The global self-healing materials market is expected to reach USD 4.1 billion by 2025, according to a new report by Grand View Research, Inc. Rising demand for high-quality construction materials due to increased infrastructure projects and urbanisation is projected to steer the market growth in the near future.
Self-healing materials are smart materials that have the ability to repair damages on their own caused due to their mechanical friction and with the efflux of time. Post injury, the molecules of these materials re-adjust to replicate the original material. Initiation of cracks and other types of damages on the microscopic level change the electrical, thermal and acoustical properties of material leading to its complete failure. These materials correct these damages with or without human intervention.
Concrete segment dominated the market with revenue exceeding USD 25 million in 2016. It is estimated to grow at a CAGR of 25.9% over the forecast period.
Reversible polymers accounted for 36.0% of global consumption in 2016. Self-healing materials minimise the maintenance cost required for repairing damages, which is expected to be a critical factor for market growth.
These specialty products also extend the life span of the material as well as the base layer or product on which they are applied. Microencapsulated or nanoencapsulated healing agents are present in capsulated constituents, which are released upon rupture. The growth of the market is expected to escalate due to unique properties of the products yielding long-tern financial benefits as compared to conventional composites.
Further key findings from the report suggest:
- Reversible polymers dominated the technology segment and are anticipated to grow at an estimated CAGR of 26.4% from 2017 to 2025.
- Thermally polymers and hydrogels have growing applications in automotive and medical especially in the therapeutic and diagnostic sector, which is expected to accelerate the market growth in the coming years.
- Electronics and semiconductors segment is projected to witness fastest growth rate over the forecast period. Manufacturers are involved in developing materials that can withstand physical deformation and naturally repair themselves without any external influence, such as flexible conductors, dielectrics and others.
- The U.S. market worth self-healing used in building & construction application was USD 4.19 million in 2016. Increased purchasing power and rise in demand for advanced construction materials in Canada and Mexico have increased preference for the use of self-healing composites.
- Europe witnessed the largest regional market growth and is anticipated to grow at a CAGR of 23.4% from 2016 to 2025. The industry in Asia Pacific is projected to witness highest growth rates during the forecast years.
- The global self-healing materials market is consolidated with the top companies to account for maximum share in 2016. Major companies identified in this industry include Bayer Material Science, High Impact Technology, Dow Chemicals, Michelin, Nissan, Huntsman, Akzo Nobel, MacDermid Autotype Ltd., Autonomic Materials, and Goodyear.
Read the full report here.
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