As per the current market research conducted by CMI Team, the global Extrinsic Self-Healing Materials Market size is expected to record a CAGR of 10.2% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 1.2 billion. By 2032, the valuation is anticipated to reach USD 4.5 billion.
Extrinsic Self-Healing Materials Market: Growth Factors and Dynamics
- Material Durability Demand: Growing demand across industries for longer-lasting materials that can withstand wear, tear, and environmental stressors is driving the adoption of self-healing materials.
- Maintenance Cost Reduction: Industries are seeking ways to minimize maintenance costs and downtime. Self-healing materials offer the potential to extend the lifespan of products and structures, leading to reduced repair and replacement expenses.
- Sustainability Focus: As sustainability gains prominence, self-healing materials contribute to resource conservation by reducing material waste and promoting reuse, aligning with environmentally conscious practices.
- Automotive and Aerospace Applications: Industries like automotive and aerospace are integrating self-healing materials to enhance safety and performance, as even minor damages can compromise functionality in critical applications.
- Research and Development Investments: Increased funding in research and development by both public and private sectors is fostering innovation in self-healing materials, leading to new discoveries and accelerated market growth.
- Infrastructure Development: The construction industry’s emphasis on infrastructure development is fuelling the demand for self-healing concrete and other materials, as they offer increased longevity and reduced maintenance needs for bridges, roads, and buildings.
- Consumer Electronics Evolution: The consumer electronics sector is adopting self-healing materials to enhance the durability and longevity of devices. These materials can help prevent damage from daily wear and tear, improving user satisfaction and reducing the need for frequent replacements.
- Regulatory and Safety Standards: Stricter regulations and safety standards across various industries are driving the adoption of self-healing materials, as they can enhance product reliability and reduce the risk of failures or accidents, thus ensuring compliance with regulatory requirements.
Extrinsic Self-Healing Materials Market: Partnership and Acquisitions
- DuPont and Celanese Corporation: In 2022, DuPont announced it has entered into a definitive agreement with Celanese Corporation to divest a majority of the Mobility & Materials segment including the Engineering Polymers business line and select product lines within the Performance Resins and Advanced Solutions business lines.
- PPG Industries’ Acquisition of Hemmelrath Lackfabrik GmbH: In 2019, PPG Industries acquired Hemmelrath Lackfabrik GmbH, a manufacturer of automotive coatings, to enhance its automotive coatings portfolio. This acquisition furthered PPG’s ability to offer advanced coating solutions, potentially including self-healing properties, to the automotive sector.
|Feature of the Report||Details|
|Market Size in 2023||USD 1.5 Billion|
|Projected Market Size in 2032||USD 4.5 Billion|
|Market Size in 2022||USD 1.2 Billion|
|CAGR Growth Rate||10.2% CAGR|
|Key Segment||By Product, Technology and Region|
|Report Coverage||Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends|
|Regional Scope||North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America|
|Buying Options||Request tailored purchasing options to fulfil your requirements for research.|
Extrinsic Self-Healing Materials Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the Extrinsic Self-Healing Materials Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Supply Chain Disruptions: The COVID-19 pandemic led to disruptions in global supply chains, affecting the availability of raw materials and components essential to produce self-healing materials, potentially causing delays and shortages.
- Slowed Research and Development: Lockdowns and restrictions hindered research activities and collaborations, slowing down the development of new self-healing materials and technologies, which could have otherwise progressed during this time.
- Resumed R&D Activities: As the pandemic situation improves, research and development efforts in the field of self-healing materials can regain momentum, leading to the introduction of innovative products and technologies.
- Infrastructure Investments: Governments’ focus on infrastructure projects for economic recovery can stimulate demand for self-healing materials in construction and civil engineering, aiding the market’s revival.
- Industrial Automation: The need for touchless interfaces and durable components in a post-pandemic world could drive demand for self-healing materials in consumer electronics and automation sectors.
- Sustainability Priorities: As economies recover, the emphasis on sustainable practices could boost the adoption of self-healing materials, which align with the growing demand for eco-friendly solutions.
- Supply Chain Adaptation: Lessons from the pandemic might prompt companies to diversify and strengthen their supply chains, reducing vulnerability to future disruptions and ensuring a more stable market.
- Collaborative Research Initiatives: Industries and research institutions could collaborate more extensively to accelerate the development and commercialization of self-healing materials, pooling resources and expertise for faster recovery.
- Healthcare Applications: The pandemic’s emphasis on healthcare infrastructure could drive the exploration of self-healing materials in medical devices, enabling longer lasting and more resilient equipment for improved patient care.
In conclusion, the COVID-19 pandemic has had a mixed impact on the Extrinsic Self-Healing Materials Market, with some challenges and opportunities arising from the pandemic.
List of the prominent players in the Extrinsic Self-Healing Materials Market:
- Akzo Nobel N.V.
- Autonomic Materials Inc.
- Covestro AG
- Evonik Industries AG
- Huntsman Corporation
- Michelin Group
- PPG Industries Inc.
- BASF SE
- DuPont de Nemours Inc. (DuPont)
- Nissan Motor Corporation
The Extrinsic Self-Healing Materials Market is segmented as follows:
- Polymer-Based Materials
- Metal-Based Materials
- Ceramic-Based Materials
- Coatings and Paints
- Vascular Systems
- Shape Memory Polymers
- Nano- and Microscale Materials
- Rest of North America
- Rest of Europe
- New Zealand
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Rest of Latin America