Global Self Healing Materials Market - Forecasts from 2024 to 2029

Global Self Healing Materials Market - Forecasts from 2024 to 2029

The global self-healing materials market is projected to grow at a CAGR of 14.27% from estimated value of US$2.427 billion in 2024 to US$4.728 billion in 2029.

The global self-healing material market is expected to witness a surge in demand during the forecast period due to increasing applications of self-healing materials in various end-user industries. Furthermore, the improvement of product quality, safety, and longer lifetime provided by the application of self-healing materials to various products will drive the global self-healing materials market growth.

In addition, a rise in demand for self-healing materials from various emerging economies is projected during the coming years as infrastructure continues to grow globally. Self-healing materials are widely used in healthcare, automotive, electrical & electronics, construction, aerospace, and others. The electrical & electronics sector is expected to be the most dominant sector as it holds the highest share of the market and is expected to witness the highest growth rate over the forecast period.

GLOBAL SELF HEALING MATERIALS MARKET DRIVERS:

Increasing demand for self-healing materials in the electronics sector

Self-healing materials are regarded as a class of smart materials equipped with structurally incorporated ability to repair the damage caused by mechanical usage over time. The biological systems that inspire this are further equipped with the ability to heal a wound on its own. In this regard, the self-healing system has been developed by a group of engineers to restore electrical conductivity to a cracked circuit in less time than it takes to blink.

In the case of the electronics requirements from the self-healing materials, these materials are regarded to be the ones that can withstand physical deformation, such as being cut in half, and naturally repair themselves with little or no extra influence. A new electronic material has been created to heal functions automatically even after breaking multiple times. This self-healing material could, however, be the one that could improve the durability of not only wearable devices but also all the other electronic devices.

In the case of Japan, according to Japan’s Electronics and Information Technology Industries Association, the total 2022 production by the Japanese electronics industry turned out to be 10,056,744 million yen provided by the Ministry of Economy, Trade and Industry (METI). Whereas according to Invest India, electronics exports have become the 5th largest export commodity group as of March 2024, with the domestic production of electronics being valued at $101 billion in the financial year of 2024, further segmented as mobile phones constituting 43%, Consumer Electronics (12%), IT Hardware (5%), Strategic Electronics (5%), Industrial Electronics (12%), Wearable & Hardware (0.3%), PCBA (0.7%), Auto electronics (8%), LED Lighting (3%), and lastly Electronic Components comprising of 11%.

This growth in India and Japan’s electronic sector is expected to drive the demand for self-healing materials due to their multiple properties and efficient uses.

Global Self-Healing Materials Market Geographical Outlook
Asia Pacific region to dominate the global self-healing materials market during the forecast period.

The major economies like China, Japan, India, and South Korea dominate the Asia-Pacific region. Some of the fastest-growing emerging economies, such as ASEAN countries, are from this region.

Self-healing materials are equipped with the ability to repair certain damages that are caused due to their mechanical friction. These self-healing materials can correct these damages with or without human intervention. In this regard, using self-healing materials in the construction industry will play a major role. As the demand for high-quality construction materials increases due to the increased infrastructure and urbanization projects, the demand for the market of self-healing materials will also grow in the coming years.

In this regard, the growth of the construction industry in India will play a major role. For instance, according to Invest India, the construction industry of India is expected to reach $1.4 trillion by 2025. Furthermore, by 2025, India is further expected to generate at least 70% of its GDP through construction, which works around 250 sub-sectors with linkages across different sectors. In terms of residential construction, it is expected that by 2030, approximately 600 million people will be living in urban areas, which will create a demand for 25 million additional affordable units and additional mid-end. Moreover, under NIP, India accounts for a total investment budget of $1.4 trillion, which will be divided among different sectors. Out of this $1.5 trillion investment budget, 24% will be for renewable energy, 18% for roads and highways, 17% for urban infrastructure, and 12% will be for railways. Additionally, under a Technology Sub-Mission of PMAY-U, a new era of the Indian construction technology sector will start with over 54 global innovative construction technologies. All of these factors combined will drive the demand for self-healing materials in the construction industry of India.

The global self-healing materials market by end-user industry is segmented into consumer electronics, building and construction, transportation, medical, and other end-user industries.

Self-healing materials are broadly applied in consumer electronics, as well as in building and construction, where they play an imperative role. With the growing economies of Asia and Africa, the demand for transportation and the medical industry is growing, thus increasing the demand for self-healing materials.

Global self-healing materials market key developments:

In December 2022, materials scientists at RIKEN moved forward with creating a self-healing polymer for the first time using an off-the-shelf compound. This strategy that was efficiently used shows promising effects in improving the durability and minimizing the environmental impact of various commercial polymers for various applications. As per this development, the polymer has also become capable of healing themselves when damaged, thus further reducing costs and decreasing the burden on the environment.
In October 2022, a new self-healing composite was developed by engineering researchers at the North Carolina State University, allowing structures to repair themselves in place without being removed from service. This new development and the latest technology resolved two major longstanding challenges that were there in the case of self-healing materials. This development further can significantly extend the lifespan of structural components such as aircraft wings and wind turbine blades.

The global self-healing materials market is segmented and analyzed as follows:

By Material Type

Concrete
Polymers
Asphalt
Others

By End-user Industry

Consumer Electronics
Building and Construction
Transportation
Medical
Other

By Geography

North America
USA
Canada
Mexico
South America
Brazil
Argentina
Rest of South America
Europe
United Kingdom
Germany
France
Italy
Spain
Rest of Europe
Middle East and Africa
Saudi Arabia
UAE
Rest of the Middle East and Africa
Asia Pacific
China
India
Japan
South Korea
Taiwan
Thailand
Indonesia
Rest of Asia-Pacific