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Self-healing Materials Market Size
Self-healing Materials Market was valued at around USD 1.98 billion in 2023 and is anticipated to grow at a CAGR of 24% between 2024 and 2032. Self-healing materials can extend the lifespan of products and structures, reducing the frequency of replacements and repairs. The ability of self-healing materials to repair minor damages autonomously reduces the need for frequent maintenance and associated costs.
Self-healing materials are used in construction and civil engineering to enhance the durability and longevity of infrastructure. In the automotive industry, self-healing coatings can help maintain the appearance of vehicles by repairing minor scratches and dents.
Ensuring the effectiveness and reliability of self-healing mechanisms in various real-world conditions is a challenge, as the healing process might not always work as intended. Self-healing mechanisms may not be universally compatible with all types of materials and applications, limiting their versatility. Scaling up the production of self-healing materials and integrating them into existing manufacturing processes can be complex and costly. Thus, the risks associated with self-healing materials may drive down the acceptance rate, further hampering the business growth.
What factors are influencing self-healing materials market growth in the U.S.?
U.S. self-healing materials industry recorded USD 0.6 billion in 2022 and is expected to witness appreciable growth from 2023-2032 owing to the rising need for repairing and maintaining aging infrastructure in the region.
Why is the demand for self-healing polymers growing?
Self-healing materials industry from the polymers product segment reached USD 0.9 billion in 2022 and will incur significant growth from 2023-2032 on account of its widespread usage in coatings, composites, and flexible materials.
Who are the key self-healing materials business players?
Acciona S.A., Akzo Nobel N.V., Applied Thin Films Inc., Autonomic Materials, Inc., Avecom N.V., Covestro AG, Critical Materials S.A., and Devan Chemicals NV are some of the major self-healing material companies worldwide.
How big is the self-healing materials market?
Market size for self-healing materials was USD 1.98 billion in 2023 and will reach USD 13.8 billion by 2032 due to increasing application in construction and civil engineering projects, to enhance the durability and longevity of infrastructure.