Owing to increasing self-healing materials research and development activities, North America is likely to be the significant Self-healing Materials Market in the forecast period. The regional construction, electronics, and automotive industries are expected to drive the market. Thriving construction industry in China and other developing countries will make Asia Pacific region exhibit good growth aspects for the market.
Global Self-Healing Materials Market size is witnessing an increasing demand in construction, automobiles and electronics industries. The market is likely to grow with a moderate CAGR in the period of 2017-2024. These materials autonomously repair the damage thereby extending their life spans.
Material aging and deterioration are the major challenges faced by the global construction industry. Self-healing plastics have a huge scope in the aerospace and aviation industries. These are the key factors for growth of self-healing materials demand in the near future, as they pose as a remedy to save the maintenance and replacement costs to a great extent in long run.
In case of the aircraft, small damages in the assembly that are unseen by the human eye can cause destruction to the plane. The aviation industry has a vast demand for self-healing polymers-which would also reduce the maintenance schedule. Automobile sector is also beginning to shift its focus towards self-healing materials and is expected to drive the market from 2016 to 2024. Nissan Motor Co. Ltd. commercialized the world’s first self-healing clear coat for automobile surface under the trade name of Scratch Shield.
Self-healing electronic components are also in a R&D stage. Penn State University researchers have developed materials that can restore all its properties even after breaking them in half and can be used as dielectrics in wearable. The market is thus likely to see an exponential growth in the market size, both in terms of revenue and volume.
Self-healing materials market is categorized into self-healing coatings, polymers & elastomers, biomaterials, metals, fiber-reinforced composites, asphalt etc., on the basis of product types. End-user industries to the self-healing materials market are construction works, automotive industry, aviation and aerospace, electronics sector, energy generation, military, and healthcare.
Significant players in the self-healing materials market include Apple, Bayer, Acciona, Critical Materials, Alstom, CEINNMAT, Volkswagen, Autonomic Materials, Flame Spray Technology Duco, PPG, Devan, BASF, Evonik, Ford, SLIPS technologies, Encore, ATFI, Fescon, LG, General Motors, GKN Aerospace, NEI, Avecom, Nissan, and Sensor Coatings Systems.
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