New York, Oct. 02, 2023 (GLOBE NEWSWIRE) -- In a comprehensive research analysis conducted by ChemView Consulting, the Self-healing Coatings Market is anticipated to cross a valuation of US $8,774.8 million and exhibit a remarkable CAGR of 15.7% from 2023 to 2033. This extensive report offers key insights into market trends, major drivers, challenges, and prominent players in the industry.
Europe Remains the Most Lucrative Market for Self-healing Coatings
Europe is likely to remain the largest industry for self-healing coatings, holding a substantial share of approximately 31.1% in 2023. The region's robust presence in the industry can be attributed to a dense population and rapid industrialization. The automotive sector emerges as the dominant end-use industry segment, contributing nearly 37% to total revenues.
The self-healing coatings market is witnessing a surge in demand, mainly due to an increase in building and construction activities and stricter regulations on structural integrity. Self-healing coatings represent a transformative advancement in the field of protective coatings and materials. These coatings have a unique ability to repair small damage such as scratches, cracks, or abrasions on their own, hence increasing the lifespan of a variety of products and surfaces. As industries around the world prioritise sustainability, durability, and cost-effectiveness, the self-healing coatings market has seen substantial expansion and innovation.
Prominent companies in the industry scenario include Covestro AG, Autonomic Materials, Inc., AkzoNobel N.V., Feynlab Inc., BASF SE, GVD Corporation, Shawcor Ltd., Winn & Coales (Denso) Ltd., 3M Company, Revivify Canada, Inc., and Apex Auto Care.
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Rising Investment in Infrastructure Precursor to Demand for Self-healing Coatings
The market for self-healing coatings is being driven by infrastructure investments, particularly in industries like building, transportation, and energy. These coatings can protect and extend the life of essential infrastructure components, lowering long-term maintenance expenses. Moreover, continuous advances in material science and nanotechnology have resulted in the development of increasingly effective and long-lasting self-healing coating materials. This has expanded the potential uses of these coatings across a wide range of industries.
Key Challenges & Opportunities for Self-healing Coatings:
Investing in research & development to produce self-healing coatings might be costly. Balancing development expenditures with market demand and price can be difficult. However, companies may develop specialised self-healing coatings for specific uses, like extreme weather or chemical resistance. Customising coatings to match the needs of specific industries can be a lucrative opportunity.
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Regional Insights:
- The US market is expected to experience significant growth due to ongoing research and development efforts. Furthermore, the automobile and construction industries, which are major consumers of self-healing coatings, are expanding rapidly in the United States.
- Growing awareness of the need for sustainable and long-lasting solutions in various sectors in the European market is expected to boost sales. Europe is the largest market for self-healing coatings, accounting for approximately 31.1% of the market share.
- Japan's growing automotive and electronics industries play an important role in driving demand for self-healing coatings as manufacturers explore ways to improve the longevity and appearance of their products.
- The China & India markets are expected to experience significant growth due to rapid industrialization and infrastructure development. As these countries continue to invest in R&D, new formulations and applications of self-healing coatings are likely to emerge, fueling market expansion.
Self-healing Coatings Market Outlook & Forecast by Segmentation:
Form: The extrinsic segment is anticipated to lead the self-healing coatings market because extrinsic coatings may significantly extend the lifespan of materials and surfaces, lowering maintenance expenses.
End-use Industry: The automotive segment is expected to dominate the market share mainly because automakers are increasingly incorporating these coatings into their vehicles and consumers are willing to pay a premium for the additional protection and convenience.
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Leading Players in the Market:
Key companies dominating the self-healing coatings market are Covestro AG, Autonomic Materials, Inc., AkzoNobel N.V., Feynlab Inc., BASF SE, GVD Corporation, Shawcor Ltd., Winn & Coales (Denso) Ltd, 3M Company, Revivify Canada, Inc., and Apex Auto Care.
Recent Developments:
- In August 2023, NETL (National Energy Technology Laboratory) researchers launched a novel self-healing cold spray coating for pipe internal corrosion protection.
- In March 2023, Dow, one of the most established and widely followed equity indices, introduced a new digital paint formulation platform, which is currently available across Asia Pacific. DOWTM Paint Vision provides data-driven capabilities to simplify formulation and accelerate innovation in the paints & coatings industry.
- In March 2020, ARCI, a modern research and development facility for innovative materials and associated processing technologies, will explore self-healing, corrosion-resistant coatings for Al and Mg alloys that are environmentally friendly.
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