The industry overview of Self-Healing Materials
The global market for self-healing materials was valued at USD 291.4 million in 2018, and is expected to increase at a CAGR of 46.1 percent from 2019 to 2025. The ability of materials to repair damages produced by mechanical friction is expected to fuel overall market expansion during the projected period, owing to rising demand for advanced self-repairing polymers from end-use industries. To protect the substrate from external environmental effects, self-healing materials such as hydroxyl end-functionalized polydimethylsiloxane (HOPDMS) and poly diethoxy siloxane (PDEs) are utilised. In addition, the use of self-healing microcapsules containing rejuvenator has reduced the formation of cracks in asphalt compositions.
Why is there a significant rise in the market share of Self-Healing Materials?
Because of the country's growing construction sector, the self-healing materials market in the United States is predicted to increase significantly over the forecast period. One of the key reasons driving market expansion is increased demand for energy-efficient construction solutions. Furthermore, the product's widespread use in the application business is likely to fuel growth. Rising demand for innovative self-repairing polymers, which improve productivity and reduce product damage losses, is likely to fuel growth, notably in the automotive and electronic device manufacturing industries. In the aforementioned industries, an increase in the use of such materials in paints and coatings is also predicted to boost growth.
Limitations and challenges of Self-Healing Materials
The total market growth is expected to be limited by factors such as the high cost of such products combined with the presence of a large number of substitutes. Furthermore, market growth is likely to be constrained during the next seven years due to a lack of awareness of the items, particularly in less developed economies. Securing competitiveness, profitability, and scaling up from pilot to industrial scale productions are important difficulties that are expected to affect industry growth over the projection period. Over the projection period, however, the increase in capital expenditure by industry businesses is expected to offer up new opportunities for market growth.
The market segmentation of Self-Healing Materials
Because of increased demand for the product from the automotive and aerospace industries, the coatings category accounted for 27.3 percent of total market share in 2018 and is expected to reach 28.3 percent market share by 2025. The major driver driving growth is predicted to be an improvement in the operational lifetime of paints and coatings combined with a reduction in maintenance costs. Because of its increasing use in the plastic industry and engineering activities, the polymers sector is expected to develop at a CAGR of 46.4 percent from 2019 to 2025. Polymers are widely utilised because of their capacity to repair micro-scale damage and restore the substrate's passive condition, resulting in higher adoption.
Because of its durability and corrosion resistance, fibre-reinforced composites are employed entirely. Because of the expanding usage of fibre-reinforced composites in the aerospace industry to store liquid oxygen and hydrogen, the global fibre-reinforced composites sector accounted for a significant revenue share. Because of its durability and strength, as well as its widespread use in important applications in the building and construction industry, self-healing concrete is expected to increase at the quickest rate, with a CAGR of 48.4 percent over the projected period. In addition, increased building demand, particularly in Europe and Asia Pacific, is expected to raise concrete consumption in the future.
Regional Insights of Self-Healing Materials market
In 2018, Europe dominated the market for self-healing materials, accounting for 31.1 percent of global market share. Over the projection period, the market is expected to rise due to the widespread usage of self-repairing specialty polymers in countries such as France, the United Kingdom, and Germany, as well as process innovation, advanced R&D, and increased car manufacturing across the region. On account of increased demand from end-user sectors, North America is the second-largest consumer of self-healing materials, followed by Asia Pacific. Because of significant demand from the residential sector, a well-developed manufacturing economy, and government attempts to improve infrastructure, the United States dominates the North American market in terms of consumption. The government of Mexico's initiatives to attract foreign direct investment in the semiconductor industry are expected to boost the microelectronics manufacturing industry's growth. This is expected to increase demand for semiconductor coatings, which will have a favourable impact on self-healing material consumption in North America.
Due to the immense potential of the construction sector in the region, the Asia Pacific market is expected to grow at a CAGR of 51.9 percent over the forecast period. The construction business in Asia Pacific is predicted to increase at an exponential rate due to rising per capita income, fast urbanisation, and a growing population, all of which will help the industry grow.
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