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Superconducting Materials Market is Forecast to Reach US$ 4,637.7 Mn by 2028

Superconducting Materials Market is Forecast to Reach US$ 4,637.7 Mn by 2028 - Coherent Market Insights

Publish On: Oct 12, 2021

Superconductor material is materials that are capable of conducting electricity without any loss of energy. They have excellent heat capacity, critical current density, and critical magnetic field. Superconducting materials are widely used across various applications for producing very strong magnetic fields. Moreover, superconductor material can be metals, organic materials, ceramics, and heavily doped semiconductors

Market Statistics:

The global superconducting materials market is expected to surpass US$ 4,637.7 Mn in terms of value by the end of 2028.

Global Superconducting Materials Market: Drivers

Increasing demand for Magnetic Resonance Imaging (MRI) is driving the market growth of superconductor material. Magnetic Resonance Imaging (MRI) is used to produce images of structures of internal body parts. MRI is widely used in the diagnosis and treatment of various chronic diseases in the healthcare industry. Moreover, increasing spending’s in the health industry by the government for improving MRI efficiency and enhance the facility of the health industry is propelling the market growth. Thus, the growing demand for magnetic resonance imaging from the medical industry is augmenting the market growth of the superconductor material.

Global Superconducting Materials Market: Opportunities

Increasing demand for superconducting magnets is projected to bring new market opportunities in the near future. Superconducting magnets have ability to develop a strong magnetic field without electric input. Also, superconducting magnets have excellent persistency and consistent magnetic field features across a wide range of temperatures. Superconducting magnets are majorly used across cryogenics, high-speed trains, and biomagnetism which is propelling the demand for superconducting magnets, thereby fueling the market growth of superconducting materials.

Global Superconducting Materials Market: Recent Developments

In June 2021, a collaborative research team, led by the University of Liverpool, has discovered a new inorganic material with the lowest thermal conductivity ever reported. This discovery paves the way for the development of new thermoelectric materials that will be critical for a sustainable society. 2021.

Global Superconducting Materials Market: Restraints

The fluctuating price of raw materials used in the production of superconductor material is projected to hinder the market growth. Yttrium is a key element that is used as feedstock for the production of superconducting materials. As it is rare earth metals so its availability is limited and there are various constraints that affect the supply of the feedstock. Thus volatile pricing of raw materials is hindering the market growth over the forecast period.

Global Superconducting Materials Market - Impact of Coronavirus (Covid-19) Pandemic

The emergence of the COVID-19 has affected various industrial sectors. In the U.S. from 3 January 2020 to 5:31pm CEST, 29 September 2021, there have been 42,849,008 confirmed cases of COVID-19 with 686,125 deaths, reported to WHO. As of 23 September 2021, a total of 389,142,237 vaccine doses have been administered. Several government organizations have imposed stringent restrictions allowing employees to work remotely. The pandemic has also led to increase in adoption of advanced electronics and automated machinery during the pandemic, which is expected to aid in growth of the global superconducting materials market.

Figure 1. Global Superconducting Materials Market Share, By Product Type, 2020

Press Release Image

Key Takeaways:

  • The global superconducting materials market was valued at US$ 1,298.4 Mn in 2020 and is forecast to reach a value of US$ 4,637.7 Mn by 2028 at a CAGR of 17.2% between 2021 and 2028.
  • The HTS sub-segment by product type was valued US$ 797.8 Mn in 2020 and is expected to witness a CAGR of 37.5% over the forecast period. Owing to increasing applications of superconducting materials in medical devices

Market Trends:                                                                           

Increasing launch of the innovative product by key manufacturers in order to cater to growing demand is a growing trend in the market. For instance, in June 2020, Festo has launched a lab automation “superconductor” system that moves objects without contact. "SupraModule” is a new product it is a concept that enables wireless control of functions on a magnetic, floating carrier with an autonomous energy supply. It has superconductor technology and can be moved and handled without physical contact.

The increasing use of superconductor materials in the military industry is an emerging trend. They are widely used in surveillance, radar, and communication applications.  Moreover, superconductors offer accuracy and sensitivity and high performance in the military equipment. Increasing spending on the military sector by the government for improving the safety and security of the homeland due to the rising number of terror attacks around the globe is driving demand for surveillance, radar, and communication. This is expected to bolster the market growth of superconducting materials over the forecast timeframe.

Global Superconducting Materials Market: Competitive Landscape

Major players operating in the global superconducting materials market include, Superconductor Technologies, Inc., American Superconductor, Evico GmbH, Hitachi, Ltd., Metal Oxide Technologies, Inc., Siemens AG, Hyper Tech Research, Inc., Toshiba Corporation, and Sumitomo Electric Industries Ltd.

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