Superconducting Materials Global Market Report 2024

The superconducting materials market size has grown rapidly in recent years. It will grow from $8.02 billion in 2023 to $8.94 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth observed in the historical period can be attributed to research and development initiatives, government funding and support, a rising demand for applications in medical imaging, development in energy infrastructure, enhanced manufacturing capabilities, and an increasing adoption of superconducting materials in the energy sector.

The superconducting materials market size is expected to see strong growth in the next few years. It will grow to $13.05 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The projected increase during the forecast period is primarily driven by emerging opportunities in the transportation sector, the expansion of renewable energy initiatives, progress in healthcare device technologies, rising demand in research facilities, and improvements in energy storage solutions. Key trends anticipated in the forecast period encompass advancements in research and development, the integration of superconductors in quantum computing, a strategic emphasis on sustainable technologies, diversification of applications beyond electronics, infrastructure enhancements to support 5G, and ongoing progress in the field of electronics.

The anticipated strong expansion of the electronic industry is poised to drive the growth of the superconducting materials market in the future. The electronic industry encompasses the design, development, manufacturing, and distribution of electronic devices, components, and systems. Superconducting materials play a crucial role in enhancing electronic devices, offering ultra-high resolution and speed to improve user experience and functionality. For example, in June 2023, the electronic products manufacturing industry in the United States increased by 5.7 percent in 2021, according to the Bureau of Economic Analysis. This growth in the electronic industry is a key factor propelling the superconducting materials market.

Major companies are focusing on developing innovative products to gain a strategic advantage. One notable innovation is the development of superconducting magnets, capable of conducting electricity without resistance. These magnets enable the transportation of more electrical current than traditional magnets, contributing to more efficient electricity grids and energy-saving devices. For instance, in March 2021, Hitachi, a Japanese company specializing in superconducting materials, introduced a 1.1-diameter magnesium diboride (MgB2) superconducting magnet designed for rapid generation of a magnetic field space, particularly useful in magnetic resonance imaging (MRI) examinations. The magnet achieves the required magnetic field within 10 minutes, making it suitable for intraoperative MRI applications, where multiple MRI scans are performed during surgery.

A significant development in the superconducting materials market occurred in July 2021 when II-VI Incorporated, a US-based semiconductor company, acquired Coherent Inc. for an undisclosed amount. This strategic acquisition strengthened II-VI Incorporated's position in the superconducting materials sector, providing potential for future innovations. The acquisition also led to the organization of business into segments, including the materials segment. Coherent Inc., the acquired company, is based in the US and is involved in the manufacturing of superconducting materials, photonic solutions, compound semiconductors, and laser technology and systems.

Major companies operating in the superconducting materials market report are Hitachi Ltd., Sumitomo Corporation, Sumitomo Electric Industries Ltd., Toshiba Corporation, NEXANS SA, Fujikura Ltd., LS Cable & System Ltd., Furukawa Electric Co. Ltd., Delft Circuits, evico GmbH, Hyper Tech Research Inc., MetOx Technologies Inc., Super Conductor Materials Inc., Superconductor Technologies Inc., Western Superconducting Technologies Co. Ltd., Hyper Tech Research Inc., SuperPower Inc., Columbus Superconductors S.p.A, Cryomagnetics Inc., Deutsche Nanoschicht GmbH, Japan Superconductor Technology Inc., Super Inc., SuperOx Ceramic Coating GmbH, Scientific Magnetics, Theva Dunnschichttechnik GmbH.

North America was the largest region in the superconducting materials market in 2023. The regions covered in the superconducting materials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the superconducting materials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The superconducting materials market consists of sales of products such as niobium, lead and mercury. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Superconducting materials are substances that demonstrate zero electrical resistance when cooled below a specific critical temperature. These materials possess the remarkable ability to conduct electric current without any loss of energy attributed to resistance. This unique property enables the highly efficient transmission of electrical power over extended distances, minimizing energy loss during the process.

The primary categories of superconducting materials include low-temperature and high-temperature variants. Low-temperature superconducting materials are characterized by their ability to exhibit superconductivity at temperatures significantly below room temperature. These materials are distributed through diverse sales channels, including direct and indirect methods, and find applications across various end-user sectors such as medical, research and development, nuclear fusion, electronics, transportation, energy, power, and others.

The superconducting materials market research report is one of a series of new reports that provides superconducting materials market statistics, including superconducting materials industry global market size, regional shares, competitors with superconducting materials market share, detailed superconducting materials market segments, market trends, and opportunities, and any further data you may need to thrive in the superconducting materials industry. This superconducting materials market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.


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