SUPERCONDUCTING MATERIALS MARKET ANALYSIS

Superconducting Materials MarketSize and Trends

The global superconducting materials market is estimated to be valued at US$ 1,522.4 million in 2021 and is expected to exhibit a CAGR of 17.2 % over the forecast period (2021-2028).

Figure 1. Global Superconducting Materials Market Value (US$ Mn), by Region, 2020

Figure 2. Global Superconducting Materials Market Share, By Application, 2020

Key Takeaways of the Graph:

• Among application, the medical segment held dominant position in the market and accounted for 75.6% share in the global superconducting materials market in 2020. The segment is expected to reach US$ 4,637.7 million in 2028. Owing to surge in demand for magnetic resonance imaging (MRI) machines in the past few years owing to the rising health issues and concerns globally. 

Market Trends:

Low-temperature superconducting materials are gaining traction in the market. It has broad application across MRI and nuclear magnetic resonance (NMR) in the healthcare industry. Moreover, low-temperature superconducting materials are cost-efficient and also has stable operational properties when compared to high-temperature superconducting materials. Additionally, high-temperature superconducting materials are quite expensive which is again propelling demand for low-temperature superconducting materials.

Improving standard of living coupled with the changing lifestyle of the consumer is driving demand for advanced electronic gadgets. This is creating a huge demand for superconducting materials. The increasing population and growing number of various players in the domestic as well as international market are again expected to foster the market growth of the superconducting materials. All these factors are influencing the overall growth of the superconducting materials market.