Superconducting Materials Market Size
Superconducting Materials Market accounted for USD 11.57 billion in 2023 and is anticipated to achieve 11.3% CAGR from 2024 to 2032.
Industry alliances and association with research centers are a driving factor for growth. Collaboration promotes sharing of knowledge, technological upgradation, and innovation in manufacturing processes and materials science.
By sharing resources and expertise, firms are able to expedite the advancement of high-performance superconducting materials with enhanced critical parameters such as critical temperature and current density. Such partnerships also enable the discovery of new applications in various industries including energy, healthcare, and information technology. With the increasing need for energy-efficient and high-performance solutions, research and development strategic partnerships are crucial to spearheading the development of superconducting technologies, thus influencing the future of the market landscape.
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For example, In November 2022, Royal Philips collaborated with U.S. magnet solutions company MagCorp to study superconducting magnets for MR scanners that do not use cooling to ultra-low temperatures via liquid helium.
Superconducting Materials Market Report Attributes
Report Attribute Details
Base Year 2023
Superconducting Materials Market Size in 2023 USD 11.57 Billion
Forecast Period 2024 – 2032
Forecast Period 2024 – 2032 CAGR 11.3%
2032 Value Projection USD 29.14 Billion
Historical Data for 2021 – 2023
No. of Pages 120
Tables, Charts & Figures 136
Segments included
Product, End User, and Region
Growth Drivers
Strong growth in the medical sector
Strong product demand in the electronics sector
Demand for strong superconducting materials from the R&D sector
Pitfalls & Challenges
Unstable raw material prices
Raw material shortages
Superconducting Materials Market Trends
Improving the performance of superconducting materials is becoming a key market trend. Ongoing advances in materials science and manufacturing technologies are spurring development to enhance key parameters like critical temperature (Tc), critical current density (Jc), and magnetic field tolerance. These improvements are intended to increase the useful applications of superconducting materials across industries such as energy transmission, medical imaging, and scientific research.
Secondly, material design and composition innovations are concentrating on attaining higher durability, stability, and affordability to make superconducting technologies more commercially viable and accessible. With increased research and development activities, the quest for higher-performance superconducting materials should pick up momentum.
For example, In March 2021, Hitachi created a 1.1-meter-diameter magnesium diboride (MgB2) superconducting magnet that could quickly create the magnetic fields used in MRI exams. This enables MRI imaging of the head area to start in 10 minutes from zero field, much faster than 1 to 2 hours using conventional machines.
Increasing investment in quantum computing is a new market trend. Quantum computing is largely based on superconducting qubits, which need highly advanced superconducting materials to function at near-absolutely zero temperatures and preserve quantum states. With more governments, research facilities, and tech firms investing in quantum computing R&D, there is an increasing need for high-performance superconducting materials.
These materials play a fundamental role in enhancing qubit coherence times, minimizing errors, and increasing quantum computing system scalability. Consequently, the superconducting materials market is set to enjoy more investments and collaborations towards speeding up the development of quantum computers that can solve complex problems that cannot be handled by traditional computers.
Superconducting Materials Market Analysis
Discover more about the most important segments influencing this market
Product-wise, the market is bifurcated into epoxy and polyurethane. The epoxy segment accounted for USD 9.17 billion and will be growing at a CAGR of 10.7% between 2024-2032, as epoxy resins exhibit superior adhesion, mechanical performance, and resistance to chemicals, and are critical in the processing and use of superconducting materials.
They find widespread application in the manufacturing of superconducting magnets, critical elements for numerous applications such as medical imaging devices and particle accelerators. The distinctive characteristics of epoxy resins are responsible for making the structure of superconducting systems strong and durable, thus assuring superior performance and reliability. As technology advances, the demand for high-performance epoxy resins is expected to increase.
Superconducting Materials Market Share
Aided by huge investments in research and development to develop superconducting technologies further and find new uses, key players like Siemens, Bruker Corporation, and FUJIKARA Ltd are instrumental in fueling growth and innovation in the Superconducting Material market.
Strategic alliances and joint ventures with research centers, universities, and other industry stakeholders are also common, enabling knowledge transfer and driving technological innovation. Furthermore, firms are diversifying their product offerings by creating high-performance superconducting materials and customized solutions to address the particular needs of various end-user industries. Expansion geographically into developing economies, in addition to solidifying their foothold in developed economies, is yet another prime strategy, enabling firms to access new customer bases and grow market share.
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Superconducting Materials Market Companies
Major players operating in the superconducting material industry include
- American Superconductor
- Hitachi Ltd
- Japan Superconductor Technology
- Siemens AG
- Sumitomo Electric Industries
- Bruker Corporation
- Fujikura Ltd.
- Furukawa Electric Co., Ltd.