The global self-healing coatings market size is projected to grow from USD 2.4 billion in 2023 to USD 10.4 billion by 2028, at a CAGR of 34.2%. The need for self-healing coatings has a considerable influence on advancements in the automotive, marine, building and construction, and the emerging economy. The companies have employed a range of tactics to increase their global presence and sustainable development in the self-healing coatings market, including investment and expansion, merger and acquisition, new product launches, collaboration with startups, and joint ventures.
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Europe and North America are pioneers in the self-healing coatings market because of strong legislative and regulatory pressures and the presence of leading companies. However, the market is projected to witness a higher CAGR in Asia-Pacific in the next five years. This high growth is mainly attributed to rising consumer awareness about sustainability and the subsequent adoption of increasingly stringent structural integrity norms. The implementation of stringent structural integrity norms is projected to influence multinational companies to invest more in this region.
Self-healing technology-based coatings offer a completely maintenance-free house, constantly repairing itself, fixing its own cracked paint or wall covering, and ensuring the structure is defect-free. The paint industry is in constant flux with both changing consumer demand and trends. Many manufacturers are looking up new emerging possibilities of paints and coatings made with a super durable compound called graphene and its potential to create the longest-lasting exterior wall coating. The epoxy-based system, nanocomposite system of graphene epoxy, polymer nanocomposite system, and polyurethane-based system are popular in manufacturing self-healing coatings for building and construction end-use. All these mentioned systems are formed by either use of microcapsules or the synthesis of graphene-cyclodextrin-epoxy or Diels-Alder reaction. These offer anti-corrosive and insulating properties to self-healing coatings.
There are various small, medium, and large players operating in the market. Some of the major market players include 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), and Revivify Canada, Inc (Canada). They have adopted various developmental strategies such as investment & expansions, new product launches, mergers & acquisitions, and joint ventures to increase their share in the market.
Autonomic Materials, Inc. is the market leader in self-healing coatings, sealants, adhesives, and composites. Self-healing technologies enable the creation of a new class of smart protective materials capable of responding to damage with a healing reaction that preserves the material’s capacity to protect the underlying substrate. Autonomic Materials Inc. offers innovative self-healing technologies that extend coating lifetimes, minimizing upkeep and repair and supplies microencapsulated self-healing additives to coatings manufacturers for use in their coating products. Autonomic Materials, Inc products add self-healing functionality to a wide range of coating chemistries, including, solvent- and water-based liquid formulations and a variety of powder coatings.
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AkzoNobel N.V. is a diversified chemical company. It operates through the following segments: Decorative Paints, Performance Coatings, and Specialty Chemicals. The Decorative Paints segment manufactures and supplies a range of interior and exterior decoration and protection products for professional and do-it-yourself (DIY) sectors. The Performance Coatings segment produces automotive and aerospace coatings; industrial coatings; marine and protective coatings; and powder coatings. The Specialty Chemicals segment manufactures functional, industrial, pulp, and performance chemicals. AkzoNobel N.V. has a strong customer base and operates in many countries in Europe, North America, Asia Pacific, South America, and the Middle East. The company operates globally through its subsidiaries, which include AkzoNobel Chang Cheng (China) Ltd., AkzoNobel Coatings Inc. (US), AkzoNobel India Private Ltd. (India), and AkzoNobel Coatings Ltd. (UK). It has a presence in North America, Europe, Asia, and Latin America.
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