The global self-healingmaterials market size was USD 5.58 billion in 2023 and is projected to growfrom USD 9.08 billion in 2024 to USD 436.92 billion by 2032 at a CAGR of 62.5%
during the 2024-2032 period. Europe dominated the self-healing materials market
with a market share of 32.8% in 2023. FortuneBusiness Insights, in a report, titled “ Self-HealingMaterials Market Size, Share &Industry Analysis, By Type (Coatings, Polymers, Asphalt, Fiber-Reinforced
Composites, Ceramic, Metal), By Application (Energy Generation, Building &
Construction, Automotive & Transportation, Electronics &
Semiconductors, Medical, Others), By Technology (Reversible Polymers,
Microencapsulation, Shape Memory Materials, Biological Material Systems, Others)
and Regional Forecast, 2024-2032.” Thegrowing use of elastomers and polymers is expected to foster the healthy growth
of the market.
Source:
The whole world isbattling with the novel coronavirus, leaving numerous industries in distraught.
The authorities of several countries have initiated lockdown to prevent the
spread of this deadly virus. Such plans have caused disturbances in the
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The reporton the self-healing materials market accentuates:
- All-inclusive study of the market
- Important insights into the segments
- Comprehensive information about regions
- Valuable data about prominent players
- Latest developments in the market
MarketDriver:
Expansionof BASF’s Chemical Industry to Promote Growth
The growing focus ofcompanies towards expanding their production capacity can create opportunities
for the market. For instance, in September 2019, BASF, a major in the
chemical industry announced that it will increase the production of
ethylene oxide and ethylene oxide derivativesat its Verbund site in Antwerp,
Belgium. The total capacity for the project adds up to 400,000 metric tons a
year to BASF's manufacturing potential for relevant materials with an annual
investment value of over € 500 m. furthermore, the prospering automotive industry
is expected to aid the expansion of the market. Self-healing materials are
chemically produced substances that have the characteristics of self-healing
without any external force. The growing focus of OEMs towards healers as an
external cover to cars is expected to enable the growth of the market. Besides,
the reduction of repairs by the use of healers can spur its demand in the
automotive industry, thus aiding the growth of the market.
Nevertheless, thehigh cost of healers combined with the availability of a variety of
alternatives is expected to restrict the growth of the market.
