The growing demand for self-healing materials in the automobile sector is expected to enable speedy expansion of the market, states Fortune Business Insights, in a report, The growing use of elastomers and polymers is expected to foster the healthy growth of the market. The market size is projected to grow from USD 2.10 billion in 2021 to USD 62.66 billion in 2028 at a CAGR of 62.5% during the 2021-2028 period.
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The report on the self-healing materials market accentuates:
- All-inclusive study of the market
- Important insights into the segments
- Comprehensive information about regions
- Valuable data about prominent players
- Latest developments in the market
Expansion of BASF’s Chemical Industry to Promote Growth
The growing focus of companies towards expanding their production capacity can create opportunities for the market. For instance, in September 2019, BASF, a major in the chemical industry announced that it will increase the production of ethylene oxide and ethylene oxide derivatives at its Verbund site in Antwerp, Belgium. The total capacity for the project adds up to 400,000 metric tons a year to BASF’s manufacturing potential for relevant materials with an annual investment value of over € 500 m. furthermore, the prospering automotive industry is expected to aid the expansion of the market. Self-healing materials are chemically produced substances that have the characteristics of self-healing without any external force. The growing focus of OEMs towards healers as an external cover to cars is expected to enable the growth of the market. Besides, the reduction of repairs by the use of healers can spur its demand in the automotive industry, thus aiding the growth of the market.
Nevertheless, the high cost of healers combined with the availability of a variety of alternatives is expected to restrict the growth of the market.
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Accelerating Pharmaceutical Industry to Encourage Growth in Europe
The market in Europe is expected to experience high growth during the forecast period owing to the rising demand from the UK, Germany, France, Italy, Spain. The elevating pharmaceutical industry in Europe coupled with rapid business developments are factors expected to aid growth in the region. The increasing application in the existing automotive and transport sector is expected to further bolster the healthy growth of the market in Europe. North America is the second-largest consumer of self-healing products. The growth in the region is attributed to the strong demand from the domestic sector and manufacturing base. The government initiatives to improve infrastructure is expected to spur business opportunities for the market. The market in Asia Pacific is expected to witness rapid growth due to the improving construction industry. The increasing per capita income, urbanization, and a large population can further encourage growth in the region.
April 2019: Arkema announced the 30 percent capacity extension of its photocure liquid resin development plant in Nansha, China.
The Report Lists the Key Companies in the Self-Healing Materials Market:
- AkzoNobel N.V.
- Arkema SA
- Autonomic Materials Inc.
- Avecom N.V.
- BASF SE
- Covestro AG
- Critical Materials S.A.
- I. Du Pont De Nemours
- Evonik Industries
- Sensor Coating Systems Ltd.
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