Pune, India, June 22, 2021 (GLOBE NEWSWIRE) -- The global self-healing materials market size is expected to reach USD 62.66 billion by 2028, exhibiting an exceptional CAGR of 62.5% during the forecast period. The growing demand for wind energy will have an excellent impact on this market, states Fortune Business Insights, in a report, titled “Self-Healing Materials Market, 2021-2028.” The market size stood at USD 1.29 billion in 2020.
Reduction in Global Automotive Supply Chain to Impede Business amid Pandemic
The COVID-19 pandemic had a negative influence on the internationally robust automotive industry. Obstructions on Chinese exports, especially plastic-coated raw materials and widespread product devastation throughout Europe, and the closing of manufacturing plants in the United States have all impacted the economy. Regardless, China controls over 80% of the global automotive supply chain. In January 2020, car prices in China fell by 18 percent. According to the China Passenger Car Association (CPCA), revenues decreased by 40% or more in 2020 relative to the first two months of sales last year. Production shortfalls in China due to supply chain disruptions have had a major effect on global car production. Therefore, damaging the self-healing materials market growth.
Key Market Segments:
Based on form, the market for self-healing materials is divided into intrinsic, and extrinsic. The intrinsic segment is expected to hold the largest share during the forecast period due to its innate ability to restore the integrity of the material after damage.
Based on the product, the market is segmented into polymer, concrete, metal, coating, ceramic, asphalt, and fiber-reinforced composites.
Based on the application, the market is classified into transportation, consumer goods, building construction, energy generation, healthcare, and others. Transportation is expected to account for the high share due to the high demand for materials to maintain the structural integrity in vehicles.
Geographically, the market is classified into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.
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The self-healing materials market report includes:
- All-inclusive evaluation of the market
- Esteemed insights into the segments
- Latest trends and important drivers
- Foremost region
- Significant Development
- COVID-19 Impact
Increasing Construction Activities to Propel Market
One of the main driving factors in a developing economy like India is the increase in public and private infrastructure development. Make in India, a government project, is bolstering domestic manufacturing processes by facilitating access to raw materials required in the construction industry. Alternative and advanced repair methods such as self-healing and encapsulation of polymeric materials are in high demand due to the deficiencies of current therapies. The adoption of such advanced technologies would accelerate the self-healing materials market share during the forecast period.
List of Top Leading Companies Profiled in the Global Self-Healing Materials Market are:
- Acciona S.A. (Alcobendas, Spain)
- AkzoNobel N.V. (Amsterdam, Netherlands)
- Applied Thin Films, Inc. (California, U.S.)
- Arkema SA (Colombes, France)
- Autonomic Materials Inc. (Illinois, U.S.)
- Avecom N.V. (Wondelgem, Belgium)
- BASF SE (Ludwigshafen, Germany)
- Covestro AG (Leverkusen, Germany)
- E.I. Du Pont De Nemours and Company (Delaware, U.S.)
- Evonik Industries (Essen, Germany)
- Sensor Coating Systems Ltd. (London, U.K.)
- Slips Technologies, Inc. (Massachusetts, U.S.)
- Other Key Players
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Flourishing Transportation Industry to Aid Expansion in Europe
In 2020, the European economy was worth USD 0.43 billion, with a significant growth rate. The market is projected to grow due to increased demand in the transportation industry. The growing popularity of self-healing materials is due to their superior properties such as resilience, thermal stability, abrasion resistance, hardness, strength, etc. Furthermore, the presence of a large number of manufacturers in countries such as Germany, France, Russia, and the United Kingdom would fuel regional expansion.
The demand is expected to be driven by the growing construction industry in North America. Green technology and environmentally sustainable construction materials are expected to positively affect business development in the housing and construction sectors.
R&D Activities by Prominent Companies to Consolidate Market
To increase their market presence, many companies are conducting research and development activities. There are many foreign and regional competitors in the market's competitive setting. Market-based businesses are more focused on retaining product differentiation, which leads to significant developments in R&D. Local producers are graduating their efforts to attract customers and thrive in the industry.
December 2018: BASF SE attained Chemetall GmbH, a producer of specialty chemicals and surface treatment products. The expertise and innovative power of the companies will expand their presence in the industry.
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Emerging Trends – For Major Countries
- Industry SWOT Analysis
- Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Form Launches, and Mergers & Acquisitions
- Qualitative Insights – Impact of COVID-19 on Global Self-Healing Materials Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Self-Healing Materials Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Form (Value)
- By Product (Value)
- Fiber-Reinforced Composites
- By End-use Industry (Value)
- Consumer Goods
- Building & Construction
- Energy Generation
- By Region (Value)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- By Form (Value)
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