Self-Healing Materials Market set for massive growth by 2024
Self-healing
Materials Market is categorized into self-healing coatings,
polymers & elastomers, biomaterials, metals, fiber-reinforced composites,
asphalt etc., on the basis of product types. End-user industries to the
self-healing materials market are construction works, automotive industry,
aviation and aerospace, electronics sector, energy generation, military, and
healthcare.
Global Self-Healing Materials Market size is witnessing an
increasing demand in construction, automobiles and electronics industries. The
market is likely to grow with a moderate CAGR in the period of 2017-2024. These
materials autonomously repair the damage thereby extending their life spans.
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Material aging and deterioration are the major challenges
faced by the global construction industry. Self-healing plastics have a huge
scope in the aerospace and aviation industries. These are the key factors for
growth of self-healing materials demand in the near future, as they pose as a
remedy to save the maintenance and replacement costs to a great extent in long
run.
The global construction industry is witnessing growing
application of self-healing concretes, composites and polymers which can repair
cracks, punctures or other damages done to the surface when exposed to air,
heat or water. Self-healing asphalt for the roads and highways construction are
known to increase its lifespan. Also, self-healing cement and mortar for
building construction is a growing market. These materials will soon replace
the conventional materials that are presently being used in the industry. The
heavy investments in construction industry by government as well as
non-government bodies will have a positive influence on the global self-healing
materials market.
Owing to increasing self-healing materials research and
development activities, North America is likely to be the significant
self-healing materials market in the forecast period. The regional construction,
electronics, and automotive industries are expected to drive the market.
Thriving construction industry in China and other developing countries will
make Asia Pacific region exhibit good growth aspects for the market.
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However, the self-healing materials market growth is
forecast to take up pace only over the coming years. At present, most of these
materials are either in the idea generation level or the laboratory
implementation level. Therefore, several applications of these smart materials
are yet to be tested and commercialized. The filing of patents and its global
acceptance of the product for commercial usage is posing a hindrance in the
rapid commercialization of the materials.
Significant players in the self-healing materials market
include Apple, Bayer, Acciona, Critical Materials, Alstom, CEINNMAT,
Volkswagen, Autonomic Materials, Flame Spray Technology Duco, PPG, Devan, BASF,
Evonik, Ford, SLIPS technologies, Encore, ATFI, Fescon, LG, General Motors, GKN
Aerospace, NEI, Avecom, Nissan, and Sensor Coatings Systems.
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Self-Healing Materials Market set for massive growth by 2024
Reviewed by snehal
on
July 11, 2018
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