ALBANY, New York, May 13, 2019 /PRNewswire/ -- Global anti-icing coatings market features a highly competitive vendor landscape, Transparency Market Research (TMR) examines during their detailed study. Some of the key players including PPG Industries Inc., The 3M Company, DowDuPont, NanoSonic Inc., NEI Corporation, Aerospace & Advanced Composites GmbH, NeverWet LLC, and Cytonix are dominating in the global anti-icing coatings market. The large players dominate the anti-icing coating market; however, large number of the small- and medium-sized players is making the market highly competitive. Additionally, due to the presence of multiple growth opportunities, new entrants in the market are increasing constantly, which is expected to increase level of competition in the coming years.
TMR's report based on the global anti-icing coatings market estimated the growth with a striking CAGR of 14.04% over the forecast period from 2018 to 2026. With the vigorous CAGR, the market is expected to attain a value of US$1,593.6 Mn by 2026 from a value of US$488.6 Mn in 2017.
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Based on the substrate, the metal segment dominated the global anti-icing coatings market in 2017 and is estimated to remain dominant in the global anti-icing coatings market over the forecast period. Additionally, the segment is estimated to be the rapidly expanding segment during the prediction period. Based on the application, the aerospace & automotive segment dominated the global anti-icing coatings market by accounting for a dominant share in 2017 in the anti-icing coatings market. Based on the region, Europe led the pack in terms of value and volume in the global anti-icing coatings market in 2017 and the region is projected to maintain its supremacy over the forecast period.
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Need Of Protecting Equipment to Increase Their Durability to Drove Market's Growth
Anti-icing coatings are hydrophilic coatings, which are usually applied on surfaces that are continuously exposed to the numerous environmental conditions. The layer of the anti-icing coatings prevents the buildup of ice or snow and reduces its effects on the material. Additionally, ice buildup on the open surface is normal issue people deal with in numerous countries. This factor damages power utilities, aircrafts, telecommunication lines, solar panels, wind mills, and the other utilities including heat exchangers and boilers in chemical plants. Thus, these industries and building constructors are increasingly adopting the anti-icing coatings, which is influencing positively on the anti-icing coatings market.
Additionally, icing causes declination of temperature of air and liquid along with the surface which meteorites the functioning of systems. This is encouraging use of the anti-icing coatings as it is an efficient method to maintain the functioning of these buildings and equipment. Additionally, it helps to cut costs and ensures safety associated with icing, which is also driving growth of the anti-icing coatings market. Moreover, anti-icing coatings are used on the rotor blades and wind turbines in order to increase mechanical power of these blades. This trend is expected to be same in the coming years and influence growth of the market substantially. Furthermore, rising trend of applying these on the energy generation systems to save them from the energy cutout is helping them to reduce the cost of energy generation, as energy cutout is not economically feasible. These factors are propelling growth of the global anti-icing coatings market.
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Industrialization is likely to Boost Anti-Icing Coatings Market in Coming Years
Despite these factors, the market is facing few challenges such as low durability and lack of technological advancements. Low durability leads to low mechanical wear and tear. Additionally, lack of technologies to produce advanced and durable anti-icing coatings with desired properties are restraining growth of the global anti-icing coatings market. Nevertheless, absence of low cost alternative coupled with booming industrialization in the developing countries is expected to offer lucrative opportunities for growth in the forthcoming years.
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This information is encompassed in the report by TMR, titled, "Anti-icing Coatings Market (Substrate - Metal, Glass, Concrete, Others; Application - Aerospace and Automotive, Renewable Energy, Power Utility and Telecommunication, Construction) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026."
For the study, the anti-icing coatings market has been segmented as follows:
- Automotive & Aerospace
- Renewable Energy
- Power Utility& Telecommunication
- Commercial Fishing
- Oil & Gas
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
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