Self-healing Materials Market
The self-healing market value is expected to witness a great rise during the ongoing forecast period of 2021–2028. The market operations are expected to rise at a huge CAGR of 72% during the forecast period and hence, the market is expected to reach a final market valuation worth USD 2,447.7 million by the end of the forecast period in 2028.
Self-healing materials are widely used in the end-user industries such as energy generation, building & construction, and automobile & transport among others. Self-healing Materials Market is spanned across five regions of the world namely North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. Among these, Asia Pacific holds a major share of the global market and is projected to continue leading owing to the increasing industrialization and growing purchasing power of the developing countries in this region. The major countries contributing to this growth of this market are India and China. The presence of the populated countries has augmented the demand for energy resulting in the demand for self-healing materials in the energy generation sector.
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North America is another dominant region in the self-healing materials market and is expected to show its dominance during the forecast period. The growing technological advancements in the U.S. and Canada along with increasing adoption are major factors driving the market in this region. Moreover, the growing investment in the renovation and construction of private and public infrastructure is also contributing to the market growth.
Competitive Analysis
AkzoNobel N.V. (Netherlands), Arkema SA (France), Autonomic Materials Inc. (U.S.), Avecom N.V. (Belgium), BASF SE (Germany), Covestro AG (Germany), Critical Materials S.A. (Portugal), E.I. Du Pont De Nemours and Company (U.S.), Evonik Industries (Germany), Sensor Coating Systems Ltd. (U.K.), among others are some of the key players operating in the market of self-healing materials market.
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The European self-healing materials market is set to expand at a steady pace during the forecast period. The presence of the developed automobile sector and the pharmaceutical industry are the major factors driving the market growth. Moreover, the developed electrical & semiconductor sector is also expected to add to the market growth owing to the high usage of self-healing materials in cellphones, laptops, and other electronic devices.
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Segmentation
The global self-healing materials market is segmented into type, technology, and application. On the basis of the product type, the market is classified into concrete, coatings, polymers; fiber-reinforced composites, asphalt, metals, and ceramics. On a technological basis, the market is bifurcated into reversible polymers, microencapsulation, shape-memory materials, and biological material systems. On the basis of the application, the market can be segmented into energy generation, automobile & transport, electrical & semiconductor, building & construction, medical, and others
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