NEW YORK, Aug. 4, 2021 /PRNewswire/ -- The surging use of self-healing materials in construction applications in emerging economies, on account of their ability to provide better long-term financial benefits than traditional materials and facilitate improvements in product durability, and the rapid technological advancements being made in the advanced material niche are the major factors fueling the expansion of the global self-healing materials market. Because of these factors, the market is predicted to register rapid advancement during 2021–2030, since valuing ~$1.1 billion in 2020, according to P&S Intelligence.
The progress of the market for self-healing materials and their various end-use industries, such as building and construction and automotive, has slowed down massively because of the COVID-19 pandemic. This is ascribed to the stringent measures taken by the governments of many countries, such as the imposition of lockdowns, to mitigate the spread of the infection. These measures hampered manufacturing operations and trade, which, in turn, affected the growth of the market.
The self-healing materials market is categorized into coatings, concrete, asphalt, polymers, fiber-reinforced composites, metals, and ceramics, on the basis of material. Out of these, the polymers category held the largest share in the market during the last few years, and it is predicted to exhibit rapid expansion during the forecast period. This is credited to the exceptional characteristics of self-healing polymers, such as durability, resistance to abrasion, and thermal stability.
Browse detailed report with COVID-19 impact analysis on Self-Healing Materials Market Research Report: By Form (Extrinsic, Intrinsic), Material (Concrete, Coatings, Polymers, Asphalt, Fiber-Reinforced Composites, Ceramics, Metals), Application (Building & Construction, Transportation, Mobile Devices, General Industrial) - Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/self-healing-materials-market
Globally, Europe dominated the market for self-healing materials during 2015–2020, and it is predicted to exhibit rapid expansion during the forecast period. This is attributed to the existence of several major market players, increasing research and development (R&D) activities in the industry, soaring use of these materials in the automotive industry, and the implementation of government initiatives aimed at improving the product security in several fields in the region.
The players operating in the self-healing materials market are focusing on product launches in order to gain an edge over their rivals. For example, Autonomic Materials studied its self-healing materials with the help of protective coating systems in January 2020. Moreover, several trials were conducted, which proved that low-volatile organic compound (VOC) water-borne self-healing coatings are very useful for providing corrosion resistance and are as good as solvent-borne materials.
Some of the major self-healing materials market players are Applied Thin Films Inc., The Goodyear Tire & Rubber Company, Acciona S.A., Huntsman International LLC, AkzoNobel N.V., BASF SE, NEI Corporation, Autonomic Materials Inc., Covestro AG, and Arkema Group.
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