Dublin, Sept. 22, 2023 (GLOBE NEWSWIRE) -- The "Self-healing Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global self-healing materials market reached a size of US$ 2.0 billion in 2022. Looking ahead, it is expected to grow to US$ 9.6 billion by 2028, with a remarkable compound annual growth rate (CAGR) of 27.7% during the period from 2023 to 2028.
Self-Healing Materials and Their Applications
Self-healing materials are a new class of smart products or materials designed with built-in healing capabilities. They can repair damage spontaneously or in response to specific environmental stimuli such as pressure, heat, light, solvents, or electromagnetic fields.
These materials are broadly divided into two categories: extrinsic and intrinsic. They encompass a range of materials, including concrete, coatings, polymers, ceramics, metals, and fiber-reinforced composites.
Self-healing materials offer several benefits, including improved performance, safety, efficiency, and longer lifespan while reducing maintenance costs. As a result, they find applications across various industries, including construction, automotive, oil and gas, electronics, healthcare, and energy.
Self-Healing Materials Market Trends
Several trends are driving the growth of the self-healing materials market:
- Construction Industry Adoption: Increasing adoption of self-healing materials in concrete and coatings applications in the construction industry. This is fueled by the demand for green materials and eco-friendly building technologies.
- Roads and Infrastructure: The use of self-healing asphalt, embedded with oil-containing microcapsules in the binder, to reduce crack formation in roads.
- Automotive and Aerospace: Growing utilization of self-healing coatings and polymers in the automotive and aerospace sectors, improving durability and reducing maintenance costs.
- Energy and Electronics: Focus on introducing self-healing batteries and developing corrosion-resistant materials for oil extraction and underwater applications.
- Government Initiatives: Favorable initiatives by governments worldwide, including legislations and regulations mandating extended service guarantees and warranties.
- Technological Advancements: Continuous technological advancements and extensive research and development (R&D) efforts by key market players.
Market Segmentation
The market is segmented based on several factors:
By Type:
- Polymers
- Composites
- Ceramics
- Concrete
- Others
By Form:
- Extrinsic
- Capsule-Based
- Vascular
- Intrinsic
By Technology:
- Reversible Polymers
- Microencapsulation
- Shape Memory Materials
- Biological Material Systems
- Others
By End-Use Industry:
- Building and Construction
- Healthcare
- Automotive
- Electrical and Electronics
- Aerospace
- Others
By Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
Competitive Landscape
Key players in the self-healing materials market include Applied Thin Films Inc., Arkema S.A., Autonomic Materials Inc., Avecom NV, BASF SE, Covestro AG, High Impact Technology LLC, Michelin North America Inc., NEI Corporation, and Sensor Coating Systems Ltd.
Key Questions Addressed in the Report
- What is the current size of the global self-healing materials market?
- What is the expected growth rate of the market from 2023 to 2028?
- How has COVID-19 impacted the global self-healing materials market?
- What are the key regional markets?
- What are the different types of self-healing materials?
- What are the key forms of self-healing materials?
- What are the various technologies employed in self-healing materials?
- What are the primary industries using self-healing materials?
- What is the degree of competition in the industry?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 149 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $2 Billion |
| Forecasted Market Value (USD) by 2028 | $9.6 Billion |
| Compound Annual Growth Rate | 29.9% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/lnw93d
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