Self-healing Concrete Market To See Strong Growth

The global self-healing concrete (a concrete with the capacity to repair its own cracks and imperfections) market size is expected to reach US$305.38 billion by 2027, says a report by Grand View Research Inc., expanding at a compound annual growth rate (CAGR) of 37 per cent from 2020 to 2027. Increasing demand for durable building structures, along with rising demand for reduction in structural maintenance cost, is anticipated to support the product demand over the forecast period. The intrinsic form of self-healing concrete is anticipated to expand at a revenue-based CAGR of 35.1 per cent from 2020 to 2027 on account of its increasing applications in building and construction, which is applicable in residential, industrial, commercial, and infrastructure constructions. In North America, the capsule-based form segment was valued at $2.32 billion in 2019 and is anticipated to witness significant growth in the upcoming period on account of its wide acceptance in commercial and industrial buildings. The product has been commercially available since its introduction in 2017 and is anticipated to witness significant demand in the coming years owing to its wide adoption by the end-use segments. The building and construction sector is the major application industry for self-healing concrete. Though the traditional concrete has higher traction than any other concrete products owing to its easy application and relatively low cost, the self-healing concrete is expected to gain momentum in the upcoming period owing to its advantages.