Self-Healing Materials Market is anticipated to grow at a CAGR of 21.66% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Self-Healing Materials Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the global Self-Healing Materials market was estimated at over US$ 365.05 million in 2019. It is anticipated to grow at a CAGR of 21.66% from 2020 to 2030.
In the consumer electronics industry, manufacturers have been investing heavily to develop better solutions in a highly competitive market. Thus, mobile phone makers, such as Apple, are working on self-healing materials to develop self-healing mobile phone bodies. Additionally, Samsung has filed a patent for an "anti-fingerprinting composition having self-healing property". Also, Samsung has launched the Galaxy S10 mobile phone with a self-healing screen. The growing utilization of self-healing materials in the consumer electronics industry is considered to be a major factor driving growth in the operating market.
A minor accident of the vehicle can cause scratches in its paintwork. High costs are involved in repairing or restoring the paintwork of such vehicles. Hence, key players are engaged in developing various types of solutions for the automotive industry. For instance, FEYNLAB Inc. has developed hand-applied self-healing technology based on ceramic nano-coating formulation with an ability to heal micro-defects and light swirl marks. Moreover, automakers are also exploring self-healing technology due to several advantages that it offers. For instance, Goodyear Tire & Rubber Co is working on the development of self-healing tires.
The increasing demand for the construction of production facilities across various end-use industries is expected to create new growth opportunities in the self-healing material market. Additionally, the growing utilization of decorative paints & coatings in commercial and residential buildings is fueling the market growth. Moreover, advantages associated with self-healing materials, including low maintenance cost and increased service life of materials, are further supplementing the growth of the market.
Browse key industry insights spread across 180 pages with market data tables & figures & charts from the report, Self-Healing Materials Market By Material Type (Polymers, Metals, Ceramics, Coatings, Concrete, and Asphalt), By Type (Reversible Polymers, Microencapsulation, Shape Memory Materials, and Biological Material Systems), By End-Use Industry (Building & Construction, Automotive, Paints & Coatings, Consumer Electronics, Healthcare, Manufacturing, and Aerospace) - Analysis & Forecast 2020-2030. in detail along with the table of contents:https://www.marketindustryreports.com/self-healing-materials-market/363
However, instability in the prices of raw materials, and high costs associated with self-healing materials are the major factors limiting the market growth. Also, the low adoption of self-healing materials due to lack of awareness regarding its benefits in certain geographies, including South America and the Middle East & South Africa, is expected to restrain the market growth to a certain extent.
North America accounted for the largest market share in 2019 followed by Europe and Asia Pacific. The increasing demand for energy-efficient construction solutions from the construction sector and an upsurge in the adoption of self-healing materials in automotive and consumer electronics are the major factors driving market growth in North America. Asia-Pacific is expected to grow at the highest CAGR during the forecast period owing to the presence of high-potential countries including India, China, and Japan. Additionally, the emergence of new startups and the increasing utilization of self-healing polymer-based coating are likely to boost the market growth in Asia Pacific.
Some of the prominent players in the self-healing materials market include ACCIONA, applied thin films inc., Arkema, Autonomic Materials, Inc., BASF SE, Evonik, FEYNLAB Inc., Goodyear Tire & Rubber Co, and PPG Industries, Inc., among others.
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