According to a new research report by Global Market Insights Inc., the Superconducting Materials Market size is forecast to exceed USD 18 billion by 2030.
The superconducting material conducts electric current smoothly and shows negligible resistance when cooled below a critical temperature. These materials have specific electric and magnetic properties, allowing them to offer zero electrical resistance when cooled below threshold or critical temperature. The threshold temperature varies in different materials according to their properties. The materials have their applications in various fields such as medical, electronics, research & development, and others.
One pitfall for the superconducting materials industry is the volatility in raw material prices. The earth metals are the major raw materials used in the market. The raw materials include yttrium, niobium, strontium, barium, magnesium, and boron. The extraction and the sourcing of some of these raw materials are impacted by various factors, such as regional regulation, trade wars, supply chain disruption, etc., which have led to volatility in raw material prices. Rare-earth materials have major applications in permanent magnets used in wind energy turbines, computer equipment, electric & hybrid cars, etc. The price volatility is largely affected by rare-earth material users as they are highly dependent on the product due to the non-availability of the substitute product.
Browse key industry insights spread across 130 pages with 121 market data tables & 23 figures & charts from the report, “Superconducting Materials Market Size, By Product (Low Temperature, High Temperature), By End-user (Medical, Research & Development, Electronics), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Application Potential, Competitive Market Share & Forecast, 2022-2030” in detail along with the table of contents:
High temperature segment will show an exponential growth
The high temperature segment will grow at a CAGR of 11.5% over the assessment timeline. The demand for High Temperature Superconducting (HTS) material is due to its penetration in the energy sector. The increasing use of high temperature wires and cables is driving market growth. Also, the use of high temperature superconducting materials in traffic engineering, such as magnetic transport systems, ship engines, and maglev trains, will contribute to business growth.
The R&D application segment from superconducting materials market will generate a revenue of over USD 2.5 billion by 2030. Superconducting material is used in R&D in various end-user industries such as transportation, telecommunication, medical, and electronic. The research & development in medical field specially in imaging devices will also contribute to market growth of superconducting materials.
The North America will grow at a CAGR of 9.2%. The medical industry is growing at a steady rate in the region, and after the COVID-19 pandemic, there is an increasing awareness among people regarding benefits of early detection of diseases and their treatments. This will create a demand for imaging machines in the region. Also, the growing electronic industry and increasing use of electronics in automobile and other sectors will increase the market demand.
Some of the major players in the superconductor materials industry are American Superconductor, Evico, Japan Superconductor Technologies, Inc., Nexans, Superconductor Materials Inc., Hitachi, and Advanced Magnetic Lab Limited. The companies are engaged in strategic collaborations, joint ventures, and acquisitions for the expansion strategy. They are engaged in the development of room temperature superconductors for achieving a competitive advantage over others.