The global superconducting materials market is projected to be valued at USD 2.47 billion by 2025, expanding at CAGR 15.4% over the forecast period. Increasing applications of superconducting materials in medical devices and growing usage in other applications is projected to augment the market growth over the forecast period.
Adroit Market Research study on the global superconducting materials market offers a holistic view of the market from 2015 to 2025, including factors such as market drivers, constraints, opportunities, threats, and regulatory overview. The market was analyzed from 2015 to 2018 for historic years, with the base year of estimation as 2019 and the forecast from 2020 to 2025. The study covers both the current status and future market trends at both the global and country levels. However, the report also measures market competition with the use of Porter's five powers and positions leading competitors based on their product range, regional presence, strategic initiatives, and total revenue. Prominent players involved in the global market for composite resin have been analyzed in depth.
Superconducting materials comprise a variety of metals, ceramics, and semiconductors that are known to conduct electricity at no resistance at lower temperatures. However, with advancements in research & developments, superconducting materials are commercially used in the medical devices and electronics industry. Superconductive materials are considered to save large quantities of energy and are thus suitable for applications on electronics and power grids. Most of the superconductive materials found are metals, but certain metals can also be doped with non-metals and form superconductive materials.
The global superconducting materials market is categorized on the basis type and end-use. By type, the global superconducting materials market is categorized into high-temperature superconducting materials (HTS) and low-temperature superconducting materials (LTS). High-temperature superconducting materials (HTS) segment is anticipated to witness the fastest growth over the forecast period owing to its growing usage in medical devices. HTS is used in Nuclear Magnetic Resonance (NMR) spectroscopy as it can yield higher magnetic fields and higher frequency operation.
By end-use, the global superconducting materials market is segmented medical, electronics and research & development. The medical segment dominated the global superconducting materials market with more than 60% of the market in 2019. The introduction of superconductors allows for higher resolution imaging because of which precise identification and location of the disease are possible. A higher prevalence of these medical conditions along with the lack of alternative medical devices is a key factor to fuel the growth of the sector.
At more than 37 percent of market share in 2019, Asia Pacific led the global consumption growth. The increasing medical industry in the area and growing production for medical devices such as MRI are key factors in boosting consumer demand.
In terms of market competition, the global superconducting materials market is highly competitive. Key players in the global market include Superconductor Technologies Inc., Hyper Tech Research Inc., Sumitomo Electric Industries, Ltd., American Superconductor, Evico GMBH, Siemens AG, Hitachi Ltd., and Metal Oxide Technologies Inc.
Key segments of the global superconducting materials market
Type Overview, 2015-2025 (Kilo Tons) (USD Million)
- Low temperature superconducting materials (LTS)
- High temperature superconducting materials (HTS)
End-use Overview, 2015-2025 (Kilo Tons) (USD Million)
- Research & Development
Regional Overview, 2015-2025 (Kilo Tons) (USD Million)
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa