Self-Healing Materials Market
Self-healing materials are smart materials which can retain its shape in response to external factors such as light, temperature, moisture, and others. Prime examples include fiber-reinforced ceramic composites, fiber-reinforced polymer composites, and metal alloy composites. Applications in high-temperature resistant sectors are likely to drive its need.
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The self-healing market value is expected to witness a great rise during the ongoing forecast period of 2021-2028. The market operations are expected to rise at a huge CAGR of 72% during the forecast period and hence, the market is expected to reach a final market valuation worth USD 2,447.7 million by the end of the forecast period in 2028.
Competition Outlook
Autonomic Materials Inc., Critical Materials S.A., Sensor Coating Systems Ltd., Covestro AG, Evonik Industries, Avecom N.V., AkzoNobel N.V., BASF SE, Arkema SA, and E.I. Du Pont De Nemours and Company are major players of the global self-healing materials market.
Market Scope
The global Self-Healing Materials Market is set to expand at an impressive growth rate during the forecast period owing to its ability to self-heal any damage in regards to external factors. It can command a huge demand from industries of aerospace, automobiles, building construction, chemicals, and energy. Investments in research and development for materials not requiring frequent maintenance and renewal has culminated in significant results. Recently, a group containing members of Kyushu University and RIKEN developed a new material made from ethylene which can retain its shape in acidic or alkaline solutions.
Segmentation
The global self-healing materials market is segmented by product type, technology, and application.
By product type, it is segmented into ceramics, coatings, concrete, and polymers. Among the segments, the concrete segment is expected to be dominant in the market, while asphalt is anticipated to show an impressive CAGR during the forecast period. Asphalt can find major applications owing to its usage in great quantities by the construction sector.
By technology, it is segmented into shape memory materials and reversible polymers. Microencapsulation technology is expected to witness the highest growth during the forecast period. This can be attributed to its scope in the medical sector which can repair polymeric composites at a steady rate. Reversible polymers are anticipated to dominate the global self-healing materials market over the forecast period. The growth of the reversible polymer segment is attributed to its application in medical devices and drug delivery systems.
Major applications comprise medical, energy generation, and others.
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Regional Analysis
The self-healing materials market looks at opportunities across five major regions, namely, the Middle East Africa (MEA), Asia Pacific (APAC), Latin America, Europe, and North America. Europe is expected to dominate the market till 2023. Pharmaceutical, automotive, and electrical and semiconductor sectors can create heavy demand for the market. Moreover, the growing expansion of companies especially, in Italy and France is expected to leverage the development of the market. Moreover, the stringent EU regulations regarding the control of emissions can advocate the use of asphalt self-healing materials.
North America is expected to follow Europe in the global self-healing materials market. Increasing investments in research and development is the primary factor driving the market demand. Moreover, the revival of renovation and construction activities in the region coupled with the expansion of industries such as an automobile, electrical and semiconductors, and pharmaceutical can foster market growth. Initiatives by local governments to increase investments for increasing consumption of self-healing materials can bode well for the market in the long run.
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