The global self-healing materials market revenue stood at $1.1 billion in 2020 and it is predicted to rise rapidly from 2021 to 2030 (forecast period). The growing use of self-healing materials in the healthcare, electronics, and automotive industries, their better long-term financial benefits than conventional materials, and rapid advancements being made in the advanced material domain are the major factors fueling the expansion of the market all over the world.
Self-healing materials assist in increasing the average lifespan of equipment by repairing damages and slowing down entropy. They are majorly used in the aerospace, oil and gas, building and construction, and automotive industries. Some of the major applications in the automotive industry are anti-scratch polyurethane coatings that are based on self-healing elastomers for vehicle bodies. In the construction sector, self-healing asphalt is extensively used. Several oil-containing capsules are incorporated in the bituminous binder for extending the lifespan of the asphalt roof covering.
Globally, Europe contributed the highest revenue to the self-healing materials market in the years gone by. Furthermore, as per the estimates of the market research company, P&S Intelligence, the market will expand rapidly in the region during the forecast period. This is attributed to the existence of several key industry players, increasing R&D activities, growing use of these materials in the automotive sector, and surging implementation of government initiatives for improving product security in various fields in the region.
The players operating in the industry are focusing on product launches in order to bolster their position and reach out to a larger number of customers. For example, Autonomic Materials used protective coating systems for examining its self-healing materials in January 2020. Furthermore, it was proved via multiple trials that low-volatile organic compounds (VOC) water-borne self-healing coatings are very useful for imparting resistance against corrosion and they are as good as the highly volatile solvent-borne materials.
Hence, it is safe to say that the market will grow rapidly in the coming years, mainly because of the mushrooming use of self-healing materials in various industries, such as automotive, electronics, construction, and healthcare, and rapid technological advancements in these materials.
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