The self-healing materials market is advancing on account of the increasing demand for such products in the consumer electronics and automotive industries and rising number of technical advancements in them. As a result, the market value is expected to boom massively during 2021–2030 (forecast period), from $1.1 billion in 2020. As the term suggests, these materials are able to repair the damage caused to them themselves, without the requirement for humans.
Based on material, the categories of the market are concrete, polymers, coatings, asphalt, ceramics, fiber-reinforced composites, and metals. Among these, the largest share in the market during 2015–2020 (historical period) was held by the polymers category. This is ascribed to the thermal stability, abrasion resistance, and durability of self-healing polymers. Moreover, such materials imitate what is known as biological healing, which they initiate without any help from people. Moreover, polymers, which are essentially plastics, have wide-ranging applications, which is why this category will witness considerable growth till 2030.
The application segment of the self-healing materials market is classified into building & construction, mobile devices, transportation, general industrial, and others. In 2020, the building & construction category generated the highest revenue owing to the increasing usage of such materials in non-residential construction. If not checked and corrected, early-stage damage can worsen over time, ultimately leading to the failure of the material. Hence, with infrastructure development activities picking up around the world with a special focus on durability and structure safety, the demand for such materials is growing.
Europe dominated the self-healing materials market in 2020, and it is set to witness substantial growth during the forecast period. This is essentially attributed to the increasing research and development (R&D) activities being conducted in the continent in the advanced material domain. Further, France, Germany, and the U.K. are consuming self-healing polymers in various applications, including automotive, healthcare, and building & construction. For instance, Germany is home to numerous luxury automakers, such as Volkswagen, Mercedes-Benz, Volvo, Audi, BMW, Daimler, and Porsche, who are using self-healing materials in their new offerings.
Hence, with the widening applications of these materials, the revenue for market players will increase.
