The global market for self-healing polymer market is expected to get backed by various end user industries as its importance is rising to increase the durability of products. Market Research Future (MRFR) revealed that these industries are automobiles, construction, electronics electrical, aerospace, healthcare, and others. Rising defense expenditure is expected to boost the global market outcome for the product. In the healthcare sector, government initiatives will boost market prospects. Developing countries and their rising investment to boost the market would help the market in gaining easy acceptance.
However, lack of awareness regarding its benefits can deter the self-healing polymer market growth.
The global self-healing polymer market, as studied by experts of MRFR, can be segmented on the basis of form and end use industries for a better understanding. This will create a scope for companies to explore possibilities for expansion through various strategies. Insights gained from the study will help in having a better look at the market.
By form, the study containing the details of the self-healing polymer market has been segmented into vascular, capsule-based, and intrinsic. The capsule-based segment has the largest market share as it is easy to transport and consumption.
By end use industries, the global market for self-healing polymer can be segmented into building construction, aerospace, electrical electronics, paints coatings, healthcare, and others. The healthcare sector is getting good traction as the overall healthcare industry is securing high funding from myriad sources. In developing countries, the situation is better as it is getting support from government initiatives. The aerospace sector is also having support from the growing defense budget and expenditures in the commercial airline sector. In the electronics sector, the rapid boom in smart gadgets is assisting the market in registering better growth.
Asia Pacific has the scope to record the fastest CAGR during the forecast period due to the burgeoning industries in the sector. The regional market is benefiting from the presence of countries like China, Taiwan, Thailand, Japan, South Korea, and India, where the construction sector, along with others like healthcare, and aerospace are expected to boost the market. Hike in government and private spending to boost the global market.
North America would get bolstered by the economic expenditures taking place in countries like the US and Canada to maintain the supply for the end user industries.
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The global market for self-healing polymer is getting the thrust from companies like Covestro AG (Germany), Arkema Group (France), Evonik Industries AG (Germany), Autonomic Materials Inc. (U.S.), Teijin Aramid (Netherlands), Akzo Nobel N.V. (Netherlands) and others. These companies have made a substantial impact on the market using their strategic methods to boost the global prospect. Their methods often encompass areas like mergers, acquisitions, collaborations, hike in investment for various research-related activities, launching strategies, innovations, marketing strategies, and others. MRFR recorded these moves to get a comprehensive look at the market growth patterns. This can help in devising better strategies.
In April 2020, researchers from the City University of Hong Kong (CityU) revealed that they have come up with a self-healable anti-smudge coating that can lower the production cost by 80% than the current materials available in the market. The product not only allows a strong adhesion to glue itself with other products, it can also rapidly heal itself from various types of damages and mechanical defects. This plays a crucial role in increasing the durability of a product. This will come handy in industries like medical and aerospace.
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