Self-Healing Materials Market Projected to Grow at a CAGR of 21.1% During the Forecast Period 2021-2026

Self-Healing Materials Market Projected to Grow at a CAGR of 21.1% During the Forecast Period 2021-2026

“Self-Healing Materials Market”
The Demand for a Sustainable Infrastructure From Various End-use Industries Such as Construction & Building, Automotive and Electrical & Electronics Industry Is Driving the Self-healing Materials Market Growth.

Self-Healing Materials Market is expected to reach a value of $1.34 billion by the end of the year 2026 growing at a CAGR of 21.1% during the forecast period from 2021-2026. Self-healing materials market is driven by the expanding application areas, technological advances and growing demand in key-use industries such as construction & building, aerospace, and automotive. Stringent government regulations on the usage of self-healing materials for enhancing product quality and safety are also significantly contributing to the increase in use and demand for self-healing materials market.

The COVID-19 pandemic has affected the Self-Healing Materials Market in terms of production and supply chain. The economic slowdown has affected the logistics of the self-healing materials market and has also led to the stagnation of the already produced stocks. Despite the challenges faced in the pandemic, the situation is forecasted to restore back to normalcy by the end of the year 2021.

Self-Healing Materials Market Segment Analysis – By Form

The extrinsic self-healing material segment held the largest share in the self-healing materials market in the year 2020. The unique combination of properties makes it useful in many key-use industries, which is the main factor driving the self-healing materials market. It allows easy and smooth restoration of material functionalities such as material damage/cracking and others.

Self-Healing Materials Market Segment Analysis – By Types

Self-Healing concrete segment held the largest share in the self-healing materials market in the year 2020. The rapid growth in construction & building industry, which is estimated to record a CAGR of 9.2% by the end of the year 2023, is expected to drive the self-healing concrete market. The strength and durability of self-healing concrete coupled with high-use of the product in critical applications in building & construction industry is contributing to the increase in demand for self-healing concrete in the market.

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Self-Healing Materials Market Segment Analysis – By Technology

Reversible polymers & elastomers segment held the largest share in the self-healing materials market in the year 2020. The superior rebinding quality offered by reversible polymers and elastomers is driving the segment in the market. The rise in demand from medical sector/healthcare sector due to the increase in the rise for scope of applications are also significantly contributing to the increase in the reversible polymers and elastomers technology.

Self-Healing Materials Market Segment Analysis – By End-Use Industry

Construction & Building segment held the largest share in the self-healing materials market in the year 2020. The construction industry is estimated to reach US$ 8 trillion by 2025. The increase in use of self-healing materials in the non-residential construction sector, for durability and high strength is one of the main factors driving the self-healing materials in the construction & building sector. Further, rising public and private investments in construction activities especially in developing region is another factor fueling the demand of self-healing materials in construction & building sector.

Self-Healing Materials Market Segment Analysis – By Geography

North America held the largest share in the self-healing materials market in the year 2020. The North American government increased the funding for construction industry by $4.5 billion as compared to 2019 year’s funding. The increase in funding by the US government is driven by the increase in government initiatives to develop infrastructure and provide housing for their citizens. This can be attributed to the rapid growth in the construction & building sector in the region. The growth in self-healing materials market is also driven by the increase in demand from residential construction, developing manufacturing sector and government initiatives in developing industrial infrastructure in the region.

Europe region closely followed North America in terms of demand for self-healing materials. European automobile industry held the largest share with 24.2% in the global automobile industry. The automobile industry in Europe has been increasing rapidly owing to the technological development that has led to new demands from the customers. The demand for self-healing materials in Europe is increasing, owing to the high use of self-healing polymers in automobile and electronics industry in the region.

Self-Healing Materials Market Drivers

Low Maintenance Costs

The maintenance costs related to self-healing materials is almost nothing or very less, because the material maintains itself or is self-healing. Therefore, no separate costs have to be made for maintaining such materials, which means it can be divided over a long period. The depreciation costs are also relatively less, due to the self-healing nature of the materials, making it economical.

Growth in demand for sustainable infrastructure

The demand for a sustainable infrastructure from various end-use industries such as construction & building, automotive and electrical & electronics industry is driving the self-healing materials as they offer a long-lasting and durable quality of materials for various applications across many end-use industries.

Self-Healing Materials Market Challenges

High prices of Self-Healing Materials

The high prices of self-healing materials are one of the biggest challenges in the self-healing materials market. The high quality of such materials attracts high prices, which is not affordable by many small manufacturers and business and therefore pushes them to resort to cheaper alternatives.

Material aging and deterioration

Self-healing materials are subject to aging and deterioration, which is one of the major challenges of the self-healing materials market. Since, the self-healing materials are chemically advanced materials, their shelf-life is less compared to materials with simple chemical composition. This is one of the major hurdles which acts as a challenge to the self0healing materials market.

Self-Healing Materials Market Landscape

Acquisitions, mergers, innovation, product development and expansion are some of the key strategies adopted by players in the Self-Healing Materials Market. Major players in the Self-Healing Materials Market are BASF Chemicals Company, Bayer Pharmaceutics Company, Autonomics Materials Inc., Acciona, Alstom, EVONIK, SLIPS Technologies Encor, Sensor Coatings Systems, MacDermid Autotype Ltd., and Apple Inc., among others.

Acquisitions/Technology Launches

On November 2018, Sensor coatings systems continued the phase 4 of their product Technology Developer Accelerator Programme (TDAP), designed for the automotive industry.

In December 2018, City University of Hong Kong developed self-healable anti-smudge coating with an estimated 80% reduction in production cost.

Key Takeaways

North American market is expected to hold the largest share in the self-healing materials market owing to the growth in the construction industry and growing demand for energy efficient construction solutions in the region.

The rising demand for self-healing polymers which helps in improving productivity and minimizes loss in key use industries such as construction & building, automotive and aerospace is driving the self-healing materials market.

The stringent government regulations on usage of self-healing materials for product safety is also driving the self-healing materials market.

The properties of self-healing materials market such as high flexibility and resistance is also driving the self-healing materials market.

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