The global self-healing materials market size is expected to reach USD 4.13 billion by 2025, as per a new report by Grand View Research Inc. expanding at a CAGR of 46.1% over the forecast period. The factors such as expansion of the product usage across application sector where durability and reliability are important is estimated to boost overall market growth in the projected period.
The selection of technology for the production of self-healing material is mainly based on ability of a material to repair itself without external intervention as soon as damage occurs. In addition, the use of the products reduce the frequency of maintenance thereby reducing the MRO costs. This is likely to promote the market growth over the forecast period.
Factors such as the growing global population and rising demand for housing units & infrastructure facilities have resulted in an increase in investments in commercial real-estate that is estimated to facilitate the global production of the self-healing materials. However, the high cost of product is estimated to restrain overall industrial development.
Novel technologies and techniques, such as microcapsules, glass fibers, and optical fibers, are used to produce specialty composites based on extrinsic and intrinsic types. Self-repairing is a procedure that reinstates the integrity of the deformed structure by compounds previously present in the product, which is expected to drive its application across the automotive and medical industries.
Further key findings from the report suggest:
- The reversible polymer technology dominated the industry accounting for 3.0% of the overall market revenue in 2018 on account of the increased application of the product in the medical sector on account of ease in sterilization
- The self-healing coatings segment is expected to exhibit a CAGR of 46.9% by volume from 2019 to 2025 owing to the increase in the usage of the product in decorative paints and coatings in the building & construction and automotive industries
- Growing use of the product in R&D in the automotive sector by companies such as Ford Motors, and Lamborghini is expected to drive the market in the automotive industry with the segment expected to account for a revenue of USD 902.0 Million by 2025
- The industry in the U.S. is expected to register a revenue of USD 610.9 Million on account of heightening product adoption in the R&D and prototyping across the application industries
- The self-healing materials market is expected to witness high competition over the forecast period driven by the high margins and exponential growth rates, which is expected to augment the number of new entrants