Thriving Medical Industry to Boost Superconducting Materials Market

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Superconductors are materials that conduct electricity without any resistance. In other words, these materials possess the ability to carry electricity indefinitely without any loss of energy. The use of superconducting materials in magnetic resonance imaging machines (MRI) has hugely benefited the medical industry. Other applications of superconductors across various industries such as electronics, military, power utilities, and transportation, have also remarkably boosted the market for superconductors. The global superconducting materials market is primarily driven by the growth of the medical industry. The rising demand for highly efficient electric motors is also expected to boost the use of superconducting materials such as wires and magnets.

A factor that may hamper the growth of the market is the volatile price of raw materials such as yttrium. The supply constraints associated with raw materials are expected to restrict the growth of the market. However, the rising demand for superconducting materials in magnets from several end-user applications such as high-speed trains, biomagnetism, and cryogenics is expected to bring new opportunities for market growth.

The global superconducting materials market is segmented on the basis of product, region, and application. On the basis of product, the market is segmented into low temperature superconducting materials (LTS) and high temperature superconducting materials (HTS). Of these, the low temperature superconducting materials segment dominated, representing a share of 80% in the global superconducting materials market in 2013. However, the trend is projected to shift and the high temperature superconducting materials will lead in the future owing to the technological applications of HTS.

On the basis of application, the market for superconducting materials is segmented into medical, electronics, research and development, and others. The medical application segment was the largest segment for superconducting materials in 2013, accounting for 75% of the global market. The segment is also expected to be the fastest-growing segment during the period from 2014 to 2020.

By region, the global superconducting materials market is segmented into Asia Pacific, Europe, North America, and the Rest of the World. Asia Pacific was not only the largest regional market in 2013, but is also expected to be the fastest-growing segment, expanding at an 18% CAGR between 2014 and 2020. The growth of the superconducting materials market in Asia Pacific is due to the high application of superconducting materials in medical imaging applications such as MRI and NMR. The market in North America is also expected to witness a significant rise in the future owing to particle research, transportation, and energy generation segments which will boost the demand for HTS materials.

Some of the key market players profiled in the report include: American Superconductor (AMSC), Superconductor Technologies, Inc. (STI), Hyper Tech Research, Inc., Hitachi, Ltd., evico GmbH, Metal Oxide Technologies, Inc., and Siemens AG.