Superconducting Materials Market - By Product (Low Temperature, High Temperature), By End-user (Medical, Research & Development, Electronics) & Forecast, 2022-2030

Industry Overview

Superconducting Materials Market Size was valued at USD 8.5 billion in 2021 and is expected to register a CAGR of up to 9.5% between 2022 and 2030, owing to the flourishing electronic industry and the rising use of superconducting materials in medical devices.
 

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A superconducting material is a material that exhibits zero electrical resistance when cooled below a certain threshold temperature. A superconducting material can be a metal, non-metal, or metalloid. A few examples of these materials are mercury, zinc, tungsten, zirconium, vanadium, titanium, lithium, baron, silicon, etc. Based on product, superconducting materials are classified into low-temperature and high-temperature superconducting materials. The major application of superconducting material is in the field of electronic, medical, and research & development. In the electronics sector, these materials are used in sensors, communication networks, analog to digital convertors, etc. The medical industry has the highest application share as the materials are used in MRI machines.
 

The robust use of superconductors in the medical industry is credited to superconducting materials market growth. Superconductors are used in the medical industry for MRI and NMR systems due to their numerous benefits. Superconducting magnets provide a high amount of resolution and homogeneity for clinical imaging solutions. Also, the adoption of these machines is becoming common for diagnostics of various health-related issues. The global medical industry is growing at a faster pace owing to the increasing concerns regarding declining health in consumers.
 

Another growth driver of the superconductor materials industry is the flourishing electronic industry. Due to their excellent conductivity at low resistance, superconducting materials are widely utilized in modern communication systems. These items are utilized in several cutting-edge and digital communication systems including optoelectronics, analogue devices for military usage, 4-G mobile communications, etc. Superconducting materials are used in modern communication technologies, electronic components, and several military applications as they possess crucial characteristics including low resistance at higher frequencies and exceptionally low signal dispersion.
 

The factor that might hinder market expansion is the low availability of raw materials. The materials used in superconductors are formed of rare earth elements. Due to their limited earth deposits, the extraction and supply of raw materials might be difficult. Several factors, including trade disputes, supply-chain disruptions, the Russia-Ukraine conflict, etc., will make it difficult to extract some materials.
 

Low temperature superconducting materials will dominate the market

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The low-temperature superconducting (LTS) materials will hold over 75% revenue share by 2030. LTS materials are manufactured using niobium tin alloys, magnesium & boron powder, and NbSn3. It has a critical temperature of less than 50 K (-223.15 ºC). The critical temperature in LTS is defined as the temperature at which the material must be cooled so that it will exhibit superconducting properties. The dominant nature of this segment is credited to its high use in MRI and Nuclear Magnetic Resonance (NMR) and high energy research areas related to physics to address future energy needs around the globe. The increasing demand for MRI and NMR due to declining health and increasing awareness regarding early disease detection will propel the demand for LTS materials.
 

Rising application of superconducting materials in the medical sector

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Medical application dominates the superconducting materials market size and will generate over USD 14 billion by 2030. Superconducting materials are used in medical devices, such as MRI systems, NMR spectroscopy, etc., due to their wide range of benefits. Magnetic Resonance Imaging (MRI) provides images of the soft tissues in the body parts, which are not visible under x-ray examination or ultrasound techniques. MRI scanning improves precision of diagnosis and provides a patient-friendly environment. MRI system requires highly stabilized & homogeneous magnetic field to achieve precise & economical imaging. MRI systems require typical magnetic field ranging from 1.5 T to 3 T, which is difficult to obtain through conventional magnets.
 

Also, diagnostic accuracy is increased using MRI scanning, which also offers a comfortable setting for patients. To accomplish accurate and affordable imaging, an MRI system needs a very uniform magnetic field that is also well stable. The superconducting material provides all the necessary characteristics to these devices; hence, the demand is expected to increase over the forecast period.
 

Asia Pacific will have the highest demand

The Asia Pacific superconducting materials market will grow at a CAGR of 10.6% over the forecast timeline. The growing electronic industry in the developing countries, including China, Japan, and India, will contribute to the increasing demand. The presence of electronic product manufacturers in China will result in higher demand from this region. The increasing use of superconductor electronic is also amplifying the market growth in the region. Also, China is the second largest medical devices market in the world due to growing population, growing middle class section, and increasing healthcare spending. India is also a key region in the medical devices market.
 

Product expansion is one of the major strategic outlooks of the overall industry

Global superconducting materials market players majorly focus on expanding their product range to enhance their manufacturing capacities. Major players are expanding their manufacturing capacities and increasing their global presence. Some of the key manufacturers include Nexans, American Superconductors and Siemens AG, among others. business players are engaging in strategic collaborations and joint ventures in order to get a competitive advantage. Companies are investing in R&D for development of new alloys that can act as superconducting materials below threshold temperature.
 

The Superconducting Materials Industry research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2022 to 2030 for the following segments:

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By Product

• Low Temperature
• High Temperature

By End-user

• Medical
• Research & Development
• Electronics
• Others

The above information is provided on a country basis for the following:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • Indonesia
  • Malaysia
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • South Africa
  • GCC