The growing demand for self-healing materials in the automobile sector is expected to enable speedy expansion of the market, states Fortune Business Insights, in a report, The growing use of elastomers and polymers is expected to foster the healthy growth of the market. The market is projected to grow from USD 2.10 billion in 2021 to USD 62.66 billion in 2028 at a CAGR of 62.5% during the 2021-2028 period
Expansion of BASF’s Chemical Industry to Promote Growth
The growing focus of companies towards expanding their production capacity can create opportunities for the market. For instance, in September 2019, BASF, a major in the chemical industry announced that it will increase the production of ethylene oxide and ethylene oxide derivatives at its Verbund site in Antwerp, Belgium.