Press Release   -

Magnesium Diboride Powder Market Size to Reach USD 96.52 Mn by 2034

Vantage Market Research releases its latest comprehensive report on the ‘Magnesium Diboride Powder Market’ with a forecast period of 2025-2034. In 2023, the global magnesium diboride powder market size was USD 31.18 million, and is calculated at USD 34.55 million in 2024. The market is projected to reach USD 96.52 million in 2034, and register a revenue CAGR of 10.82% over the forecast period (2025-2034).

Market Overview:

Global magnesium diboride powder market revenue growth is expected to continue to incline steadily due to technological advancements and increasing demand for and use of superconducting material in advanced electronics and electrical systems. Demand for magnesium diboride (MgB2) powder continues to rise owing to the unique properties, cost-effectiveness, and vast potential for new and emerging applications. As a superconducting material, it finds application in semiconductors, cables, magnets, motors, and components and devices. It is used in medical imaging systems, particle accelerators, power grid and energy applications, electronics, and particularly in the manufacture of Magnetic Resonance Imaging (MRI) machines.

Magnesium diboride (MgB2) magnets show potential in next-generation liquid-helium-free magnets for magnetic resonance imaging application, and relatively high superconducting transition temperature, high current density, and low cost of raw material compared with current commercial niobium-titanium (Nb-Ti) magnets re key factors opening up further avenues for innovation and advancements in various fields and industries. 

In addition, magnesium diboride is gaining attention for applications in nuclear magnetic resonance, magnetic drug delivery, fault current limiters, transportation (Maglev trains), and wires and cables. Researchers and scientists are also exploring use of magnesium diboride superconductors for large-scale applications and studying solutions to increase critical current density (Jc) at high magnetic fields to enable practical applications of bulk magnesium diboride in medicine, transport, and research, among other sectors and industries. 

Focus on energy-efficient power grids and hybrid rocket propulsion systems is also expected to contribute to inclining demand. Increasing research in superconductivity applications, supported majorly by significant government and private sector funding, is also supporting market growth. Emerging technologies like quantum computing and rapidly evolving electronics market are also expected to accelerate research and practical application of MgB2.

Recent trends include significant advancements in particle size reduction, allowing for nano-scale applications that improve conductivity and magnetic properties. The development of higher purity grades, such as 99.99% pure magnesium diboride, is also expanding its applications in precision-based fields like aerospace and defense. In addition, rising R&D investments in Asia Pacific and North America are driving further innovation, with companies exploring uses of MgB2 wires and cables in power grid infrastructure and 99.5% purity magnesium diboride in hybrid propulsion technology. Outcomes of these trends will present easier accessibility and cost reduction benefits, and further strengthen position of magnesium diboride as a key material in superconductivity applications.

Some Key Takeaways:

• in 2023, Asia Pacific led with largest revenue share, driven by substantial advancements in superconducting applications and advanced manufacturing sectors, especially in China, Japan, and South Korea.  
• North America magnesium diboride powder market is expected to register fastest revenue growth rate among the regional markets over the forecast period due to increasing R&D investment and advancements in superconductivity applications. 
• Europe magnesium diboride powder market also holds a strong market position, led by high demand for magnesium diboride powder and end-products from Germany, France, and the UK.
• In 2023, the 99.99% segment among the purity segments accounted for largest revenue share due to high demand in advanced applications such as MRI machines and particle accelerators.
• The nano-scale powder segment accounted for largest revenue share among the by particle size segments in 2023, attributable to enhanced superconducting properties, including superior conductivity and magnetic performance. 
• The superconductors segment accounted for largest share among the application segments in 2023, largely due to demand for MgB2 magnets in MRI machines and increasing focus on applications in power grid modernization.
• Among the end-user industry segments, the healthcare and medical segment accounted for largest revenue in 2023.
• The competitive landscape of the global magnesium diboride powder market is evolving due to continuous innovation, strategic partnerships, and product diversification among key players.  
• Leading companies, such as BASF SE, Mason Graphite Inc., and Treibacher Industrie AG, are leveraging advanced Research and Development (R&D) to improve material purity and performance.

Company List: 

• Materion Corporation
• Stanford Advanced Materials
• Luoyang Tongrun
• Shanghai Xinglu Chemical Technology Co., Ltd.
• Jinzhou Haixin Metal Materials Co., Ltd.
• Mason Graphite Inc.
• BASF SE
• Gordon Holding
• Treibacher Industrie AG
• Mogul Chemicals
• Jiangxi Copper Corporation
• Alfa Aesar
• Nanjing Kinetics Co. Ltd.
• Mitsubishi Materials Corporation
• Superconductor Technologies Inc.

Recent Developments:

• October 12, 2023: ASG and CERN celebrated the completion of 1,450 kilometers of MgB2 round wire at ASG Superconductors in Genoa, Italy, specifically developed for the HL-LHC Superconducting Link project. This milestone marks the culmination of a journey that began with R&D of a novel, robust superconducting wire designed to transfer high currents at temperatures above 25 K, leading to large-scale industrial production. The wire, produced in lengths exceeding 3.5 kilometers, which is a significant achievement for high-temperature superconductors, is a crucial component of the superconducting link for HL-LHC. The R&D phase focused on improving mechanical properties of the wire, which enabled the complex cabling for the Superconducting Link. This includes eight high-current MgB2 transmission lines, which will deliver helium gas-cooled power to the HL-LHC superconducting magnets. This successful collaboration between CERN and industry has led to the large-scale production of the first ex-situ MgB2 superconducting wire used in a high-current (around 120 kA) power transmission project. The availability of this wire and its associated cables paves the way for further applications in power transmission across various sectors and the development of energy-efficient magnets.
• July 19, 2022: A paper published in Ceramics International on a study by researchers at the Shibaura Institute of Technology (SIT) investigated the potential for magnesium diboride (MgB2) superconductors to serve as cost-effective alternatives to traditional bulk magnets in medical machinery such as MRI and CT scanners, as well as electric motors. Unlike high-temperature superconductors that rely on rare earth metals and complex, costly fabrication processes, MgB2 offers several advantages: it is lightweight, cost-effective, and easier to shape into intricate designs. Researchers introduced an innovative approach using ultrasonication with distilled water, significantly refining boron for MgB2 superconductor production. This method not only reduces production costs by avoiding rare and expensive materials, but also enhances the magnetic properties of MgB2, making it more efficient as a superconducting material. The findings suggest that this technique could improve the viability of MgB2 superconductors in a range of applications, potentially accelerating adoption in advanced medical and industrial equipment.

Magnesium Diboride Powder Market Segmentation:

By Purity:

• Technical Grade (90-95% Purity)
• High Purity (96-98% Purity)
• Ultra-High Purity (99% Purity & Above)
• Specialty Grade (Custom Purity Levels) 

By Particle Size:

• Nano-Scale Powder
• Micro-Scale Powder
• Sub-Micro Scale Powder

By Application:

• Superconductors
• Magnetic Resonance Imaging (MRI)
• Particle Accelerators
• Power Grid and Energy Applications
• Propulsion Systems
• Other

By End-User Industry:

• Healthcare and Medical
• Electronics and Electrical
• Energy & Power
• Research & Development
• Aerospace
• Other
  • United States

Regional Segmentation: 

North America

• Canada
• Mexico

Europe

• Germany
• United Kingdom
• France
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Rest of Asia Pacific

Latin America

• Brazil
• Argentina
• Rest of Latin America 

Middle East & Africa

• Saudi Arabia
• South Africa
• United Arab Emirates
• Israel
• Rest of MEA

About Vantage Market Research:

We, at Vantage Market Research, provide quantified B2B high quality research on more than 20,000 emerging markets, in turn, helping our clients map out constellation of opportunities for their businesses. We, as a competitive intelligence market research and consulting firm provide end to end solutions to our client enterprises to meet their crucial business objectives. Our clientele base spans across 70% of Global Fortune 500 companies. The company provides high quality data and market research services. The company serves various enterprises and clients in a wide variety of industries. The company offers detailed reports on multiple industries including Chemical Materials and Energy, Food and Beverages, Healthcare Technology, etc. The company’s experienced team of Analysts, Researchers, and Consultants use proprietary data sources and numerous statistical tools and techniques to gather and analyse information.