Superconducting Materials Market Estimated to Grow at a CAGR of 15.31% During the Forecast Period 2022-2027

Superconducting Materials Market Overview
Superconducting Materials Market is expected to be valued at US$1.6 billion by the end of the year 2027 after growing at a CAGR of 15.3% during the forecast period from 2022-2027. The superconducting materials market has been witnessing exponential growth owing to the increase in the use of superconducting materials across various end-use industries. Superconducting materials have excellent electrical resistance and magnetic resonance. Superconductors have a wide scope of application in the medical industry, specifically in MRI technologies owing to technological advancements in the medical industry. Superconducting materials are extensively used in electrical cabling and magnetic flux fields. Furthermore, the increase in demand for highly effective electric motors is also a major driving factor of the superconducting materials market.

COVID-19 Impact

Amid the Covid-19 pandemic, the superconducting materials market has been affected in terms of production and logistics. The major economic shutdown across the globe due to the pandemic has severely affected the mobility of the business, which has in turn impacted the growth and demand for superconducting materials market. The situation is however expected to improve by the year ending 2021.

Superconducting Materials Market Segment Analysis – By Product Type
Type 2 superconductors segment held the largest share of more than 55% in the superconducting materials market in the year 2021. Type 2 superconductors, also known as semiconductors that have high critical temperature and high critical magnetic field and is good conductor of electricity. The use of type 2 superconducting materials in the medical appliances such as MRI and NMRs, has contributed to the increase in demand for superconducting materials. The increase in the production of MRI devices is giving boost to the type 2 superconductors in the market. According to Arkenea, the health tech industry is anticipated to reach US$280 billion by the year end of 2021, which is hugely driving the medical equipment market, and is further increasing the demand for type 2 superconductors in the health tech industry.

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Superconducting Materials Market Segment Analysis – By Material Type
High temperature superconductors segment held the largest share of more than 25% in the superconducting materials market in the year 2021. The technological applications of high temperature superconducting materials in niche application areas such as bio magnetism and bullet train manufacturers are increasing the demand for high temperature superconductors. The increase in adoption of bullet trains in many countries such as Japan, the US, South Korea, UAE, and China and the increasing trend in the adoption and research in the field of bio magnetic therapy in the healthcare industry is also highly driving the demand for high temperature superconductors in the superconducting materials.

Superconducting Materials Market Segment Analysis – By Application
Wires and Cables segment held the largest share more than 25% in the superconducting materials market in the year 2021. Wires and cables have the most use and multi-purpose across various end-use industries for various machinery and devices. Wires and cables are an essential part of various electric devices, therefore making it the most sought-after application in the superconducting materials market. According to GSM Association, the Unified communications as a service will grow at a rate of 9.5% to reach US$24.8 million by the year 2024, which will further drive the demand for wires and cables market as it is an essential component in a Tele-communication industry.

Superconducting Materials Market Segment Analysis – By End-Use Industry
Medical Industry segment held the largest share of more than 30% in the superconducting materials market in the year 2021. Rising demand for MRI and NMR devices from the medical field is the biggest driving factor of superconducting materials. The increasing health standards and awareness in various countries is contributing to the growth of superconducting materials market. The increase in the use of superconducting materials in medical technology is set to drive the demand for the superconducting materials market.

Superconducting Materials Market Segment Analysis – By Geography
Asia-Pacific region held the largest share of more than 40% in the superconducting materials market in the year 2021. This is influenced by the high application of low temperature super conductors in medical applications. The large population coupled with increasing health awareness in the region has led to the increase in demand for medical devices which in turn has given rise to the demand for superconducting materials. The total value of Asian healthcare market reached US$ 2660 in 2020. According to Invest India, the medical device sector is projected to register a CAGR of 14.8% and is expected to reach $11.86 bn in 2021-22. The investment of startups in the health tech industry was valued at US$140.2 million, which is driving the superconducting materials in health tech industry in the region.

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Superconducting Material Market Drivers
Increase in need for high voltage transmission applications in the medical industry
The increase in need for medical devices due to various dis-abilities and medical conditions in the present generation is giving rise to the demand for superconducting materials market. The increase in the recent trend for high voltage transmission applications in the medical industry such as cathode ray tubes, X-rays and other medical application devices is driving the superconducting materials in the healthcare industry. The increase in number of diseases is increasing the demand for such medical equipment’s which is increasing the demand for superconducting materials, that has good electrical resistance and magnetic resonance. According to Heart disease and stroke statistics—2020 update: a report from the American Heart Association, about 655,000 Americans die from heart disease every year, that is 1 in every 4 deaths. Furthermore, a mysterious case of brain disease was reported in few people in Canada during the beginning of the year 2021 by the Canadian government. This will increase the demand for X-rays, cathode ray tubes and other medical applications. The increase in use and demand of medical devices is therefore increasing the demand for superconducting materials.

Growing demand for effective electric motors
The increase in demand for effective electric motors in various end use industries has increased the demand for superconducting materials. Electric motors used in electric vehicles utilizes superconducting materials for most of its process. According to International Energy Agency, the sales of electric cars topped 2.1 million globally in 2019, registering a 40% year-on-year increase. Only about 17 000 electric cars were on the world’s roads in 2010. By 2019, that number had swelled to 7.2 million, which is contributing to the growth of superconducting materials market in the electrical vehicles industry.

Superconducting Materials Market Challenges
Volatility in the prices of certain raw materials
Certain raw materials such as yttrium has a very volatile pricing system, which is one of the biggest challenge faced by the superconducting materials market. The volatility in the price can be attributed to the supply constraints of yttrium. The price of yttrium was valued at INR 4,961.0 per 10 grams as on April 2021. This price is quite expensive for the quantity. This is one of the biggest challenges restraining the growth of superconducting materials market.

Superconducting Materials Industry Outlook
Expansions, acquisitions and mergers, new product launches, collaborations and investments are some of the key strategies adopted by players in this market. Superconducting Materials top 10 companies include:

American Superconductor (AMSC)
Fujikura Ltd. (Japan)
Metal Oxide Technologies, Inc.
Hyper Tech Research, Inc.
Superconductor Technologies (STI), Inc.
Bruker Corporation (U.S.)
evico GmbH
Hitachi, Ltd.
Siemens AG
Furukawa Electric Co., Ltd. (Japan).

Acquisitions/Technology Launches
On October 05, 2020, AMSC acquired Northeast Power Systems Inc., a New-York based company for $26 million, which will further strengthen the presence of AMSC in the region. This will help in broadening the portfolio of AMSC in medium voltage metal-enclosed capacitor banks, harmonic filters, fast switching reactive power solutions and surge protection products.

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Key Takeaways
Asia-Pacific market held the largest share in the Superconducting Materials market due to the high application of low temperature superconductors in medical applications such as MRI and NMR.
The increase in need for effective electric motors is also driving the demand for superconducting materials.
The increase in demand from various end-use industries, due to the technological advancements such as high-speed trains, bio-magnetism and cryogenics.

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