Self-Healing Materials Market Opportunities, Top Companies, Revenue Growth And Business Development by 2028 |

The growing demand for self-healing materials in the automobile sector is expected to enable speedy expansion of the market, states Fortune Business Insights, in a report, The growing use of elastomers and polymers is expected to foster the healthy growth of the market. The market is projected to grow from USD 2.10 billion in 2021 to USD 62.66 billion in 2028 at a CAGR of 62.5% during the 2021-2028 period

Source:

https://www.fortunebusinessinsights.com/self-healing-materials-market-102947

Market Driver:

Expansion of BASF’s Chemical Industry to Promote Growth

The growing focus of companies towards expanding their production capacity can create opportunities for the market. For instance, in September 2019, BASF, a major in the chemical industry announced that it will increase the production of ethylene oxide and ethylene oxide derivatives at its Verbund site in Antwerp, Belgium.

The total capacity for the project adds up to 400,000 metric tons a year to BASF's manufacturing potential for relevant materials with an annual investment value of over € 500 m. furthermore, the prospering automotive industry is expected to aid the expansion of the market. Self-healing materials are chemically produced substances that have the characteristics of self-healing without any external force. The growing focus of OEMs towards healers as an external cover to cars is expected to enable the growth of the market. Besides, the reduction of repairs by the use of healers can spur its demand in the automotive industry, thus aiding the growth of the market.

Nevertheless, the high cost of healers combined with the availability of a variety of alternatives is expected to restrict the growth of the market.