Global Self-Healing Materials Market Is Anticipated To Witness High Growth Owing To Increasing Research And Development And Increasing Demand For Self-Healing Materials

Overview:

Self-Healing Materials are an emerging class of smart materials that are capable of autonomous/spontaneous or stimulated repair of their damage under external stimuli. They have been developed for use in a variety of applications including aerospace, automotive, energy generation, and medical devices. Self-healing polymers are chemically'sticky' along the break line, and can self-reorganize themselves into new chemical structures after they have been deformed and cracked. The ability to heal a material is based on the nature of the molecular units, their capacity to re-form bonds, and their ability to diffuse into and out of each other. The healing ability of the material can be determined by measuring its fracture toughness and impact strength when exposed to various stresses such as heat or pressure. The healing ability is also reflected in a material's fatigue properties.

Self-Healing Materials Market

Market Dynamics:

Rising technological advancements and rising product launches are estimated to augment growth of the global Self-Healing Materials Market over the forecast period. For instance, the Goodyear Tire & Rubber Company have introduced a new concept tire called recharge in March 2021. This tire can effectively detect wear and repair defects by using a liquid mixture of synthetic rubber. Moreover, rising cost of materials as compared to conventional materials is anticipated to restrain growth of the global self-healing materials market over the forecast period.

Impact of COVID-19:

The pandemic was first reported in 2019 in China and later on the disease spread to more than 100 nations globally. The pandemic had a significant impact on many businesses globally. The global economy was affected and many other restrictions were imposed to prevent the transmission of the virus. The pandemic also caused disruptions in supply chains and travel bans were imposed. These restrictions affected logistics and caused stagnation of products. This hampered the growth of the global Self-Healing Materials Market during the pandemic. However, the market is estimated to witness growth in the post-pandemic era, as many restrictions have been removed.

Key Takeaways:

The Global Self-Healing Materials Market Was Valued At USD 49.90 Million In 2015 And Is Projected To Reach USD 2,447.89 Million By 2022, Registering A CAGR Of 96.50% Between 2022 And 2028

For instance, a Switzerland-based company CompPair Technologies Ltd., launched an advanced composite self-healing technology in March 2021. Asia-Pacific is anticipated to witness significant growth in the global self-healing materials market over the forecast period, owing to increasing populations and growing construction industry.

Major players operating in the global Self-Healing Materials Market are NEI Corporation, The Dow Chemical Company, BASF SE, Covestro AG, Evonik Industries Corporation, High Impact Technology, LLC, Akzo Nobel N.V., Huntsman International LLC, MacDermid Autotype Ltd., Michelin Group, and MacDermid Autotype Ltd.

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