Self-Healing Materials Market Generated Revenue Worth ~$1.1 Billion in 2020
- Published: July 2021
The increasing adoption of self-healing materials for construction applications in developing nations, their better long-term financial benefits compared to traditional materials, technological advancements in the advanced material domain, and aiding in improving product durability are some of the major driving factors for the growth of the global self-healing materials market. Due to these factors, the self-healing materials industry is expected to see growth during the forecast period (2021–2030).
The market for self-healing materials, along with their several end-use industries, including automotive and building and construction, have witnessed the negative impact of the COVID-19 pandemic. This is majorly attributed to the rigorous measures, including temporary lockdowns, taken by the government of several countries to curb the spread of the virus. As a result, trade and manufacturing was almost completely hampered, both during the first and second waves.
Polymers Category Held Largest Market Share in Recent Years
The self-healing materials market is classified into concrete, coatings, polymers, asphalt, fiber-reinforced composites, ceramics, and metals, on the basis of material. The polymers category held the dominating share in the past few years, and it is expected to grow rapidly in the coming years. This can be ascribed to the exceptional properties of self-healing polymers, which include thermal stability, durability, and resistance to abrasion.
The self-healing materials market is divided into building & construction, transportation, mobile devices, general industrial, and others, on the basis of application. Among these, the building & construction category held the largest market share in the historical period (2015–2020). This can be ascribed to the high usage of such materials in the building & construction sector, especially in non-residential buildings.
Geographically, Europe held the dominating share in the market for self-healing materials in the historical period (2015–2020), and it is expected to grow at a substantial growth rate during the forecast period. This can be ascribed to the presence of a large number of key players in the region, acceleration in research and development (R&D) in the industry, rising usage of these materials in the automobile sector, and government initiatives in order to improve the product security in different fields.
Product Launch Is Major Strategic Measure Taken by Players in Market
Players in the self-healing materials industry have been involved in product launches to gain a significant position. For instance, in January 2020, Autonomic Materials examined its self-healing materials with protective coating systems. Moreover, it was proved through trials that low-volatile organic compound (VOC) water-borne self-healing coatings are as good as their more-obnoxious solvent-borne materials and extremely useful for imparting corrosion resistance.
Some of the major players operating in the global self-healing materials market are Acciona S.A., Applied Thin Films Inc., AkzoNobel N.V., Autonomic Materials Inc., Arkema Group, BASF SE, Covestro AG, The Goodyear Tire & Rubber Company, NEI Corporation, and Huntsman International LLC.