The Global Superconducting Materials Market is estimated to be valued at USD 990.9 million in 2018 and will register a CAGR of 16.3% between 2017 and 2028.
The superconducting materials market growth attributed to advancement in medical technologies. Furthermore, government initiation towards better healthcare amenities and substantial investment towards R&D has created favorable market opportunity for industry players. Rare earth elements such as yttrium are primarily used as superconducting materials. Though the industry is expected to witness positive growth, raw material pricing volatility has been a major challenge to overall industry.
Bekryl’s market research report, Global Superconducting Materials Market Size Analysis and Industry Opportunity, finds North America to account for 33% of global share in 2018. The region dominates in terms of medical devices sales. U.S. accounted for over 51% of total medical devices sales in 2017. As such, superconducting materials industry players will have favorable business environment in the region. However, the region is expected to lose its market position to Asia Pacific by 2023. Various initiatives taken by Government of China and India will led to market shifting towards towards Asia Pacific. There has been significant FDI influx in these region. Furthermore, the region dominates in electronic devices production units and its sales. This will fuel the demand for superconducting materials in China and India.
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Some key trends from the global Superconducting Materials Market:
Trend#1: Low Temperature Superconducting Materials to Dominate the Superconducting Materials Market
Low temperature superconducting materials is expected to account over 66% of global share in 2018 and will further gain basis points to create an incremental opportunity of US$ 2.4 billion between 2018 and 2028. Much of the growth in the segment is expected to be from medical devices sales especially magnetic resonance imaging (MRI). Furthermore, low temperature superconducting materials are generally priced lower and has higher efficiency compared to high temperature based superconducting materials. As such, traction will be significantly higher for low temperature based superconducting materials. This not only finds application in medical sectors but also other sectors including electronic and semiconductor application.
High temperature superconducting materials are primarily used in high end application that requires higher precision. This segment will register a CAGR of 15.8% during the forecast period.
Trend#2: Medical End-use Sector will dominate the Superconducting Materials Market
Superconducting materials find wide range of usage across medical sector owing to its ability to offer higher precision and better disease diagnosis. Medical Sector will continue to dominate the market share, however, will lose 284 basis points to electronics industry. Gain in electronics industry will propel market opportunity in Asia Pacific region.
Trend#1: Increase in R&D Spending
There has been nearly 3.8% increase in R&D spending in last five years. Leading companies are focused towards product level strategy in order to capture a major chunk of the global share. The trend is expected to continue throughout the forecast period.
Some key global superconducting materials players are American Superconductor, Evico GmBH, Superconductor Technologies Inc, Hitachi Limited and Siemens AG. These players are focused towards R&D in order to maximize gains over longer period of time.
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