The Global Magnesium Diboride Powder Market Size is valued at 31.70 million in 2022 and is predicted to reach 77.89 million by the year 2031 at a 10.67% CAGR during the forecast period for 2023-2031.
Magnesium diboride is widely employed in the electronics industry due to its superconducting qualities. Magnesium diboride is crushed with silver and utilized in superconducting wires. It is used to match superconducting radio frequencies. In recent years, the Magnesium Diboride Powder Market has seen promising growth due to applications in the healthcare sector. Increasing demand from end-use sectors such as electronics and electrical, healthcare, and energy is likely to boost market expansion. Despite the fact that it is widely assumed to be a typical (phonon-mediated) superconductor, it is a rather unusual superconductor.
However, the market was affected by the COVID-19 pandemic, including supply chain analyses, impact evaluations on market size growth rate scenarios, and corporate responses to the COVID-19 pandemic. The mining sector has been closed down due to social alienation and other factors, resulting in a major fall in mineral output levels. This element has impeded the entire mining sector, negatively impacting overall market production.
Competitive Landscape:
Some of the magnesium diboride powder market players are:
- Stanford Advanced Materials
- Shanghai Xinglu Chemical Technology Co., Ltd.
- Materion Corporation
- Luoyang Tongrun
- Jinzhou Hoixin Metal Materials Co., Ltd.
- Hitachi, Ltd.
- Thermo Fisher Scientific, Inc.
Market Segmentation:
The magnesium diboride powder market is segmented on the basis of purity and application. Based on purity, the market is segmented as 99%, ≥99.5%, and others. The application segment includes electrical power, propulsion, accelerator magnets, medicine, and others.
Based On Purity, The 99% Segment Is Accounted As A Major Contributor In The Magnesium Diboride Powder Market
The 99% category is expected to hold a significant share of the global Magnesium Diboride Powder Market in 2022. Magnesium Boride, a closed-loop cryocooler employed in the MRI superconducting magnet, has superconducting properties derived from high purity grade (99%) compounds widely available from leading market enterprises for industrial applications. It can be used to make high-temperature boron-based piezoelectric materials. Small particle size and high surface area powder can also be utilized to pace up the reaction with Mg and reduce the grain size of the MgB2 product. Furthermore, it has been established that undesired contaminants promote weak-link behavior, lowering MgB2's critical current. As a result, magnesium diboride powder that is 99% or purer is favored. These elements are propelling this segment's revenue growth.
The Electrical Power Segment Witnessed Growth At A Rapid Rate
The electrical power segment is projected to grow at a rapid rate in the global Magnesium Diboride Powder Market. In spite of its critical temperature of 39 K, the superconductor MgB2 has enormous potential for a wide range of electric power applications. The essential parameters of state and properties required for application in power devices have developed quickly in recent years, and at 4.2 K, they currently match or even outperform some high-temperature superconducting copper oxide perovskites in the 20 to 25 K range. Furthermore, considerable progress has been made in developing wire shapes that are economically scalable for large-scale production. All of these outstanding properties prove that MgB2 has a great deal of potential in both power applications and electrical devices, and these elements are propelling this segment's revenue growth.
In The Region, The Asia Pacific Magnesium Diboride Powder Market Holds A Significant Revenue Share
Asia Pacific magnesium diboride powder market is expected to report the highest market share in terms of revenue in the near future. This is due to increased demand for magnesium diboride as an electrical medium in MRI machines and improved application of magnesium diboride in power generation facilities in countries such as Japan and China, which will boost revenue development in this region.
North America is anticipated to account for the highest revenue CAGR during the projection period, owing to rising demand for hybrid propulsion systems and ramjet technology, as well as increasing demand for power generation systems and electrical power applications such as electric wires and generators, as well as the presence of significant market companies and strategic initiatives undertaken by them, as well as increased R&D activities in various countries throughout the region.
Magnesium Diboride Powder Market Report Size:
|
Report Attribute |
Specifications |
|
Market size value in 2022 |
USD 31.70 Mn |
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Revenue forecast in 2031 |
USD 77.89 Mn |
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Growth rate CAGR |
CAGR of 10.67 % from 2023 to 2031 |
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Quantitative units |
Representation of revenue in US$ Billion and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
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Segments covered |
Purity And Application |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
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Competitive Landscape |
Stanford Advanced Materials, Shanghai Xinglu Chemical Technology Co., Ltd., Materion Corporation, Luoyang Tongrun, Jinzhou Hoixin Metal Materials Co., Ltd., Hitachi, Ltd., Thermo Fisher Scientific, Inc. |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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