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The surface protection services market size is estimated to grow at a CAGR of 5.3 % in 2022-2027 and is estimated to reach a value of US$16.7 billion in the year 2027. Surface protection services encapsulate any type of service that is used in providing protection of interior surfaces in facilities, manufacturing units, industrial equipment & tools, and so on. Some common types of surface protection services are protective coatings, usually corrosion protective coating and mechanical protective coating, protective films, floor coatings like epoxy floor coating and floor painting, and more. The demand for the surface protection services industry is primarily being driven by the oil & gas sector and the manufacturing sector where surface protection services are essential in preventing corrosion and maintaining industrial equipment and facilities. In this report, we will take an in-depth look at the surface protection services industry outlook and analyse the market share of the surface protection services top 10 companies.
Surface Protection Services Market Analysis – By Service Type
The corrosion protection coating type of service holds the largest share of 25.2% in the surface protection services market. Corrosion protection coatings are applied on metal parts and surfaces to prevent the corrosion of metals over a longer period. They are modified to provide corrosion protection for various substrates and corrosive environments. It is used in preventing degradation brought about by oxidation, moisture, exposure to chemicals, and more. They are primarily used in pipelines, hydraulic shafts & cylinders, and tanks. According to the Global Energy Monitor, 82.7% of all pipelines in development are purposed for carrying gas and there is planned development worth USD$ 1 trillion as of 2021 in a 212,000 km expansion of the global system of oil & gas transmission pipelines. With the rising usage of corrosion protection coating type of services in pipelines the market for surface protection is estimated to rise.
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Surface Protection Services Market Analysis – By End-Use Industry
The oil & gas industry held the largest share in the surface protection services market in 2021 and is estimated to grow at a CAGR 5.9% during 2022-2027. Surface protection services are extensively used in the oil & gas industry to prevent corrosion in pipelines, tanks, and vessel equipment and also in mechanical protection for pipelines that suffer from environmental pressure. As such, an increase in demand for the oil & gas industry is a catalyst for the growth of the surface protection services market. According to the International Energy Agency (IEA), the oil demand is set to rise to 104 million barrels/day (mb/d) by 2026 which is an increase of 4% from 2019 levels. The demand is primarily being led by the petrochemical industry where ethane, liquified petroleum gas (LPG), and naptha account for 70% of the demand.
Surface Protection Services Market Analysis – By Geography
Asia-Pacific region dominated the surface protection services market with a share of 43% in the year 2021. This is because of the increase in demand for the oil & gas and manufacturing sector in the region. According to the International Energy Association (IEA), Asia will continue to dominate growth in the global oil demand, accounting for 90% of the increase between 2019 and 2026. This is primarily because of the high demand of the automotive industry in the region. In addition, the manufacturing sector of countries in the Asia-Pacific region has also witnessed significant investment growth. For instance, according to the India Brand Equity Foundation (IBEF), the Indian manufacturing sector saw an investment of USD$ 405.8 billion in the first half of FY 2020. Due to such reasons, the demand for surface protection services has also seen a significant increase. As such, the Asia-Pacific region dominates the surface protection services market within the forecast period of 2022-2027.
Surface Protection Services Market Drivers
The increase in demand for the energy sector:
The demand for the oil & gas and the energy sector has seen a significant increase, especially after the Covid-19 pandemic. According to the International Energy Agency (IEA), the oil demand is forecast to rise to 104 mb/d by 2026 which is a 4% increase from 2019 levels. The world’s oil production capacity is projected to increase by 5 mb/d by 2026. Asia is also estimated to drive 90% of this demand with Asian crude oil imports being forecast to surge to 27 mb/d by 2026. Similarly, the global energy supply is also estimated to grow by 1.3% per year from 2020 to 2030. As surface protection services are essential in these industries, the demand for the surface protection services market is also estimated to grow within the forecast period of 2022-2027.
The growth of the aerospace & defense industry:
Surface protection services are widely used in the aerospace and defense industry for a variety of applications. They add benefits like corrosion and wear protection, increased hardness and low friction properties to the aircraft which are essential for high quality standards and safety. According to the Boeing Commercial Market Outlook 2021-2040, the global fleet of aircrafts is estimated to grow by 3.1%, with estimated new deliveries of 43,610 new aircrafts, by 2040. This is especially being reinforced by the rapid increase in domestic traffic especially after the COVID-19 pandemic. This is mostly being driven by the Asia-Pacific region, which is expected to see a 4.2% increase in fleet size by 2040. As a result, this proves to be a significant driving force, as the growing demand for surface protection services within the aerospace & defence industry will enchance the demand for surface protection services market.
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Surface Protection Services Market Challenges
The presence of volatile organic compounds (VOCs) in surface protection services:
One of the key challenges of the Surface Protection Services Market is the presence of volatile organic compounds (VOCs) in different coating technologies used in these services. VOCs can cause irritation in the eyes, nose, and throat, difficulty in breathing and nausea, and can damage the central nervous system as well. As it is a toxic substance, there are various regulations that limit and mitigate the production of materials that can contain VOCs. For example, the U.S. EPA regulates VOCs at a Federal level in 40 CFR 59. The VOC levels in various coatings and products are limited to ensure safety in use and cannot be produced if it exceeds the limit. Such regulations prove to be a key challenge for the Surface Protection Services Market within the forecast period of 2022-2027.
Surface Protection Services Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the market. Surface Protection Services top 10 companies include:
Recent Developments
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Key Takeaways
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