Self-healing Materials Market Research Report- Forecast till 2030

Covid-19 Impact: Self-Healing Materials Market

Self-healing materials possess potential to repair mechanical damages without the exertion of any external force and are highly demanded owing to their self-healing capacities that reduce the extra cost of maintenance. Self-sealing materials have been widely used in a broad range of end-use industries including automotive, building & construction, electrical & electronics, and medical among others. Before covid-19 outbreak, the self-healing materials market was projected to grow at a CAGR of 42.6%.

The lockdown due to outbreak of COVID-19 impacted numerous end-use industries owing to disruptions in supply chain, vendor operations, and product commercialization. Additionally, closures of borders and export bans have led to a fluctuation in raw material prices and supplies. This has affected both the production and consumption of self-healing materials. The demand for self-healing materials has been highly impacted from the automotive and building & construction industries. The automakers across the globe are taking extreme measures in the form of plant closures to halt the spread of COVID-19. For instance, largest automotive players including Ford, Volkswagen, Fiat Chrysler Automobiles N.V. (FCA), and Groupe PSA, have shuttered most plants in March-April.

In addition, many construction companies, site owners, and contractors implemented travel bans for employees due to fear over covid infection, which hindered various construction projects across the globe. Investment in the public infrastructure is likely to fall off. The financial risk due to prolonged lockdown is likely to pose challenges to the contractors in developing countries such as suspension of worksites, cost overruns, and lack of financing for future projects. Thus, the decline in construction activities is likely to affect the growth of the self-healing materials negatively.

However, the demand for drug delivery system is increasing owing to rising incidence of COVID-19 cases, globally. This is likely to influence the growth of the self-healing polymers positively in the coming years.

It is expected that with the ease in lockdown and trade restrictions, the demand for self-healing materials is likely to gain impetus.