The Global "Self-healing Materials Market" is expected to grow at a high CAGR of 43.6% during the forecasting period (2022-2029).
Self-healing materials are artificial or synthetically-created substances that have the built-in ability to automatically repair damage to themselves without any external diagnosis of the problem or human intervention.
The self-healing process of these smart materials starts with responding to change in external stimuli such as temperature, light, and others. The most commonly used self-healing materials are elastomers and polymers, whereas it covers a wide range of materials from metals to ceramics.
The global self-healing materials market is expected to witness significant growth during the forecast year. The ability of self-healing materials to repair itself substantially helps in reduction of the maintenance and repairing cost which paves their path into many end-user industries such as energy, pharmaceuticals, building and construction, electronics, and automobiles among others.
The global Self-healing Materials market is primarily driven by increasing global population & infrastructure facilities and the demand for housing units, particularly in Asia Pacific and South American region is enhancing the significant investment in commercial real estate that is to anticipate hike in the production of self-healing material over the forecast period. The Brazilian government announced at the end of 2017 an investment of approximately US$36 billion to resume 7,000 construction projects. The scheme, known as Agora é Avançar, aims to resume and complete previously stalled works by the end of 2018. The Chilean government plans to invest US$28 billion under the Infrastructure Master Plan to develop the country’s infrastructure by 2021, creating huge opportunities for self-healing materials.
According to National Bureau of statistics China in 2018, the commercial building space sold in the region is increased from 157 million sq. meters in 2016 to 169.407 million sq. meters in 2017 and the residential buildings increased form 137.58 million sq. meters in 2016 to 144.788 million square meters in 2017, and these expected consistently during the forecast period.
Increasing demand of exterior coating from automotive OEMs that trigger a preventive mechanism when scratched or cut that result reduces the preventive maintenance that is witness to anticipated triggering the global self-healing material in the forecast period. Furthermore, in medical sector, a biomimetic approach is used for self-repairing damages and provides a nominal way to healing the mechanical strength after the impact damage.
However, high cost of such innovate and advanced products is anticipated to hinder the global self-healing material market over the forecast period.
By end-user, the global Self-healing Materials Market is segmented into end-user construction, automotive, healthcare, military & aerospace, electronics, and others. In 2018, construction segment dominated the global self-healing material market. Electronic & semiconductors are expected to witness a steady CAGR during the forecast period. Furthermore, Automotive & transportation is an additional industry that has witnessed an increase in demand for self-healing materials. On the other hand, Electronic multinational companies such as Samsung Electronics America, Inc. And Apple Inc. have exhilarated the usage of self-healing material in electronic devices as well as desktops, mobiles and laptops.
By product, the global self-healing materials market is segmented Concrete, Coatings, Polymers, Asphalt, Fiber-reinforced Composites, Ceramic, and Metal. In 2018, a concrete segment is expected to be the dominant product type, and asphalt is anticipated to show an accelerating CAGR during the forecast period. The growing application of asphalt in road construction coupled with its ability to reduce greenhouse emissions is contributing to the growth of the segment. Self-healing materials and coatings enabled by materials advances will greatly impact a wide range of markets, enabling autonomous internal healing for composites, coatings, and surfaces. Their development is essential for reducing costly maintenance burdens and improving safety in construction, electronics, consumer products, oil and gas, wind energy, military, automotive, and aerospace industries. The industry is at an early stage but products are commercially available.
By geography, the global Self-healing Materials market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and Middle East and Africa (MEA).
Europe is the largest market for self-healing materials, in terms of value, followed by North America and Asia-Pacific. U.S., Germany, China, and Japan are the largest consumers of self-healing materials.
In Europe, rise in housing occupants across the region is contributing to the regional market during the forecast period. Residential construction accounted for a majority share in the region with Germany being one of the leading markets. Growing urbanization, as people migrate from various neighboring countries has stimulated the demand for residential buildings in the country.
According to Department of Communities & Local Govt, UK, the total residential housing increased from 164,470 units in 2017 to 166,390 units in 2018 and it is expected to increase during the forecast period.
Applications such as concrete and coatings represent the bulk of the demand for self-healing materials in the developing economies. Rising awareness about the benefits of self-healing materials has increased the importance as well as demand of self-healing materials in developing countries Brazil, India, and China. APAC region is expected to register the highest CAGR during the forecast period. High industrialization growth in the region, especially in China and India, is estimated to fuel the demand for Self-healing Materials in the region. Driven by the regulations and growing end-user base from industries like oil & gas, defense, and transportation, the market is expected to witness significant growth during the forecast period.
Self-healing Materials market is highly competitive and thus manufacturers continuously focus on developing new strategies in order to grab more customers across the globe. Over the coming years, companies are expected to focus on potential growth markets for Self-healing Materials. To that end, besides expanding their presence, companies are expected to formulate effective distribution strategies to make their presence felt in the upcoming markets for Self-healing Materials. Merger, acquisition, and product development are key strategies adopted by leading players.
The major players in the market include Evonik Industries, Dow Inc., Applied Thin Films, Inc., BASF, and Arkema SA. Other prominent players in the market include Autonomic Materials Inc., Avecom N.V., Covestro AG, Acciona S.A., and AkzoNobel N.V.
Get your free sample proposal with a single click!