Newark, Sept. 02, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global self-healing material market is expected to grow from USD 1.31 billion in 2021 to USD 134.86 billion by 2030, at a CAGR of 67.35% during the forecast period 2022-2030.
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Governments are making significant investments in the creation of sustainable public infrastructure. Self-healing materials reduce the need for routine maintenance of structures and other related repairs or replacements, which reduces the need to invest additional labor, capital, and resources in these operations and significantly lowers carbon emissions. Therefore, the global market for self-healing materials will be driven by a desire for sustainable construction and building activity. Similarly, the market for self-healing materials will expand due to the rising demand for electronics, consumer goods, automotive, and medicine. The increasing uses of self-healing materials have expanded because of their enhanced healing capacity and greater heat & moisture resistance. They are now utilized in the electronics, consumer goods, automotive, aerospace, healthcare, automobile, and transportation sectors. The increase in the scope of application will offer profitable opportunities to the market players in the global self-healing material industry. However, the high cost, limited self-healing capacity, and lack of skilled professionals can restrict market development. Furthermore, a lack of awareness and availability of substitutes can challenge the market's growth.
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Competitive Strategy
To enhance their market position in the global self-healing material market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• The Goodyear Tire & Rubber Company unveiled their newest concept tire, dubbed reCharge, in March 2020. by using a liquid mixture of synthetic rubber enhanced with new fibers, the tire can efficiently assess the severity of its wear and correct flaws.
Market Growth & Trends
One of the main factors influencing the demand for self-healing materials is the construction of roads, pavements, roofs, floors, and other structures. Self-healing materials are also used in the automotive, transportation, aerospace, consumer goods, electronics, semiconductors, and healthcare industries, boosting the market's expansion. For instance, the number of smartphone users stands at a whopping 6 billion globally; this number constitutes around 85% of the population. The smartphone market is getting fragmented by the minute, with new market players entering the market to gain from the exponential growth it has witnessed in recent years due to the telecom boom and the rolling out of 5G services in many countries. Market players are developing new features with every product launch to attract new customers. Using self-healing materials in phones to repair screen damages or chip damages without external smartphone features is gaining traction with consumers. Therefore, the rising demand for self-healing properties/features in smartphones, laptops, and other electronics will augment well for the global self-healing material market.
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Key Findings
• In 2021, the reversible polymers segment dominated the market with the largest market share of 39% and market revenue of 0.51 billion.
The technology segment is divided into microencapsulation, biological material systems, reversible polymers, shape-memory materials, and others. In 2021, the reversible polymers segment dominated the market with the largest market share of 39% and market revenue of 0.51 billion.
• Over the forecast period, the asphalt segment will grow at the fastest CAGR of 88.81%.
The material type segment is divided into metal, fiber-reinforced composite, polymer, concrete, ceramic, asphalt, and coating. Over the forecast period, the asphalt segment will grow at the fastest CAGR of 88.81%.
• In 2021, the extrinsic segment accounted for the largest share of the market, with 65% and a market revenue of 0.85 billion.
The form segment is divided into extrinsic and intrinsic. In 2021, the extrinsic segment accounted for the largest share of the market, with 65% and a market revenue of 0.85 billion.
• In 2021, the construction & building segment accounted for the largest market share, with 36% and market revenue of 0.47 billion.
The application segment is divided into automotive & transportation, construction & building, mobile devices, energy generation, electronics & semiconductors, healthcare, consumer goods, aerospace, and others. In 2021, the construction & building segment accounted for the largest market share, with 36% and market revenue of 0.47 billion.
Regional Segment Analysis of the Self-Healing Material Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The Asia Pacific region emerged as the largest market for the global self-healing material market, with a market share of around 34.21% and 0.44 billion of the market revenue in 2021. The Asia Pacific is expected to be the largest market during the forecast period. The self-healing material market in the Asia Pacific has been expanding rapidly. The growing population of China and India have created a massive market for the automotive, real estate, and electronics industry in the Asia Pacific region. The government initiatives aimed at improving the region's infrastructure to attract foreign investments and improve the quality of life for citizens are also rising. The attractive market of developing economies has led to the growing presence of significant market players in the global self-healing material market. The growing construction, automotive, and electronics sector of the region will drive the growth of the self-healing material market during the forecast period.
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Key players operating in the global self-healing material market are:
• Acciona SA
• Evonik Industries
• Slips Technologies Inc.
• AkzoNobel NV
• Sensor Coating Systems Ltd.
• BASF SE
• Applied Thin Films Inc.
• Arkema SA
• Autonomic Materials Inc.
• Devan Chemicals
This study forecasts global, regional, and country revenue from 2019 to 2030. The Brainy Insights has segmented the global self-healing material market based on the below-mentioned segments:
Global Self-Healing Material Market by Technology:
• Microencapsulation
• Biological Material Systems
• Reversible Polymers
• Shape Memory Materials
• Others
Global Self-Healing Material Market by Material Type:
• Metal
• Fiber-Reinforced Composite
• Polymer
• Concrete
• Ceramic
• Asphalt
• Coating
Global Self-Healing Material Market by Form:
• Extrinsic
• Intrinsic
Global Self-Healing Material Market by Application:
• Automotive & Transportation
• Construction & Building
• Mobile Devices
• Energy Generation
• Electronics & Semiconductors
• Healthcare
• Consumer Goods
• Aerospace
• Others
About the report:
The global self-healing material market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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