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WASHINGTON, April 28, 2023 (GLOBE NEWSWIRE) — The Global Self-Healing Materials Market is valued at USD 1.4 Billion in 2022 and is projected to reach a value of USD 6.75 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 25.2% over the forecast period 2023-2030.
This is because of its many useful qualities, including high strength, little shrinkage and creep, longevity, and cost-effectiveness. The increased use of these products in the industry sector, especially automotive and aerospace, is the main driver of the expansion in self-healing material. Several businesses use these coatings, including those that manufacture gear, the automotive, oil and gas, marine, aeronautical, and consumer products sectors.
We forecast that the building and construction in self-healing materials market sales will account for more than 45% of total sales by 2030 due to the expansion of construction activities in China and India. Increasing socio-political pressure to construct cutting-edge structures and structures in developing nations in the Asia Pacific and Latin America is anticipated to accelerate the construction sector’s growth.
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Increase in Automotive & Transportation Sector will Increase to Support Market Expansion
The automotive and transportation industries have seen an increased demand for self-healing materials. Self-healing materials have been promoted to be used in electronic products such as mobile phones, laptops, and desktop computers by electronics conglomerates like Samsung and Apple, which is anticipated to increase consumption. When a car is cut or punctured, an exterior coating used by automotive OEMs activates a curing process. By repairing scratches mechanically, this coating lowers the need for regular servicing. This is expected to increase demand for innovative products in the ensuing years, creating attractive market prospects.
Increased Demand for Self-Healing Polymers in the Self-Healing Materials Industry Drives Market Growth
Self-healing polymer materials contribute to the lengthening of a product’s life cycle while improving the functionality of numerous items. The polymer replicates organic healing and heals itself when it sustains an injury, requiring no assistance from outside sources for either detection or repair. In the construction sector, it gives concrete strength and extends the life of structures like bridges, while in the electronics sector, it protects displays and panels from scratches.
Top Players in the Global Self-Healing Materials Market
- The Dow Chemical Company (U.S.)
- Covestro AG (Germany)
- High Impact Technology LLC (U.S.)
- Huntsman International LLC (U.S.)
- Michelin Group (France)
- McDermid Autotype Ltd (UK)
- Akzo Nobel N.V (Netherlands)
- Evonik Industries Corporation (Germany)
- BASF SE (Germany)
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Top Trends in the Global Self-Healing Materials Market
- One trend that Vantage Market Research (VMR) expects to see in the self-healing materials industry is the growing construction industry. The market for self-healing materials is estimated to benefit significantly from expanding the worldwide construction sector. Materials that can heal spontaneously without assistance from a third party are called self-healing materials. By lowering maintenance expenses and extending the lifespan of structures and infrastructure, these materials have the potential to transform the construction sector completely.
- Another trend that VMR predicts will continue in the self-healing materials industry is its increasing trend of reversible polymers and elastomers. Reversible polymers and elastomers technology are growing due to growing demands from the medical and healthcare sectors brought on by expanding the range of applications.
Top Report Findings
- Based on the Product, the concrete category controls most of the self-healing materials market’s revenue. This is linked to the rising demand in the construction sector for self-healing concrete, which can increase the strength and longevity of structures while lowering the frequency of servicing and repairs. Concrete capable of self-healing produces toxins, minerals, or other compounds that can seal gaps in the concrete, preventing water and other damaging elements from getting inside and inflicting more harm. By requiring fewer repairs and replacements, self-healing concrete can also help the construction industry minimize its carbon footprint.
- Based on Technology, the reversible polymers category controls most of the self-healing materials market’s revenue. Reversible polymers are becoming more common due to the expanding range of applications and increased demand from the medical infrastructure industry.
- Based on Application, most of the self-healing materials market’s revenue is controlled by the building & construction category. One of the biggest materials consumers is the building & construction industry, and as the world’s population rises, there will be an increase in demand for construction materials. There is an increasing demand for high-quality, long-lasting building materials that can endure the hardships and stresses of daily use as urbanization and public investment increase. When they become damaged, these materials may mend themselves, reducing the need for repairs and replacement and saving time and money.
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Recent Developments in the Global Self-Healing Materials Market
- In March 2021, advanced composite self-healing technology was introduced by Comp Pair Technologies Ltd., a corporation headquartered in Switzerland.
- In March 2020, the Goodyear Tire & Rubber Corporation unveiled their newest concept tire, dubbed Recharge. The tire can effectively assess its wear level and correct flaws using a liquid mixture of synthetic rubber enhanced with new fibres.
Reversible Polymers Category of the Technology Segment of the Self-Healing Materials Market Forecast to Generate a Considerable Amount of the Segment Revenue
For better understanding, based on the Technology, the Self-Healing Materials market is divided into Reversible Polymers, Microencapsulation, Shape Memory Materials, Biological Material System and Other Technologies.
The Reversible Polymers market was the largest market by Technology, and it is anticipated that it will continue to hold the top spot during the projected period. One of the primary causes pushing the use of self-healing materials in the construction and building industry is their rise in the non-residential construction sector because of their long-lasting qualities and high strength. The demand for self-healing materials in the construction and building sector is also fuelled by growing governmental and private expenditure in construction activities, particularly in emerging regions.
On the other hand, the Microencapsulation category is anticipated to grow significantly. The market for microencapsulated ingredients is expanding due to potential uses in the home services and medical sectors, increasing costs for medicinal and nutritional products, increasing demand for bioactive ingredients, rapid growth in the personal care sector, and rising research money for perpetual system performance.
Europe Region of the Global Self-Healing Materials Market Anticipated to Generate More a Good Proportion of the Global Revenue
The Europe region is anticipated to do so in the coming years. Developing novel, cutting-edge artificial organs and devices can use self-healing materials, which have enormous potential in the medical field. Self-healing polyesters, for instance, can be used to make implantable gadgets that can mend themselves if they get damaged, lowering the need for invasive procedures and improving patient outcomes. The potential of self-healing materials in the medical field can also be increased by using them in applications such as drug delivery systems and wound healing. Each of these self-healing materials factors positively impacts real economic growth.
The Asia Pacific region is expected to grow the fastest in the Self-Healing Materials market. The well-established North American building industry’s need for self-healing materials is rising. Self-healing concrete is gaining popularity in this area since it may lengthen the durability and longevity of buildings, lowering the frequency of repairs and maintenance. Self-healing materials are in increasing demand in the building business and other industries, including aerospace, automotive, and electronics. For instance, self-healing coatings and polymers can shield surfaces from harm and increase the lifespan of various goods and components.
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on Self-Healing Materials Market Forecast Report (2023-2030).
Global Self-Healing Materials Market Segmentation
- Fibber-reinforced Composites
- Reversible Polymers
- Shape Memory Materials
- Biological Material Systems
- Other Technologies
- Energy Generation
- Building & Construction
- Automotive & Transportation
- Electronics & Semiconductors
- Medical (Implants & Devices)
- Other Applications
- North America
- United States
- Rest of Europe
- Asia Pacific
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
|Market Size in 2022||USD 1.4 Billion|
|Revenue Forecast by 2030||USD 6.75 Billion|
|CAGR||25.2% from 2023 to 2030|
|Forecast Year||2023 to 2030|
|Key Players||The Dow Chemical Company, Covestro AG, High Impact Technology LLC, Huntsman International LLC, Michelin Group, McDermid Autotype Ltd., Akzo Nobel N.V., Evonik Industries Corporation, BASF SE|
|Customization Options||Customized purchase options are available to meet any research needs. Explore customized purchase options https://www.vantagemarketresearch.com/selfhealing-materials-market-2100/request-sample|
Key Questions Answered in the Self-Healing Materials Market Report are:
- What are self-healing materials, and how do they work?
- What are the different types of self-healing materials, and what are their advantages and limitations?
- What are the major applications of self-healing materials, and what are the key industries that use them?
- What is the size of the global self-healing materials market, and what is its growth potential in the coming years?
- What are the key drivers and challenges for the growth of the self-healing materials market?
- Who are the major players in the self-healing materials market, and what are their strategies for growth and innovation?
- What are the emerging trends in the self-healing materials market, and how are they likely to shape the industry in the future?
- What are the regulatory and environmental factors affecting the self-healing materials market, and how are companies responding to them?
- What are the key regions and countries driving the growth of the self-healing materials market, and what are the factors contributing to their success?
- What are the future opportunities and challenges for the self-healing materials market, and how can companies position themselves for success?
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