Self-Healing Coatings Market worth $10.4 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, May 25, 2023 /PRNewswire/ -- The report "Self-Healing Coatings Market by Form (Extrinsic, Intrinsic), End-use industry (Automotive, Building and construction, Aerospace, Marine) and Region (Asia Pacific, Europe, North America, South America, and MEA) - Global Forecast to 2028", size was USD 2.4 billion in 2023 and is projected to reach USD 10.4 billion by 2028, at a CAGR of 34.2%, between 2023 and 2028. The self-healing coatings market is divided into five key regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South America. US and Germany, among other nations, are the worldwide leaders in the self-healing coatings industry. Increased investment in many end-use sectors promotes the expansion of self-healing coatings. Emerging economies such as Asia Pacific are funding large-scale infrastructure development projects. The markets of these economies are expanding faster than those of North America and Europe.

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The extrinsic form segment is expected to account for the largest share in 2023.

Extrinsic self-healing systems often entail the healing agent being isolated from the primary material matrix. When opposed to an inherent kind of self-healing, this technology requires less difficulty during production. Microcapsules, for example, can be used to encapsulate a healing agent that is released into the injured region when the capsules burst. This permits the chemical reaction to proceed and the fractured zone to self-heal, allowing for the healing of quite large, damaged areas. However, because the healing agent is limited, this strategy often only allows for one healing event before exhaustion. A 3-dimensional network of capillaries or hollow fibers embedded into a polymer matrix is another sort of extrinsic self-healing system. The healing ingredient within the hollow fibers may circulate and refill depleted regions because of this linked microvascular structure. As a result, because the healing agent may be continuously given to repair future damage, these composites allow for many healing occurrences.

The aerospace segment is expected to account for the second-largest share in 2023.

Spacecraft are typically coated with advanced polymer composites to increase flexibility, ease of processing, as well as mechanical and thermal stability. But when exposed to harsh environmental elements, polymer composites become damaged. Coatings and paints are of crucial importance in the aerospace industry because they protect fuselage and structural parts from external and environmental conditions that can induce corrosion damage. Self-healing coatings appear to be promising as they would automatically recover their protection ability after any damage. Self-healing coatings for protecting aerospace structures from corrosion and minor impacts can be realized with self-healing epoxy resin composites. The market contains an epoxy resin composite coating for steel alloys with embedded urea formaldehyde microcapsules. Microcapsules are proven to be suitable for the paint application of the epoxy resin composite as they do not break apart while coating. In addition, they successfully protect the steel structure against corrosion even after the coating was damaged and healed.

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Europe is expected to account for one of the largest shares in 2023.

The recent decade's financial crisis impeded the expansion of most European enterprises. However, demand for self-healing coatings is predicted to gradually revive because of different government efforts and safety requirements enacted throughout the area. Western European countries such as Germany, the United Kingdom, and France are driving the market. The European self-healing coatings industry is denominated by protective coating because self-healing coatings require advanced technology and production these coatings end up with higher retail price tags.

Autonomic Materials, Inc (US), Covestro AG (Germany), AkzoNobel N.V. (The Netherlands), BASF SE (Germany), Feynlab Inc (US), GVD Corporation (US), 3M Company (US), Shawcor Ltd (Canada), Winn & Coales (Denso) Ltd (UK), Revivify Canada, Inc (Canada) are the key players operating in the global market.

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