COVID-19 Impact on Self-Healing Paints Market
- On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 214 countries and territories around the world.
- Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
- Manufacture of various consumer goods and other products across the globe came to a halt due to the unavailability of raw materials, shortage of labor, etc. This is expected to hamper the self-healing paints market.
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Key Drivers and Restraints of Self-Healing Paints Market
- Expansion in paints coatings industry and key players’ focus on RD are driving the demand for self-healing paints. Increase in investment in these paints is a key factor driving the global self-healing paints market during the forecast period.
- Growth in urbanization and rise in disposable income of consumers have contributed to the rise in sales of automobiles. Increase in advancement in the automotive sector has had a positive impact on the self-healing paints market. Technological advancement and innovations in the automotive industry have also fueled the demand for self-healing paints.
- Emergence of electric vehicles (EVs) is likely to propel the demand for self-healing paints in cars across the globe
- Key disadvantage of self-healing paint is that it can just repair light surface scratches that are contained within the clear coat. Deeper scratches that break through this thin layer of paint cannot be healed by the elastic polymer. Another disadvantage is the shorter duration of the self-healing capability.
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Self-Healing Paints: Application Segment
- Based on application, the self-healing paints market can be segmented into automotive, aerospace, construction, defense, marine, industrial, and others
- The automotive segment is projected to gain higher share of the global market during the forecast period. Self-healing paints are used to cover vehicles. These automatically heal the car’s paint when exposed to light.
Europe to Dominate Self-Healing Paints Market
- In terms of region, the self-healing paints market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East Africa
- The global market has expanded significantly in the past two decades. This trend is estimated to continue during the forecast period. Europe is likely to hold significant share of the global market in the near future. Rise in population, growth in the automobile sector, technological advancements, and changes in lifestyle are projected to boost the market in Europe during the forecast period. High demand for self-healing paints among automotive manufacturers in Europe is driving the market in the region.
- Growth in the paints coatings industry in China and India is likely to create lucrative opportunities for the self-healing paints market in Asia Pacific
- The self-healing paints market in Latin America and Middle East Africa is estimated to expand at a significant pace during the forecast period owing to the recent economic growth in these regions