Self healing materials Market:-
Self healing materials are artificially created substances that possess self healing properties without the exertion of any external force. These materials repair themselves and are highly demanded owing to their self healing capacities that reduce the extra cost of maintenance. 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 expand at an encouraging CAGR during the forecast years. 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.
AkzoNobel N.V. (Netherlands), Arkema SA (France), Autonomic Materials Inc. (U.S.), Avecom N.V. (Belgium), BASF SE (Germany), Covestro AG (Germany), Critical Materials S.A. (Portugal), E.I. Du Pont De Nemours and Company (U.S.), Evonik Industries (Germany), Sensor Coating Systems Ltd. (U.K.), among others are some of the key players operating in the market of self-healing materials market.
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Self-healing materials are widely used in the end-user industries such as energy generation, building & construction, and automobile & transport among others. The global self-healing materials market is spanned across five regions of the world namely North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. Among these, Asia Pacific holds a major share of the global market and is projected to continue leading owing to the increasing industrialization and growing purchasing power of the developing countries in this region.
The major countries contributing to this growth of this market are India and China. The presence of the populated countries has augmented the demand for energy resulting in the demand for self-healing materials in the energy generation sector.
North America is another dominant region in the self-healing materials market and is expected to show its dominance during the forecast period. The growing technological advancements in the U.S. and Canada along with increasing adoption are major factors driving the market in this region. Moreover, the growing investment in renovation and construction of private and public infrastructure is also contributing to the market growth.
The European self-healing materials market is set to expand at a steady pace during the forecast period. The presence of the developed automobile sector and the pharmaceutical industry are the major factors driving the market growth. Moreover, the developed electrical & semiconductor sector is also expected to add to the market growth owing to the high usage of self-healing materials in cellphones, laptops, and other electronic devices.
The global self-healing materials market is segmented into type, technology, and application. On the basis of the product type, the market is classified into concrete, coatings, polymers; fiber reinforced composites, asphalt, metals, and ceramics. On the technological basis, the market is bifurcated into reversible polymers, microencapsulation, shape memory materials, and biological material systems. On the basis of the application, the market can be segmented into energy generation, automobile & transport, electrical & semiconductor, building & construction, medical and others
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