SUPERCONDUCTING MATERIALS MARKET ANALYSIS

Superconducting Materials Market Size and Trends

Superconducting materials market is estimated to be valued at USD 2.20 Bn in 2024 and is expected to reach USD 4.10 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 9.3% from 2024 to 2031. Increasing demand from various end-use industries, such as healthcare, transportation, energy, and electronics, is driving the market growth.

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Superconducting materials market is expected to witness significant growth driven by growing emphasis on renewable energy generation along with rising investments in wireless charging technology. Additionally, increasing research & development activities to develop second generation high temperature superconducting materials is further expected to boost the demand for superconducting materials.

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Insights, By Product Type: The Dominance of Low-temperature Superconducting Materials in Diverse Applications

In terms of product type, the low-temperature superconducting materials (LTS) segment is estimated to hold the highest market share of 56.4% in 2024, owing to its widespread applications. Low-temperature superconducting materials (LTS) have been widely used for decades due to their versatility and commercial availability. Many LTS can operate at temperatures achievable using liquid helium as a coolant, around 4K. This accessibility has allowed LTS to be integrated into various applications across multiple industries.

In the medical sector, LTS are commonly used in MRI machines to generate powerful magnetic fields for imaging. LTS-based MRI systems offer improved resolution and clarity compared to older technologies. Their stable magnetic fields also ensure reproducible, high-quality scans over the lifetime of the machines.

Insights, By End-Use Industry- The Critical Role of Superconducting Materials in Advancing Medical Technologies

In terms of end-use industry, the medical segment is estimated to contribute the highest market share of 38.20% in 2024 driven by the expanding needs for advanced diagnostic technologies.

Superconducting materials are essential components of advanced medical devices increasingly empowering earlier disease detection and more accurate diagnoses. Magnetic resonance imaging (MRI) machines rely on superconductors to generate strong magnetic fields, offering clearer, higher resolution images to aid identification of abnormalities. Superconducting quantum interference device (SQUID) sensors using superconductivity also augment diagnostics by enabling highly sensitive measurement of magnetic fields in the body.

Regional Insights

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Regional Analysis: Superconducting Materials Market

Dominating Region: Asia Pacific

Asia Pacific is expected to account for the greatest revenue share of 40.7% in 2024. This can be attributed to strong government funding for research and development activities in countries such as China. Established industry players such as DuPont have invested heavily in developing commercially viable superconducting materials, boosting regional adoption across industries like healthcare, transportation, and energy.

Fastest-Growing Region: North America

The North America region exhibits the fastest growth, driven by growing electronics manufacturing industry and increasing investments by countries like the U.S. and Canada to expand the renewable energy infrastructure. Notable industry participants such as Fujikura have established R&D centers and production facilities in the region to capitalize on the burgeoning demand.

Superconducting Materials Market Outlook for Key Countries

U.S.: The U.S. market continues to benefit from collaborations between leading academic research institutions and commercial entities to develop applications of superconducting materials.

China: China market remains a major global force with government-backed initiatives to deploy super grids and high-speed rail networks.

India: India market continues to lead renewable energy expansion in South Asia through initiatives like the International Solar Alliance.

Japan: Japan market sees support from heavyweights including Hitachi that integrate superconducting solutions across business divisions to boost efficiency.

Market Concentration and Competitive Landscape

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Top Strategies Followed by Superconducting Materials Market Players

• Established players in the superconducting materials market focus heavily on research and development to drive innovation. Leading companies like DuPont invest over 5% of annual revenue into R&D aimed at developing next-generation superconducting alloys, ceramics and hardware. They also form strategic partnerships with other material science giants and end-user industries.
• Mid-level players look to cut costs as their main strategy. Companies like ACS Superconductors offer value-priced products without compromising on quality. They keep overhead low through efficient manufacturing processes and source raw materials directly from mines. Additionally, collaborations are key where smaller players partner with larger ones to gain access to advanced tech and global supply chains, scaling up production capacities.
• Small startups focus on niche segments left untapped. Novum Materials, for example, creates customized superconducting solutions for specialized medical and scientific tools. They adopt cutting-edge metallurgy techniques to develop novel alloy compositions catering to unique customer needs. Local partnerships are also important. Supercon Labs works with regional manufacturers to integrate its patented superconducting sensors into industrial systems built by the latter for local markets.

Emerging Startups in the Superconducting Materials Market

Some innovative startups are bringing revolutionary technologies. Quantum Connex develops quantum dot architectures using atom-thin superconducting materials for ultrafast quantum computing. Their R&D could enable 100x faster, low power computing circuits crucial for applications in AI, drug discovery and autonomous vehicles.

Sustainability is a priority for startups like Phoenix Materials. They extract rare earths and precious metals from e-waste to manufacture eco-friendly superconductors, slashing carbon footprint by 70%. Such closed-loop production addresses the environmental impact of mining while producing high-quality materials.

Other startups fill vital market gaps. Suprapolymers focuses on developing superconducting polymers and gels suited for flexible electronics, medical implants and wearables. 

Superconducting Materials Industry News

• In December 2022, Philips established a research partnership with MagCorp, a U.S. -based provider of magnet solutions, to investigate superconducting magnets for MR Magnetic resonance scanners that operate without the need for cooling to ultra-low temperatures (-452 °F or -269 °C) with liquid helium. Philips is a multinational corporation founded in 1891. Initially focused on manufacturing light bulbs, the company has evolved significantly over the years, now primarily concentrating on health technology.
• In April 2022, Mr. Mazhar Ali, an associate professor at TU Delft, and his research team discovered a form of one-way superconductivity that operates without magnetic fields. This breakthrough suggests that superconductors could enable electronics to function hundreds of times faster while eliminating energy loss.
• In September 2021, Superconductor Technologies Inc. merged with Allied Integral United, Inc. After the merger, the operations of the combined company mainly focused on AIU's business, which included further development of its virtual in-home care service, Clearday at Home, and its membership-based daily care program, Clearday Club. Superconductor Technologies Inc. has pioneered the development of superconducting materials and manufacturing processes, developing numerous patents.
• In June 2021, Allied Integral United Inc. entered into a revised merger agreement with Superconductor Technologies, also known as STI. Allied Integral United, Inc. is the 10 percent owner of Superconductor Technologies Inc.

Key Takeaways from Analyst

Global superconducting materials market is expected to witness significant growth driven by the growing adoption of superconducting materials in various applications such as MRI machines, energy generators, and Maglev trains. The demand for more energy-efficient transportation and improved healthcare systems will spur the use of superconductors globally. Asia Pacific dominated the market owing to robust investments from China, Japan, and India to integrate superconducting technologies into various infrastructure projects.

On the other hand, high material costs associated with superconductors pose a challenge for widespread adoption. Moreover, the requirement of extremely low temperatures for superconductivity restricts operational feasibility of related products. However, significant R&D investments to develop cost-effective and easily deployable superconducting materials are expected to reduce the impact of these restraints going forward. The need for enhanced power transmission systems and new investments in renewable energy offer lucrative opportunities for market players. Additionally, increasing focus on innovative applications of superconductors in quantum computing and particle accelerators will further support growth.

North America and Europe are also anticipated to present remunerative opportunities owing to rising government funding for superconductor projects. Overall, advancements to overcome bottleneck challenges and expanding into new verticals will determine the dynamics of the superconducting materials industry in the long-run.

Market Report Scope

Market Dynamics

Market Driver - Growing demand for electric motors across superconducting materials

The rising adoption of electric motors across various end-use industries has been propelling the demand for superconducting materials significantly. With governments emphasizing on emission reduction and sustainable development, electric motors have emerged as an eco-friendly substitute to conventional internal combustion engines. Superconducting materials such as Yttrium barium copper oxide YBCO and Bi-2212 find widespread applications in designing electric motors meant for heavy industrial machinery, manufacturing plants, transportation systems and critical infrastructure.

For instance, in July 2023, according to the International Energy Agency, the global shift towards more efficient electric motor systems using superconductors can potentially reduce annual energy usage by over 1000 TWh by 2030. As more energy end uses become electrified, the share of electricity in total final energy consumption increases in the Net Zero Emissions by 2050 (NZE) Scenario from 20% in 2022 to over 27% in 2030. Additionally, superconducting electric motors occupy only 1/10th space of conventional motors of equivalent power capacities.

Market Challenge - High operating cost at low voltage (power distribution)

The high operating costs associated with low voltage power distribution is one of the major factors restraining the growth of the superconducting materials market. Superconducting materials need to be cooled to very low temperatures, near absolute zero, to exhibit superconducting properties. This requires large amounts of energy to power refrigeration units that can achieve such low temperatures. Maintaining these extremely low operating temperatures on a continuous basis consumes huge amounts of electricity.

For instance, the refrigeration systems used to cool superconducting materials down to their operating temperatures of below -200°C need to constantly pump out heat from within. This cooling process places a heavy demand on energy sources. Studies by the International Energy Agency (IEA) in 2020 found that the electricity required for such vigorous cooling accounted for over 30% of total operating costs in some early prototype applications of superconductivity. With electricity costs rising year-on-year, the operating expenses involved in maintaining endlessly low temperatures has proven prohibitively expensive for many potential commercial uses of superconductivity.

Market Opportunity - Emerging applications in healthcare sector

The superconducting materials market is poised to see major growth opportunities arising from emerging applications in the healthcare industry. Devices like Magnetic Resonance Imaging (MRI) machines, which use superconducting magnets to generate strong magnetic fields, are seeing increasing demand globally driven by rise in non-communicable diseases and aging populations. These devices could enable minimally invasive surgery with greater control and precision. With no friction involved, superconducting tools may allow surgeons to navigate narrow blood vessels and perform complex procedures much more effectively than previously possible. This has potential to reduce surgery times, lower risks of complications, and speed recovery for patients. Trials show superconducting catheters can reach sites conventional devices cannot. For instance, in September 2023, according to the World Health Organization (WHO), minimally invasive procedures reduce trauma and hospital stays, leading to better clinical outcomes and economic benefits for health systems.

Market Segmentation

• By Product Type Insights (Revenue, USD, 2019 - 2031)
• • Low-temperature Superconducting Materials (LTS)
  • High-temperature Superconducting Materials (HTS)
• By End-use Industry Insights (Revenue, USD, 2019 - 2031)
• • Medical
  • Electronics
  • Others
• By Regional Insights (Revenue, USD, 2019 - 2031)
• • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC Countries
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Key Players Insights
• • Superconductor Technologies, Inc.
  • American Superconductor
  • Evico GmbH
  • Hitachi Ltd.
  • Metal Oxide Technologies, Inc.
  • Siemens AG
  • BrukerEnergy
  • Supercon Technologies, Inc.
  • Southwire Co.
  • SuperPower, Inc.
  • Sumitomo Electric Industries Ltd.
  • Hyper Tech Research, Inc.