The global self-healing concrete market size was valued at USD 25.83 billion in 2020 and is expected to feach USD 305.38 billion by 2027 and expanding at a compound annual growth rate (CAGR) of 37.0% from 2021 to 2027. Rising demand for reliable and durable constructions, such as infrastructure, commercial, industrial, and residential, is expected to drive the demand for self-healing concrete over the forecast period. Ascending growth of the construction industry across the globe, coupled with a rise in demand for reduction in the structural maintenance of the buildings, is further likely to support the market growth. However, the COVID-19 pandemic across the globe has impacted the construction output in the second quarter of 2020, which has hampered the market for the product.
In the U.S., the market for self-healing concrete is anticipated to expand at a CAGR of 34.9% in terms of revenue from 2020 to 2027. The construction industry in the U.S. is anticipated to witness significant growth over the forecast period on account of growing inclination towards industrial development and rising demand for commercial constructions in the country.
The market is expected to expand at a high growth rate in the upcoming period owing to the rise in demand for less maintenance of building and infrastructure. To enhance the lifespan of buildings and structures, self-healing concrete offers feasible solutions, thereby gaining traction in the construction market.
In 2020, the vascular form of self-healing concrete accounted for the largest revenue share of 62.18% and is expected to witness the highest growth over the forecast period. This form is used when a series of tubes filled with concrete healing substances are passed through the concrete structure from the interior to the exterior of the building walls. These tubes need to be placed at anticipated locations wherein the crack is likely to occur, which makes the system non-pervasive.
Capsule-based self-healing concrete is expected to witness notable growth over the forecast period owing to the ease of convenience the technique offers for large-scale usage. These substances when poured into the gaps react with air or another embedded concrete matrix and create hardened substances that fill gaps in walls and other building components.
The infrastructure application segment held the largest share of 58.3% in 2020 in terms of revenue and is likely to witness significant growth over the forecast period. The rising initiatives by the construction companies to commercialize the product for the durability of infrastructure by collaborating with the product development companies are expected to ascend the product demand.
Industrial construction needs to withstand harsh mechanical impacts owing to heavy-duty operations, including carriage of vehicles, operating heavy machinery, and heat treatments that require rigid surfaces with durability. Hence, self-healing concrete is expected to gain traction in industrial construction since these structures need strong resistance to various physical and chemical factors to comply with the technological requirements for a safe and convenient surface to carry out industrial operations.
The Self-healing Concrete Market is segmented on the basis of form, application and region. On the basis of form Intrinsic, Capsule Based, Vascular. On the basis of application Residential, Industrial, Commercial, Infrastructure.
Europe dominated the global market in 2020 with a revenue share of more than 53.0% and is expected to witness significant growth in the projected time. In Europe, positive indications in private and public debt are fueling the growth of the construction industry, which is expected to favorably contribute to market growth.
Western European countries including Germany contribute significantly to the growth of the global construction industry. The various projects undertaken by the government and initiatives put forth have propelled the market growth. The country during pandemic has taken superior supportive measures for its economy, which resulted in the positive growth of the country as compared to the U.K. and France.
North America is one of the mature markets for concrete products. The region has a significant presence of multinational companies dealing with concrete products and related raw materials. Product innovation and investment in R&D capabilities by these companies have contributed magnificently to the overall growth of the market.
The growth of the construction industry in the Asia Pacific is attributed to the rising needs of a growing population. Furthermore, the growing economic prominence of Southeast Asian countries, China, India, and other countries owing to the presence of a large consumer base, low labor cost, abundant resources, and increasing per capita income among the middle class in countries, like China and India, is anticipated to fuel the growth of the construction sector. This is indirectly expected to drive the construction materials market, thus fueling the growth of the market.
Some prominent players in the global self-healing concrete market include Basilisk, PENETRON, Kryton, Xypex Chemical Corporation, Sika AG, BASF SE, Hycrete, Inc., Cemex, Oscrete, GCP Applied Technologies, RPM International.
Report : Self-healing Concrete Market - By Form (Intrinsic, Capsule Based, Vascular), By Application (Residential, Industrial, Commercial, Infrastructure) and By Region (North America, Asia Pacific, Europe, Middle East & Africa and Latin America) - Industry Analysis, Opportunity and Forecast 2020 To 2027