Superconducting Materials Market Share

Global Superconducting Materials Market Overview

Superconducting Materials Market Size was valued at USD 5.9 Billion in 2022. The Superconducting materials industry is projected to grow from USD 6.5 Billion in 2023 to USD 14.2 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.30% during the forecast period (2023 - 2032). Increasing demand from the medical industry, growing demand from the electronics industry, are the key market drivers enhancing the market growth.Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Superconducting Materials Market Trends

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  Increasing demand from the medical industry is driving the market growth

  
  

Building high-field MRI machines is one of the most well-known uses of superconducting materials in the medical sector. For the detection and visualization of a wide range of medical diseases, from soft tissue injuries to neurological illnesses, MRI is a vital diagnostic tool. These MRI machines can produce substantially greater magnetic fields thanks to superconducting magnets, which produces images with higher resolution and better diagnostic capabilities. The need for superconducting materials in MRI systems increases along with the desire for more accurate and trustworthy diagnostic instruments.

Shorter imaging periods provided by high-field MRI systems with superconducting magnets lessen patient discomfort and anxiety during scans. Additionally, they make it possible to get images of higher quality, which results in more precise diagnoses. Superconducting MRI technology is being used because the medical sector is committed to improving patient care and comfort.

Modern medical research instruments have been made possible by the development of superconducting materials. These include the highly sensitive biomagnetic sensors used in magnetoencephalography (MEG) and magnetoencephalography (MEG), which aid in the study of brain activity and the identification of anomalies. These instruments are essential for increasing medical research and development as well as our understanding of neurological and mental illnesses.

Superconducting materials are being investigated for therapeutic applications in the medical sector in addition to diagnostics and research. For instance, the development of magnetic hyperthermia therapies for cancer uses superconducting magnets. Through the use of magnetic nanoparticles and superconducting magnets, these therapies target-heat cancer cells. The need for superconducting materials for medicinal reasons is anticipated to increase as this field continues to grow.

The aging population, rising rates of chronic diseases, and easier access to healthcare in developing nations are all contributing to the healthcare industry's rapid growth. With rising demand for medical technology and equipment, such as superconducting MRI machines and other devices, superconducting materials are being used more frequently. Thus, driving the Superconducting materials market revenue.

Superconducting Materials Market Segment Insights

Superconducting materials Product Type Insights

The Superconducting materials market segmentation, based on product type, includes low-temperature superconducting materials (LTS) and high-temperature superconducting materials (HTS). The low-temperature superconducting materials (LTS) segment dominated the market in 2022. Although High-Temperature Superconductors (HTS) are the material of choice for high-field MRI machines, some LTS materials are still used in some MRI applications. LTS magnets are ideal for ultra-high-field MRI systems that demand extremely precise imaging due to their remarkable stability and field uniformity. The usage of LTS materials in specialist MRI machines is driven by the desire for high-quality medical imaging.

Superconducting materials End-user Industry Insights

The Superconducting materials market segmentation, based on end-user Industry, includes medical, electronics and other. The medical category generated the most income in 2022. The employment of superconducting magnets in high-field MRI equipment is the main driver in the medical sector. For non-invasive, incredibly accurate imaging of soft tissues and organs, these devices are essential. MRI systems can produce the robust magnetic fields required for high-resolution images thanks to superconducting magnets. The medical sector continues to rely on superconducting materials to boost MRI technology as the demand for more precise diagnoses and sophisticated imaging capabilities rises.

Figure 1: Superconducting Materials Market, by End-user Industry, 2022 & 2032 (USD Billion)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Superconducting materials Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Superconducting Materials Market dominated this market in 2022 (45.80%). The healthcare and medical research industries are dominated by North America, particularly the United States. The desire for cutting-edge MRI equipment in hospitals and research facilities is what fuels the market for superconducting materials. For producing strong and stable magnetic fields necessary for high-resolution imaging, these machines rely on superconducting magnets. Further, the U.S. Superconducting materials market held the largest market share, and the Canada Superconducting materials market was the fastest growing market in the North America region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: SUPERCONDUCTING MATERIALS MARKET SHARE BY REGION 2022 (USD Billion)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Superconducting materials market accounts for the second-largest market share. The European Organization for Nuclear scientific (CERN), one of the many top-notch scientific institutions in the continent, uses superconducting materials in its particle accelerators and experiments. The need for enhanced superconducting materials is driven by the ongoing expansion of scientific research initiatives. Further, the German Superconducting materials market held the largest market share, and the UK Superconducting materials market was the fastest growing market in the European region.

The Asia-Pacific Superconducting Materials Market is expected to grow at the fastest CAGR from 2023 to 2032. The Asia-Pacific region is spending more money on innovation and research. Governments and business organizations work together on superconducting material-requirement initiatives like improved electronics and quantum computing, which helps to drive demand. Moreover, China’s Superconducting materials market held the largest market share, and the Indian Superconducting materials market was the fastest growing market in the Asia-Pacific region.

Superconducting Materials Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Superconducting materials market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Superconducting materials industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Superconducting materials industry to benefit clients and increase the market sector. In recent years, the Superconducting materials industry has offered some of the most significant advantages to medicine. Major players in the Superconducting materials market, including evico GMBH, Hitachi, Ltd., Hyper Tech Research, Inc., JAPAN SUPERCONDUCTOR TECHNOLOGY, INC. (JASTEC), MetOx Technologies, Inc., NEXANS, Sumitomo Electric Industries, Ltd., Super Conductor Materials Inc., Superconductor Technologies Inc., Super Power Inc., Western Superconducting Technologies Co, Ltd. and others, are attempting to increase market demand by investing in research and development operations.

A worldwide conglomerate, Hitachi Ltd. (Hitachi), is active in the fields of electronics, power systems, information technology, social infrastructure, industrial systems, and construction equipment. Construction machinery, electronic systems and equipment, automotive systems, information and telecom systems, power systems, social infrastructure and industrial systems, smart life and eco-friendly systems, and construction machines are all produced and sold by the corporation. Manufacturing, communications, banking, healthcare, life science, government, energy, transportation, auto, aerospace, nuclear, and technology industries all use its goods and services. Through subsidiaries, associates, affiliates, and joint ventures, it conducts business throughout Asia-Pacific, North America, and Europe. Chiyoda-Ku in Tokyo, Japan, serves as the home office for Hitachi.

Sumitomo Electric Industries Ltd. (Sumitomo) is a developer, producer, marketer, and distributor of goods for the automotive, industrial materials, electronics, info-communications, info-communications, environment, and energy industries. Wiring harnesses, automobile hoses, vehicle electrical equipment, communications cables and equipment, optical and wireless devices, electronic wire goods, flexible printed circuits, and other items are among the company's main product offerings. Aside from air cushions, the company also offers heat sinks, laser optics, tungsten and molybdenum materials, power systems, power transmission cables, and air cushions for railroad vehicles. The business operates across the Americas, Europe, the Middle East, Africa, and Asia Pacific, along with its subsidiaries. Japan's Osaka is home to the Sumitomo headquarters.

Key Companies in the Superconducting materials market include

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  evico GMBH

  
  


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  Hitachi, Ltd.

  
  


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  Hyper Tech Research, Inc.

  
  


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  JAPAN SUPERCONDUCTOR TECHNOLOGY, INC. (JASTEC)

  
  


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  MetOx Technologies, Inc.

  
  


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  NEXANS

  
  


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  Sumitomo Electric Industries, Ltd.

  
  


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  Super Conductor Materials Inc.

  
  


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  Superconductor Technologies Inc.

  
  


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  Super Power Inc.

  
  


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  Western Superconducting Technologies Co, Ltd.

  
  

Superconducting Materials Industry Developments

December 2022: Philips and US magnet solutions provider MagCorp entered into a research collaboration to look into superconducting magnets for MR scanners that do not require cooling to extremely low temperatures (-452 °F or -269 °C) using liquid helium.

April 2022: Associate professor Mazhar Ali and his team at TU Delft made the discovery of one-way superconductivity without magnetic fields. Electronics can be made hundreds of times quicker with superconductors and with no energy loss.

Superconducting Materials Market Segmentation

Superconducting Materials Product Type Outlook

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  Low-temperature Superconducting Materials (LTS)

  
  


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  High-temperature Superconducting Materials (HTS)

  
  

Superconducting Materials End-user Industry Outlook

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  Medical

  
  


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  Electronics

  
  


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  Other

  
  

Superconducting Materials Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America