Self-healing Materials Market Size, Growth, Trends | Report 2022-2030
The global self-healing materials market was estimated at USD 1.4 billion in 2021 and it is expected to surpass around USD 10.2 billion by 2030, poised to grow at a CAGR of 24.69% from 2022 to 2030.
Rising demand for high-quality construction materials due to increased infrastructure projects and urbanization is projected to steer the market growth in the near future. Self-healing materials are smart materials that have the ability to repair damages on their own caused due to their mechanical friction and with the efflux of time.
Post injury, the molecules of these materials re-adjust to replicate the original material. Initiation of cracks and other types of damage on the microscopic level change the electrical, thermal and acoustical properties of material leading to its complete failure. These materials correct these damages with or without human intervention. These specialty products also extend the life span of the materials as well as the base layer or product on which they are applied. Microencapsulated or nanoencapsulated healing agents are present in capsulated constituents, which are released upon rupture. The growth of the market is expected to escalate due to unique properties of the products yielding long-term financial benefits as compared to conventional composites.
Scope of The Report
| Report Coverage | Details |
| Market Size in 2021 | USD 1.4 billion |
| Revenue Forecast by 2030 | USD 10.2 billion |
| Growth rate from 2022 to 2030 | CAGR of 24.69% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segmentation | Product, application, technology, region |
| Companies Covered | The Dow Chemical Company; Covestro AG; High Impact Technology, LLC; Huntsman International LLC; Michelin Group; MacDermid Autotype Ltd.; Akzo Nobel N.V.; Evonik Industries Corporation; BASF SE; NEI Corporation |
Product Insights
The concrete segment led the market for self-healing materials and accounted for the largest revenue share of about 27% in 2021. This can be attributed to its various functional attributes such as high strength, minimum shrinkage and creep, durability, and cost-effective. The growth in self-healing coatings is primarily due to the increasing usage of these products in the industrial sector, including automotive and aerospace. These coatings are used by several industries such as machinery manufacturing, automotive sector, oil and gas, marine sector, aerospace sector, and consumer goods.
Demand for asphalt is expected to witness strong growth over the forecast period. Incorporating self-healing technology in the road construction and maintenance process has immense potential to develop the unique material engineered technology. Such technology helps in decreasing the unavoidable premature aging of asphalt pavements, and the amount of natural resources used to maintain road networks. Furthermore, it supports the reduction of CO2 emissions and increases road safety.
Technology Insights
The reversible polymers segment led the market for self-healing materials and accounted for revenue share of 35.0% in 2021, due to its implementation in various industries, especially in the medical sector. In addition, the surging geriatric population is expected to bolster market growth. Stimulus-responsive microstructures are used in manufacturing sensors, micro-actuators, drug delivery systems, membranes, and other such advanced micro devices. Shape memory polymers are used to manufacture Shape-memory Assisted Self-healing (SMASH) coatings. These surfaces aid in structurally healing damaged surface and restore corrosion resistance property.
The demand for microencapsulation technology is likely to gain momentum in the coming years, due to its ability to repair polymeric composites after being injured by mechanical and chemical progressions. Microspheres are present in the compounds that release their contents at an appropriate time by utilizing different release mechanism, depending on the end-use of encapsulated products. Capsule-based technology is a new alternative to conventional repairing techniques, and its functioning depends on its healing efficiency determination, the potential of the existing developed microencapsulated agents, and the size of microcapsules.
Application Insights
The building and construction segment led the market for self-healing materials and accounted for the largest revenue share of 34% in 2021. As construction activities are increasing especially in Asia Pacific region, owing to rise in construction activities in China and India, the product demand for construction applications is expected to witness significant growth over the forecast period. Rising socio-economic necessity to build hi-tech infrastructure and buildings in emerging economies of Asia Pacific and Latin America is expected to augment the development of construction industry over the forecast period, thereby positively influencing the market growth over the forecast period.
Automotive and transportation is another industry that has witnessed a rise in demand for self-healing materials. Electronics conglomerate such as Samsung and Apple have encouraged the usage of self-healing materials in electronic devices including mobiles, laptops, and desktops, which is expected to boost the product demand. Automotive OEMs uses an exterior coating applied to automobiles that trigger a curing mechanism when cut or scratched. This coating reduces the regular maintenance by healing the scratch mechanically. This is projected to present lucrative market opportunities by accelerating demand for advanced products in the coming years.
Regional Insights
Europe dominated the self-healing materials market and accounted for revenue share of 28.4% in 2021. Rising consumer spending and purchasing power with the high expansion of multinational companies, especially in France and Italy are anticipated to leverage the industry development by 2030. Asia Pacific is expected to capture the highest market revenues in the near future, growing at the fastest CAGR of 30.5% by the end of 2030. Higher rates of industrialization, dense population, and rising foreign direct investments in the automotive and electronic sectors are the major driving factors that support the robust regional growth.
Moreover, key players from developed economies including Europe and North America are increasing their manufacturing capacities and shifting their production units to emerging economies of Southeast Asia to capture a large customer pool. Medium-sized players are diversifying its product lines by adding new features as the older ones become outmoded to increase sales and profits. Favorable governmental trade policies coupled with improving GDP growth rates is likely to support growth and development by 2030.
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