or crystals, magnets, wires, and cables. They are widely used in power storage devices, grids, electric motors, magnetic levitation trains, magnetic resonance imaging (MRI), and electromagnetic generators. The superconducting materials market is segmented by product type and end-user industry. By product type, the market is segmented into low-temperature superconducting materials and high-temperature superconducting materials. By end-user industry, the market is segmented into medical, electronics, and other end-use industries. The report also covers the market size and forecasts for the superconducting materials market in 11 countries across major regions. The market sizing and forecasts have been done for each segment based on value (USD million).
| Product Type | |
| Low-temperature Superconducting Materials (LTS) | |
| High-temperature Superconducting Materials (HTS) |
| End-user Industry | |
| Medical | |
| Electronics | |
| Other End-user Industries |
| Geography | |||||||
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| Rest of the World |
Superconducting Materials Market Research FAQs
What is the current Superconducting Materials Market size?
The Superconducting Materials Market is projected to register a CAGR of greater than 10% during the forecast period (2024-2029)
Who are the key players in Superconducting Materials Market?
evico GmbH, Hitachi, Ltd. , SuperPower Inc., Sumitomo Electric Industries, Ltd. and NEXANS are the major companies operating in the Superconducting Materials Market.
Which is the fastest growing region in Superconducting Materials Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Superconducting Materials Market?
In 2024, the North America accounts for the largest market share in Superconducting Materials Market.
What years does this Superconducting Materials Market cover?
The report covers the Superconducting Materials Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Superconducting Materials Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Superconducting Materials Industry Report
Statistics for the 2024 Superconducting Materials market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Superconducting Materials analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
