Self-Healing Materials Market: Current Analysis and Forecast (2021-2027)

Self-Healing Materials Market: Current Analysis and Forecast (2021-2027)

As the population is increasing worldwide, with this the demand for the construction of new buildings and houses, and various electrical and electronic devices are increasing. This has increased the demand for self-healing materials and fueled the market for self-healing materials. The widest applications of such materials are in the automotive, aerospace, building & construction, oil & gas, and electrical and electronics industries. Additionally, polymers have become a base material in everyday life for products like plastics, rubbers, films, fibers, or paints. This huge demand has compelled the polymer industries to extend their product reliability and maximize lifetime, and a new design class of polymeric materials that are able to restore their functionality after damage or fatigue like self-healing polymer. Furthermore, self-healing chemistry has evolved as a potential approach for developing mechanically strong and self-repairing soft electronic materials in recent years. The growing adoption of such materials by the major players in the electronics industry is expected to drive industry growth. Many companies announced semiconductor manufacturing expansion plans to meet the market demand. For instance, in 2021, Taiwan Semiconductor Manufacturing Company (TSMC) announced the plan to spend $100 billion over the next three years to expand its chip fabrication capacity and fund research and development (R&D) of advanced technologies. Owing to such factors, the demand for self-healing materials is likely to grow in the near future.

Based on material type, the market is categorized into concrete, coatings, polymers, asphalt, fiber-reinforced composite, ceramic, metals, and others. Among these, concrete has a prominent share in the self-healing material market. Concrete is a conventional material largely used in construction. It is widely used in the construction of dams, ports, storage tanks, tunnels, roads, subways, and others. In spite of these, it is strong and durable.

Based on industry, the market is categorized into building and construction, transportation, electrical and electronics, general industrial, healthcare, and others. Building and construction considerably have a large share in the market. As the population is increasing demand for buildings and houses is also increasing. Moreover, the rising use of self-healing materials in the non-residential construction sector, for durability and high strength is one of the factors driving the self-healing materials. Further, increasing public and private investments in construction activities is also a factor fueling the demand for self-healing materials in the construction & building sector.

For a better understanding of the market adoption of self-healing materials, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, United Kingdom, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. The large base of the industry in the Asia-Pacific region helped the region to obtain a significant position in the market. Further, increasing focus on research & development activities to improve the adoption of the latest technology is likely to propel the market for self-healing materials.

Some of the major players operating in the market are Acciona S.A., E.I. Du Pont De Nemours and Company, Arkema S.A., Evonik Industries AG, BASF SE, Covestro AG, Sensor Coating Systems Ltd., AkzoNobel N.V., Adaptive Surface Technologies, Inc., Applied Thin Films, Inc. These companies are taking various strategic decisions to increase their market presence and share.