The global superconducting materials market is expected to grow with a CAGR greater than 10% during the forecast period. One of the major factors driving the market is the increasing expenditures on medical machinery & equipment. However, inadequate availability of feedstock materials such as Yttrium is hindering the growth of the market studied.
– Growing demand from the electronics industry is another major driver for the market studied.
– Among the end-user industries, the medical industry is likely to account for the highest market share during the forecast period.
– Asia-Pacific is expected to witness the highest growth rate during the forecast period.
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Key Market Trends
Medical Sector is Expected to Dominate the Market
– Currently, medical sector accounts for the highest market share of the global superconducting materials market
– There has been a surge in demand for magnetic resonance imaging (MRI) machines in the past few years owing to the rising health issues and concerns globally.
– Superconducting materials are required in MRI machines to provide energy in order to maintain the large magnetic fields. Superconducting materials try to reduce the resistance in the wires to almost zero.
– Also, governments in several developing countries have increased their expenditure in the medical sector in order to improvise equipment efficiency.
– Owing to the above-mentioned factors, the medical sector is expected to witness the highest demand for superconducting materials during the forecast period.
Asia-Pacific to Dominate the Market
– In the recent past, there has been significant growth in the demand for superconducting materials in the Asia-Pacific region.
– The surge in demand is majorly attributed to the increasing electrical & electronics production in the region.
– China and India are expected to witness strong growth in the demand for superconducting materials, owing to the favorable government support to the electrical & electronics industry to increase production.
– Additionally, the medical industry in the Asia- Pacific region has witnessed a major growth in recent years which is likely to drive the market studied
– Hence, owing to the above-mentioned factors, Asia-Pacific is likely to witness the highest growth rate during the forecast period.
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