Anti-icing Coatings Market
Albany, NY -- (SBWIRE) -- 01/14/2020 -- The global anti-icing coatings market was valued at US$ 488.6 Mn in 2017 and is anticipated to expand at a CAGR of 14.04% from 2018 to 2026, according to a new report titled 'Anti-icing Coatings Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,' published by Transparency Market Research (TMR). The global anti-icing coatings market is driven by the rise in demand for these coatings in the aerospace & automotive segment. Europe accounts for major share of the global anti-icing coatings market.
High Costs and Safety Concerns Associated with Damages Caused due to Icing to Drive Market Growth
Icing or accumulation of ice caused by freezing of liquid on a surface hampers the functioning of systems. For instance, icing on screens and body of aircraft damages their aerodynamic shape to a large extent. It also increases the load on the aircraft. This boosts fuel consumption and challenges the structural integrity of the aircraft. It can make an aircraft unsafe during severe weather conditions. Icing also occurs in power utilities and telecommunication lines. Ice accumulation leads to added burden on overhead lines and antennas, making them buckle and fail. Therefore, removal of ice is critical for the performance and safety of systems that are exposed to icing. Anti-icing coatings play an important role in curbing costs and safety concerns associated with icing. This is estimated to be a key factor augmenting the anti-icing coatings market during the forecast period.
Lack of Technology to Improve Performance Acting as Restraint
Anti-icing coatings have low durability. This makes them susceptible to mechanical wear and tear. These coatings need to be applied at regular interval and are not easy to repair. Sometimes, mechanical removal of ice is necessary even after the application of these coatings. Lack of technology to produce anti-icing coatings of longer durability and desired properties is anticipated to restrain the global anti-icing coatings market during the forecast period
Metals Segment to Dominate Global Anti-icing Coatings Market
Based on substrate, the global anti-icing coatings market has been segmented into metal, glass, concrete, and others (including plastics). The metal segment is estimated to dominate the global market during the forecast period. The segment is projected to expand at a rapid pace during the forecast period. Anti-icing coatings provide a layer of protection from the environment and reduce accretion of ice on the metal surface. The glass segment is likely to lead the market growth during the forecast period.
Aerospace & Automotive Segment to Lead Demand Growth
In terms of application, the global anti-icing coatings market has been divided into aerospace & automotive, renewable energy, power utility & telecommunication, construction, and others (including plastics). The aerospace & automotive segment accounted for dominant share of the anti-icing coatings market in 2017. The segment is expected to expand at a rapid pace during the forecast period. The renewable energy segment held large share of the market in 2017. The segment is anticipated to expand at a rapid pace during the forecast period due to the rise in use of anti-icing coatings on wind turbine rotor blades. Anti-icing coatings are widely used on rotor blades of wind turbines. Icing causes safety hazards to rotor blades and leads to forced stoppages of wind power plants. These power downtimes prove uneconomical. Icing also adversely affects the life and mechanical strength of blades. Removal of ice mechanically from rotor blades is not feasible. Anti-icing coatings are more convenient alternatives.
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Europe Dominates Global Anti-icing Coatings Market
Based on region, the global anti-icing coatings market can be classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. In terms of value and volume, Europe was the leading region of the global anti-icing coatings market in 2017. The region is estimated to maintain its dominance during the forecast period. Europe comprises Nordic countries, which have cold climate and are prone to problems caused by ice accumulation. The market in the region is estimated to expand at a significant pace during the forecast period. North America is also a key consumer of anti-icing coatings. The market in the region is likely to expand at a rapid pace in the next few years. This can be ascribed to the prevalence of cold climatic conditions in the region. In terms of demand, Asia Pacific holds important share of the global anti-icing coatings market. The market in Latin America and Middle East & Africa is projected to create lucrative opportunities for the anti-icing coatings market during the forecast period.
High Degree of Competition among Market Players
The market is dominated by large players. Presence of a large number of small- and medium-sized players makes the market highly competitive. Key players operating in the market are PPG Industries Inc., DowDuPont, The 3M Company, NanoSonic Inc., Aerospace & Advanced Composites GmbH, NEI Corporation, Cytonix, and NeverWet LLC. High growth potential is encouraging new local and international players to enter the market.