Global Market for Ice-Resistant Coatings to Reach More Than $1 Billion in 2023
Growth Attributed to Safety Concerns, Demand for Eco-Friendly Products and More
WELLESLEY, Mass., March 28, 2019 (Newswire.com) - A new report from BCC Research, “Global Markets of Ice-Resistant Coatings,” estimates that by 2023, the global market for ice-resistant coatings will reach $1.2 billion, up from $404.5 million, indicating a very strong compound annual growth rate (CAGR) of 23.3%.
Ice resistant coatings, or anti-ice coatings, ice-repellent coatings and icephobic coatings, protect coated surfaces such as plastics, metals, concrete, glass and composite materials from the safety, economic and environmental issues caused by snow, ice, frost and sleet.
- Market segment analysis. Metal holds the largest share of ice-resistant coatings at 65.7% and is expected to grow to 68.5% by 2023, continuing to hold the largest share in the market.
- End-User analysis. The aviation industry accounts for the highest share of the global ice-resistant coatings market at $180.6 million in 2018 and will continue holding the largest share through 2023, reaching $573.8 million, growing by 26% annually.
- Geographic analysis. Europe accounts for the highest market share of the global ice-resistant coatings market at $178.9 million in 2018 and is expected to continue leading in global market share by reaching $510.4 million by 2023, indicating a 23.3% CAGR.
“In the near future, technological advancements and new product announcements in this market are expected to drive the widespread adoption of ice prevention surfaces on commercial and non-commercial scales,” the report notes.
The Impact of Wind Energy
Wind energy projects are gaining more traction across the world, particularly across cold climate areas. However, ice buildup on rotor blades and instruments is a common problem associated with wind power, and ice resistant, anti-ice or icephobic coatings can prevent that buildup. The growing deployment of wind energy projects is expected to boost the demand for ice-resistant, anti-ice or icephobic coatings.
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Source: BCC Research
Categories: Material Sciences