Self-healing Materials Market is expected to reach US$ 2,100 Million by 2028

Self-healing materials market size is expected to reach US$ 2,100 million by 2028, registering at a CAGR of 27% between 2022 and 2028

Growing Demand from End-Use Industry is Catalyzing Self-healing Materials Market

Source: The Insight Partners Analysis

The construction industry in the US, China, and India is growing tremendously with rapid industrialization. The high rate of construction activities creates an enormous demand for various construction materials. Self-healing materials such as concrete is utilized in multiple construction-specific applications. Rising residential and commercial construction activities and increasing infrastructural development encourage the utilization of self-healing materials.  In North America, the construction industry is one of the significant contributors to the region's economy. According to the Associated General Contractors of America (AGC), the US construction industry creates $1.4 trillion worth of structures each year. Rising construction activities due to increasing population and rapidly growing commercial sector across the region are driving the construction sector's growth in North America. Further, self-healing materials have many applications in manufacturing medical devices. The growth in R&D activities related to self-healing materials for processing of medical devices such as self-healing gloves and bandages to bone, blood vessel, and muscle scaffolding implants that could repair themselves similarly the way tissue does is fueling the demand for self-healing materials in medical research field.

The healthcare market in China has grown persistently to become one of the largest markets in the world in recent years. The Government of China is making efforts to support its healthcare industry. Moreover, India has grabbed an important position in the global healthcare sector. According to the India Brand Equity Foundation, the country is the largest provider of medical devices globally. The Indian government has also taken various initiatives to promote the healthcare industry. Therefore, the continuous growth of the healthcare industry and a substantial demand for self-healing materials in this industry are factors driving the self-healing materials market growth.

The consumer electronics industry is booming with the increasing usage of electronic appliances such as smartphones, laptops, televisions, and other electronics products. Consumer electronic goods have become a necessity with advancement in technology. The self-healing materials in electronic industry is utilized in the fields of energy harvesting devices, energy storage devices, and sensors. With the growing consumer electronics industry, manufacturers are continuously focusing providing advanced and high-quality products. Further, the growing demand of industries such as healthcare, construction, electronics, etc. has resulted in huge consumption of self-healing materials. Thus, rapidly growing consumer electronic industry, as well as the propelling demand for self-healing materials from various other industries, is expected to spur the self-healing materials market.

Acciona S.A.; AkzoNobel N.V.; Applied Thin Films, Inc.; Arkema SA; Autonomic Materials Inc.; Avecom N.V.; BASF SE; Covestro AG; Critical Materials S.A.; and Devan Chemicals are among the key self-healing materials market players profiled during the study. Several other major companies were studied and analyzed during this research study to get a holistic view of the self-healing materials market and its ecosystem.

Contact Us
 
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com