Press Release Description
Self-Healing Coatings Market Expected to Rise at a CAGR of Around 34.2% By 2030
The Global Self-Healing Coatings Market size was valued at around USD 2.88 billion in 2022 and is estimated to grow at a CAGR of about 34.2% during the forecast period 2024-2030, cites MarkNtel Advisors in the recent research report. The global market for self-healing coatings is experiencing robust growth, driven by the collective efforts of industrial manufacturers and government bodies worldwide to prioritize product sustainability. These innovative coatings play a pivotal role in extending the longevity of various products, thereby diminishing the need for frequent replacements and the consequent waste generation. This aligns perfectly with global initiatives aimed at reducing resource consumption and advancing circular economy principles, propelling the adoption of self-healing coatings on a global scale.
Industries such as automotive, defense mobility, and aerospace are actively seeking solutions to enhance the durability of their offerings. Self-healing coatings act as a formidable shield against wear and tear, scratches, and corrosion, resulting in components that last longer and require less maintenance. Furthermore, the escalating rate of vehicle accidents worldwide, often attributed to factors like traffic congestion and distracted driving, has led to a growing demand for self-healing coatings.
Other end-user industries such as textiles, and electronics are currently exploring the reliability of self-healing coatings to enhance product performance and reduce downtime. Additionally, Medical universities and medical equipment manufacturers like Solvay, Autonomic Materials Inc., and Beth Israel Deaconess Medical Center, among others are actively exploring self-healing coating technology. This exploration opens up new avenues for market revenue growth in the coming years, further states the research report, “Global Self-Healing Coatings Market Analysis, 2023.”
Construction Sector to hold a prominent share in the Global Self-Healing Coatings Market
Based on the end user segment, the market is further bifurcated into, Automotive, Aerospace, Marine, Construction, Electronics, Energy and utility, and Others (Furniture, Medical Devices, etc.). Among them, the construction sector is experiencing a significant upsurge due to the potential advantages offered by self-healing coatings. These coatings enhance the durability and lifespan of infrastructure, a crucial factor in reducing maintenance expenses and ensuring the safety of buildings and structures.
As global infrastructure ages, communities have become more vulnerable to natural disasters, prompting various governments to invest heavily in infrastructure projects. Consequently, the demand for cost-effective solutions to repair infrastructure is growing rapidly. This trend is driving the adoption of self-healing coatings on buildings, and bridges which includes, MasterSeal® 6100 FX, Intercrete® Repair, etc.
As the construction industry is experiencing a significant growth rate specifically across Asia-Pacific and the Middle East and Africa, supported by government initiatives for boosting FDI, the demand for self-healing coatings in construction for improved scalability and maintenance is expected to boom. Thus, supporting the share of the construction segment in the Self-Healing Coatings Market.
Asia-Pacific to witness substantial growth rate in the forthcoming years
The Asia-Pacific region is poised to see a surge in demand for self-healing coatings due to factors such as rapid urbanization, and increasing awareness of environmental sustainability across end-user industries. Rapid urbanization and infrastructure development in countries like China and India, a result of a boom in foreign direct investment (FDI) are creating a substantial need for durable and low-maintenance structures. As these nations invest heavily in building and maintaining their infrastructure, the need for self-healing coatings for long-term cost savings and enhanced structural integrity is rising in the region.
Additionally, the automotive industry in the Asia-Pacific region is flourishing, with a substantial demand for vehicles for both commercial and personal mobility uses. As the number of vehicles on the road is rising at a rapid pace, traffic congestion, and reckless driving are contributing to a rise in road accidents leading to scratches and cracks in automotive models. This has led to a heightened interest in protecting and preserving vehicle exteriors at a competitive cost. Consequently, this increases the need for self-healing coatings.
Further, the region's vulnerability to natural disasters, such as typhoons and earthquakes, makes durable and self-repairing infrastructure a priority, which probably continue to fuel the demand for self-healing coatings in the Asia-Pacific region in the forecast years.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including Autonomic Material Inc., Akzonobel, N.V., BASF SE, Covestro AG, Fenylab Inc., Revivify Canada Inc., Denso, NEI Corporation, Adler, PPG Industries, Anto Corrosion Paint (AnCatt), Nippon Paints Holdings, Co. Ltd., HMG Paints Limited, Adaptive Surface Technologies, EFFCO Smart Coatings Technology, and Others are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the globe?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across various regions?
- How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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