Superconducting Materials Market Analysis
Superconducting Materials Market - Size, Share, Trends, and Forecast 2019 - 2027
The superconductivity of material is a phenomenon where there is zero electrical resistance and expulsion of magnetic flux fields in typical materials called superconductors when they are cooled below the critical temperature. In other words, the superconductivity of material is the ability to transfer electrons from atom to another without witnessing any sort of resistance at the critical temperature. Metals, binary alloys, and metals compounds are typical superconductors. Superconducting materials are used in various industries including manufacturing, healthcare, and commercial. Moreover, superconducting materials are used in power storage devices, power grids, electric motors, transformers, electric power transmission, magnetic levitation, fault current devices, and superconducting magnetic refrigeration. Gallium, cadmium, aluminum, vanadium, zinc, tungsten, thorium, lead, titanium, osmium, rhenium, tin, niobium, lanthanum are superconducting metals.
Global superconducting materials market size was valued at US$ 1,001.5 million in 2018 and is expected to register a CAGR of 4.85 in terms of revenue during the forecast period (2019-2027). Growing use magnetic resonance imaging (MRI) in the healthcare industry is expected to increase the demand for superconducting materials and thereby support the market growth during the forecast period. Moreover, rising prevalence of cancer around the globe is expected to increase the demand for MRI equipment and hence propel the market growth. Furthermore, key players around the world are investing in research and development activities of high-temperature superconductors. This is expected to create lucrative growth environment for global superconducting materials market during the forecast period. Furthermore, superconductive materials find applications in electronics industry. For instance, wires made of superconducting materials are used in manufacturing of electronic generators, demonstrating efficiency of 99%. Such generators have high demand commercially, which is expected to boost the market growth in the near future. Moreover, increasing demand for cooling equipment in which wires of superconducting materials are used, is expected to drive growth of the market.
However, high cost of superconducting materials is expected to restrain growth of the market during the forecast period.
Market Regional Analysis
Asia Pacific is projected to gain significant market share in global superconducting materials market during the forecast period. Increasing demand for superconducting materials from emerging economies such as India, Thailand, China, Indonesia, Malaysia, and Vietnam are expected to propel the market growth. Africa, Middle East, and Latin America have shown lucrative environment for the market, owing to growing use of superconducting materials in electronics industry. Moreover, European economies and the U.S. are recovering from economic fall, which is expected to boost the market growth in the near future.
Major players operating in the global superconducting materials market are Lonmin plc, Iluka Resources Limited, Cabot Corp., Glencore Xstrata plc, Alcoa Inc., China Minmetals Corp., Alcan Inc., Tosoh Corp., DuPont, and Astron Advanced Materials Ltd.
Major companies operating in superconducting materials market are undergoing various strategic collaborations and launch new products in order to expand the company product portfolio and mark their presence globally.
For instance, in December 2019, Glencore entered into an agreement to acquire LNG business of Orsted A/S. The acquisition aimed at expanding company’s product portfolio and global presence.