As per the current market research conducted by CMI Team, the global Extrinsic Self-Healing Materials Market size is expected to record a CAGR of 10.2% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 1.2 billion. By 2032, the valuation is anticipated to reach USD 4.5 billion.
Extrinsic Self-Healing Materials Market: Growth Factors and Dynamics
- Material Durability Demand: Growing demand across industries for longer-lasting materials that can withstand wear, tear, and environmental stressors is driving the adoption of self-healing materials.
- Maintenance Cost Reduction: Industries are seeking ways to minimize maintenance costs and downtime. Self-healing materials offer the potential to extend the lifespan of products and structures, leading to reduced repair and replacement expenses.
- Sustainability Focus: As sustainability gains prominence, self-healing materials contribute to resource conservation by reducing material waste and promoting reuse, aligning with environmentally conscious practices.
- Automotive and Aerospace Applications: Industries like automotive and aerospace are integrating self-healing materials to enhance safety and performance, as even minor damages can compromise functionality in critical applications.
- Research and Development Investments: Increased funding in research and development by both public and private sectors is fostering innovation in self-healing materials, leading to new discoveries and accelerated market growth.
- Infrastructure Development: The construction industry’s emphasis on infrastructure development is fuelling the demand for self-healing concrete and other materials, as they offer increased longevity and reduced maintenance needs for bridges, roads, and buildings.
- Consumer Electronics Evolution: The consumer electronics sector is adopting self-healing materials to enhance the durability and longevity of devices. These materials can help prevent damage from daily wear and tear, improving user satisfaction and reducing the need for frequent replacements.
- Regulatory and Safety Standards: Stricter regulations and safety standards across various industries are driving the adoption of self-healing materials, as they can enhance product reliability and reduce the risk of failures or accidents, thus ensuring compliance with regulatory requirements.
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Extrinsic Self-Healing Materials Market: Partnership and Acquisitions
- DuPont and Celanese Corporation: In 2022, DuPont announced it has entered into a definitive agreement with Celanese Corporation to divest a majority of the Mobility Materials segment including the Engineering Polymers business line and select product lines within the Performance Resins and Advanced Solutions business lines.
- PPG Industries’ Acquisition of Hemmelrath Lackfabrik GmbH: In 2019, PPG Industries acquired Hemmelrath Lackfabrik GmbH, a manufacturer of automotive coatings, to enhance its automotive coatings portfolio. This acquisition furthered PPG’s ability to offer advanced coating solutions, potentially including self-healing properties, to the automotive sector.
Extrinsic Self-Healing Materials Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the Extrinsic Self-Healing Materials Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Supply Chain Disruptions: The COVID-19 pandemic led to disruptions in global supply chains, affecting the availability of raw materials and components essential to produce self-healing materials, potentially causing delays and shortages.
- Slowed Research and Development: Lockdowns and restrictions hindered research activities and collaborations, slowing down the development of new self-healing materials and technologies, which could have otherwise progressed during this time.
List of the prominent players in the Extrinsic Self-Healing Materials Market:
- Akzo Nobel N.V.
- Autonomic Materials Inc.
- Covestro AG
- Evonik Industries AG
- Huntsman Corporation
- Michelin Group
- PPG Industries Inc.
- BASF SE
- DuPont de Nemours Inc. (DuPont)
- Nissan Motor Corporation
- Others
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