The global market size for self-healing materials is projected to reach USD 2,447.7 million by 2021, at a CAGR of 95.0% during the forecast period. The market is driven by rise in demand in the Europe region, increase in awareness about the benefits of self-healing materials, and emerging building & construction and transportation sectors. Building & construction is one of the major markets for self-healing materials in developing as well as developed economies.
On the basis of derivative, the global self-healing materials market has been classified into extrinsic and intrinsic. The capsule-based segment is the largest segment of the extrinsic self-healing materials market, in terms of value, owing to the material’s unique combination of properties making it useful for a number of industries.
By material type, the report segments the self-healing materials market into concrete, coatings, polymers, asphalt, fibre-reinforced composite, ceramic, and metals. Asphalt is the fastest-growing application segment of the self-healing materials markets in countries such as Germany, France, and Netherlands.
On the basis of region, the global self-healing materials market has been segmented into Asia-Pacific, Europe, North America, and RoW. Europe, North America, and Asia-Pacific are the major self-healing materials markets. The Europe region dominates the global self-healing materials market. The market in Asia-Pacific is estimated to record high growth owing to increasing demand from the automotive sector. The increase in demand for self-healing materials in North America and Europe is comparatively lower than that of Asia-Pacific due to the economic slowdown in these regions.
Manufacturers of mobile devices seek to remove toxins, increase device consistency, and alleviate spoilage throughout the manufacturing process. Self-healing materials provide the wear resistance and lubricity needed for mobile devices that are made of plastics and metallic alloys.
Self-healing materials are used for automotive material types to reduce friction, wear, and energy consumption, and improving fuel savings.
Engineers within the aerospace manufacturing industry rely on self-healing materials for improving the wear resistance of aircraft engines, critical aftermarket components, and related parts.
Manufacturers need efficiency and cost control to be competitive. Self-healing materials are protective and wear resistant, which extends part life and keeps replacement costs to a minimum. In some cases, self-healing materials can restore the product quality to higher than the original equipment manufacturer.
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Though the self-healing materials market is growing at a significant rate, lack of awareness regarding the benefits of self-healing materials among potential industries of developing countries hampers the market growth.
Acciona S.A. (Spain), AkzoNobel N.V. (Netherlands), Applied Thin Films, Inc. (U.S.), Arkema SA (France), Autonomic Materials Inc. (U.S.), Avecom N.V. (Belgium), BASF SE (Germany), Covestro AG (Germany), Critical Materials S.A. (Portugal), Devan Chemicals (Portugal), E.I. Du Pont De Nemours and Company (U.S.), Evonik Industries (Germany), Sensor Coating Systems Ltd. (U.K.) and Slips Technologies, Inc. (U.S.) are the leading companies in the global self-healing materials market. These companies are expected to account for a significant market share in the near future.