A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global self-healing materials market was worth USD 1.2 billion in the year 2020. The market is estimated to grow at a CAGR of 61.9%, earning revenue of around USD 34.6 billion by the end of 2027. Self-healing materials are widely used in the construction of buildings and roads, especially in developing countries, which is responsible for the growth of the global self-healing materials market. Furthermore, extensive research and development activities are anticipated to drive the market in the forecast period. However, the high price of self-healing materials may act as a hindrance to the growth of the global self-healing materials market.
Development of Wind Energy Sector Is Estimated to Boost the Global Self-Healing Materials Market
A key factor driving the growth of the market is the use of self-healing materials in the manufacturing of light rotor blades. When wind blades are designed, appropriate materials are selected, which affect many aspects, such as load, weight, as well as physical properties. As more and more countries are shifting towards renewable energy sources, the application of self-healing technology in wind energy materials will play a significant role in the growth of the market. The rigidity of self-healing materials and their performance in extreme climatic conditions are propelling the growth of the global self-healing materials market.
Growing Awareness of Self-Healing Technology Likely to Propel the Market Growth in The Forecast Period
Increasing awareness of self-healing materials has led to a tremendous increase in demand in the past few years. Experts are recommending the use of self-healing technology in construction and manufacturing industries to provide sturdiness to products and increase their lifespan. Additionally, the leading brands are using self-healing technology to boost their market growth, which is boosting the overall market as well. For instance, Lamborghini launched their first self-healing sports car in 2017, which was capable of detecting and repairing cracks in its bodywork.
Global Self-Healing Materials Market - By End-User
Based on end-users, the global self-healing materials market is segmented into building & construction, mobile devices, general industrial, transportation, and others. The building & construction industries segment dominated the market in 2020. Construction of traditional concrete buildings is prone to depreciation as the materials weaken over time. Thus, the construction industry is switching to self-healing materials that can provide support for a longer period of time, which in turn is contributing to the growing demand for self-healing materials in this industry. Additionally, the transportation segment is also gaining significant traction in the self-healing materials market because of the flourishing automobile industry.
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Global Self-Healing Materials Market - Regional Insights
Geographically, the global self-healing materials market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among all the regions, Europe accounts for the largest market share. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period because of the flourishing construction activities in this region. Countries like India, China, South Korea are investing significantly towards infrastructural development, which is expected to fuel the market during the forecast period. Furthermore, the high manufacturing volume of leading automobile companies in countries like Japan, South Korea is also fueling the market growth of self-healing materials.
Impact of COVID-19 on Global Self-Healing Materials Market
In the wake of COVID-19, the global market for self-healing materials was negatively affected. This is because manufacturing and construction activities were affected after several countries imposed nationwide lockdowns to curb the spread of the virus. In addition, the demand for self-healing materials was also hampered due tolower demand in the transportation sector as automobile production was stopped completely during the initial phase of the COVID-19 period. However, as the countries push for economic development and accelerate their manufacturing and production activities, the self-healing materials market is likely to regain some strength in the post-COVID-19 era.
The leading market players in the global self-healing materials market are NEI Corporation, Acciona, S.A., Michelin North America Inc., Apple Inc., MacDermid Autotype Ltd., Autonomic Materials, Inc., Goodyear, BASF SE, Bayer AG, Akzo Nobel N.V., Huntsman International LLC, Sensor Coating System Limited, DEVAN, High Impact Technology, LLC, Stratosphere S.A., Adaptive Surface Technologies, DuPont, Critical Materials S.A., Slips Technologies, Inc., and other prominent players.
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