Superconducting Materials Market - By Product (Low Temperature, High Temperature), By End-User (Medical, Research & Development [Nuclear Fusion], Electronics, Transportation, Energy, Power) & Forecast, 2024 – 2032

Superconducting Materials Market Size

Superconducting Materials Market generated USD 11.57 billion in 2023 and is expected to register 11.3% CAGR from 2024 and 2032. Collaboration between industry players and research institutions is a pivotal growth driver. Partnerships foster knowledge sharing, technological advancements, and innovation in materials science and manufacturing processes.

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By pooling resources and expertise, companies can accelerate the development of high-performance superconducting materials with improved critical parameters like critical temperature and current density. These collaborations also facilitate the exploration of new applications across diverse sectors such as energy, healthcare, and information technology. As the demand for energy-efficient and high-performance solutions grows, strategic alliances in research and development are essential for driving the evolution of superconducting technologies, thereby shaping the future landscape of the market.

For instance, In November 2022, Royal Philips partnered with U.S. magnet solutions provider MagCorp to research superconducting magnets for MR scanners that operate without cooling to ultra-low temperatures using liquid helium.

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In addition, the growth of renewable energy projects another significant growth driver in the market. As the world shifts towards sustainable energy sources, there is an increasing demand for efficient power transmission and distribution systems. Superconducting materials offer near-zero electrical resistance, enabling more efficient energy transmission over long distances with minimal energy loss. This capability is particularly crucial for integrating renewable energy sources like wind and solar power into the grid, where energy efficiency and grid stability are paramount. Moreover, superconducting materials can enhance the performance of generators and turbines in renewable energy installations, further boosting their adoption in the sector.

Dependence on cryogenic cooling systems poses a significant market restraint in the superconducting materials industry. Superconducting materials typically operate at near absolute zero (-273.15°C or 0 Kelvin) temperatures, necessitating complex and costly cryogenic cooling systems to maintain these ultra-low temperatures. The requirement for such systems increases the overall cost and complexity of implementing superconducting technologies in various applications, including medical devices, energy transmission, and scientific research equipment. Moreover, the reliance on cryogenic cooling limits the practicality and scalability of superconducting solutions in environments where continuous and reliable operation at low temperatures is challenging.

Superconducting Materials Market Trends

Enhancing the performance of superconducting materials is emerging as a crucial market trend. Continuous advancements in material science and manufacturing processes are driving efforts to improve critical parameters such as critical temperature (Tc), critical current density (Jc), and magnetic field tolerance. These enhancements aim to expand the practical applications of superconducting materials across various sectors, including energy transmission, medical imaging, and scientific research.

Additionally, innovations in material design and composition are focusing on achieving greater durability, stability, and cost-effectiveness, thereby making superconducting technologies more accessible and commercially viable. As research and development efforts intensify, the pursuit of higher-performance superconducting materials is expected to accelerate.

For instance, In March 2021, Hitachi developed a 1.1-meter-diameter magnesium diboride (MgB2) superconducting magnet capable of rapidly generating the magnetic fields necessary for MRI exams. This technology allows MRI imaging of the head region to commence within 10 minutes from a zero-field state, significantly faster than the 1 to 2 hours required with conventional equipment.

Rising investment in quantum computing is another market trend. Quantum computing relies heavily on superconducting qubits, which require highly specialized superconducting materials to operate at extremely low temperatures and maintain quantum states. As governments, research institutions, and technology companies increase funding for quantum computing research and development, there is a growing demand for advanced superconducting materials with enhanced performance characteristics.

These materials are crucial in improving qubit coherence times, reducing error rates, and scaling up quantum computing systems. As a result, the superconducting materials industry is poised to benefit from increased investments and collaborations aimed at accelerating the development of quantum computers capable of solving complex problems beyond the capabilities of classical computers.

Superconducting Materials Market Analysis

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Based on product, the market is segmented into epoxy and polyurethane. The epoxy segment was valued at USD 9.17 billion and will grow at 10.7% CAGR during 2024-2032, as epoxy resins, known for their excellent adhesion, mechanical properties, and chemical resistance, play a crucial role in the manufacturing and application of superconducting materials.

They are extensively used in fabricating superconducting magnets, essential components in various applications, including medical imaging equipment and particle accelerators. The unique properties of epoxy resins ensure the structural integrity and durability of superconducting systems, thereby enhancing their performance and reliability. As technological advancements continue to drive innovation in superconducting applications, the demand for high-quality epoxy resins is anticipated to rise.

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Based on end-user, the market is categorized into medical, R&D, electronics, transportation, energy, and power. Medical accounted for USD 7.32 billion in 2023 and is projected to grow at 11.2% CAGR through 2032, as superconducting materials are integral to the development of advanced medical imaging technologies, such as Magnetic Resonance Imaging (MRI) machines.

These materials enable the creation of powerful and stable magnetic fields necessary for high-resolution imaging, facilitating accurate diagnosis and treatment. The increasing prevalence of chronic diseases and the growing demand for non-invasive diagnostic procedures are driving the adoption of superconducting materials in the medical field. Furthermore, ongoing research in biomedical applications, including magnetoencephalography (MEG) and superconducting quantum interference devices (SQUIDs), is expected to open new avenues for growth. The R&D from end-user segment is another emerging sector, as research institutions, universities, and corporate R&D departments increasingly invest in the exploration and development of advanced superconducting technologies.

This segment is driven by the need to overcome existing limitations in superconducting materials, such as critical temperature thresholds and magnetic field limitations. Key research areas include the development of high-temperature superconductors, improving material performance, and discovering new applications across various industries. The proliferation of government funding and private sector investments further fuels this segment, enabling cutting-edge research that drives technological advancements.

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North America dominated the superconducting material market in 2023. It generated a revenue of 3.72 billion USD in 2023 and will grow at 11% CAGR during the forecast period, characterized by substantial investment in R&D and a strong presence of leading industry players. The United States is at the forefront of technological innovation, with numerous government initiatives and private sector projects aimed at advancing superconducting technologies.

The region's well-established infrastructure, coupled with a robust energy sector and a thriving healthcare industry, provides a conducive environment for the growth of the superconducting materials market. Additionally, the increasing focus on renewable energy sources and smart grid solutions is driving the demand for superconducting materials in power transmission and distribution applications. Canada is also contributing to regional growth, with significant developments in medical imaging and research activities. 

In North America, the United States plays a pivotal role, driven by substantial investments in R&D and a strong focus on technological innovation. The presence of leading universities, research institutions, and major industry players fosters a robust environment for advancements in superconducting technologies. Government initiatives supporting clean energy, advanced medical technologies, and national defense further stimulate market growth.

Additionally, the U.S. energy sector's emphasis on improving grid efficiency and integrating renewable energy sources enhances the demand for superconducting materials in power transmission and distribution. With a thriving healthcare industry adopting advanced imaging technologies and ongoing developments in quantum computing, the United States is a key driver of growth and innovation in the market in North America.

Superconducting Materials Market Share

Prominent players, such as Siemens, Bruker Corporation, and FUJIKARA Ltd, play integral roles in driving growth and innovation within the Superconducting Material market. Their major growth strategies include significant investment in research and development to advance superconducting technologies and discover new applications.

Strategic partnerships and collaborations with research institutions, universities, and other industry players are also prevalent, facilitating knowledge exchange and accelerating technological advancements. Additionally, companies are expanding their product portfolios by developing high-performance superconducting materials and tailored solutions to meet the specific needs of diverse end-user industries. Geographic expansion into emerging markets, coupled with strengthening their presence in established markets, is another key strategy, allowing companies to tap into new customer bases and increase market share.

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.

Superconducting Materials Industry News

• In December 2022, Bruker Corporation and RI Research Instruments GmbH (RI) secured multi-year contracts worth approximately $50 million to supply key technology components for major fusion projects in Europe and Asia.
• In August 2022, Cryomagnetic introduced the C-Mag Vari-611-Optical, a 6-1-1 Tesla 3-Axis Optical Cryogen cryogenic magnet system. This system uses a single pulse tube cryocooler to conductively cool the magnet and cryostat.

The superconducting materials market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue and volume (USD Million) (Tons) from 2021 to 2032, for the following segments

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Market, By Product

• Low temperature
• High temperature

Market, By End-user

• Medical
• Research & development (nuclear fusion)
• Electronics
• Transportation
• Energy
• Power

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• MEA
  • Saudi Arabia
  • UAE
  • South Africa
  • Rest of MEA