Self-Healing Materials Market to Reach USD 62.66 Billion by 2028
Pune, India, June 22, 2021 (GLOBE NEWSWIRE) -- The global self-healing materials market size is expected to reach USD 62.66 billion by 2028, exhibiting an exceptional CAGR of 62.5% during the forecast period. The growing demand for wind energy will have an excellent impact on this market, states Fortune Business Insights, in a report, titled “Self-Healing Materials Market, 2021-2028.” The market size stood at USD 1.29 billion in 2020.
Reduction in Global Automotive Supply Chain to Impede Business amid Pandemic
The COVID-19 pandemic had a negative influence on the internationally robust automotive industry. Obstructions on Chinese exports, especially plastic-coated raw materials and widespread product devastation throughout Europe, and the closing of manufacturing plants in the United States have all impacted the economy. Regardless, China controls over 80% of the global automotive supply chain. In January 2020, car prices in China fell by 18 percent. According to the China Passenger Car Association (CPCA), revenues decreased by 40% or more in 2020 relative to the first two months of sales last year. Production shortfalls in China due to supply chain disruptions have had a major effect on global car production. Therefore, damaging the self-healing materials market growth.
Key Market Segments:
Based on form, the market for self-healing materials is divided into intrinsic, and extrinsic. The intrinsic segment is expected to hold the largest share during the forecast period due to its innate ability to restore the integrity of the material after damage.
Based on the product, the market is segmented into polymer, concrete, metal, coating, ceramic, asphalt, and fiber-reinforced composites.
Based on the application, the market is classified into transportation, consumer goods, building construction, energy generation, healthcare, and others. Transportation is expected to account for the high share due to the high demand for materials to maintain the structural integrity in vehicles.
Geographically, the market is classified into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.
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