CAGR: 5.7%Current Market Size: USD 11.5 BillionFastest Growing Region: North America
Largest Market: APACProjection Time: 2023-2030Base Year: 2022
The global surface protection services market is expected to grow from USD 11.5 billion in 2022 to USD 17.9 billion by 2030, at a CAGR of 5.7% during the Projection period 2023-2030. The increase in the end-user segment mainly drives the growth of the surface protection services market.
Surface protection services are the protection services offered to various end-user applications to protect them from any kind of external damage. Construction growth across the globe is likely to drive the market for surface protection services. In order to drive the demand for surface protection services, a number of factors are expected to come into play, including enhanced aesthetic appearance, growing construction, maintenance, and remodelling activities, as well as the durability of these products. Due to the growing popularity of protective packaging over the past couple of years, a variety of surface protection services, including transparent, translucent, and tinted ones, have been gaining traction. Surface protection services are becoming increasingly popular due to their ability to provide chemical, UV, and abrasion resistance for a variety of industrial and non-industrial applications. Moreover, surface protection services will see many opportunities on the global market as a result of the manufacture of eco-friendly products. A key focus of manufacturers of surface protection services is to offer newer technologies and additional features such as self-healing, which ensures easy peeling without any residue left behind. In addition to offering convenience features to end user industries, these innovations help manufacturers differentiate their products and create new business opportunities.
Sample Request: - Global Surface Protection Services Market
Market Dynamics:
Drivers:
High upstream and downstream investments across the APEJ and MEA areas are anticipated to benefit the oil and gas industry immediately. Surface protection services, such as rubber linings, acid-proof linings, and corrosion-protective coatings for various equipment, such as process vessels, pipelines, tanks, and rigs, are greatly needed in this business. Due to fierce rivalry, the oil and gas sector is expected to have modest demand in Europe. The long-term prospects for the market for surface protection services are promising, though, as new product and solution offerings on the continent are anticipated in the next years.
Restraints:
The number of VOCs that can be used in coating materials is restricted by strict governmental laws, notably in developed parts of Europe and North America. Manufacturers in the market for surface protection services have been compelled to take this into account, and they now prioritize sustainability. Companies are concentrating on R&D to create new solutions that can be sold at a reasonable price while still adhering to the standards established in the market for surface protection services.
Opportunities:
The market for surface protection services is fiercely competitive, and small businesses sometimes struggle to take a sizable market share. As it can result in several growth prospects, product innovation is essential to preserving or establishing a competitive edge in the market for surface protection services. Important market participants in the surface protection services sector are working to develop product coatings that are both environmentally friendly and high performing. Additionally, regional and international competitors in the surface protection services industry might benefit from the formulation of corrosive protective coatings with low VOC content. For speedy turnaround, several businesses have introduced coatings with fast cure and high film build.
Challenges:
Some of the chemicals used to create surface protection films are poisonous, and they can be harmful to people's health if they come into contact with the body. During the Projection period, this important limiting factor will reduce the market's growth rate.
Segmentation Analysis:
The global surface protection services market has been segmented based on product type, application, end-user and region.
By Product Type
The product type segment is Corrosion Protective Rubber Lining, Corrosion Protective Coating Systems, Acid Proof Lining. The corrosion protective rubber lining segment led the largest share of the surface protection services market with a market share of around 39% in 2022. Rubber linings can survive harsh conditions like those found in mines, steel mills, chemical and power plants, and more. They aid in the defence against substances that cause corrosion, such as mineral slurry, acids, salt water, corrosive liquids, and fumes.
By Application
The application segment is Process Vessels, Equipment & Rigs, Collection Basins & Tanks, Pipelines. The process vessels segment led the largest share of the surface protection services market with a market share of around 40% in 2022. A process vessel is a tank or container that is constructed, furnished with controls, and furnished with accessories to carry out a subprocess as a component of a larger process. The process vessel's construction material, accessories, and controls all rely on the purpose for which it will be used.
By End-User
The end-user segment is electronics, construction & interiors, healthcare, automotive, and others. The construction & interiors segment led the largest share of the surface protection services market with a market share of around 30% in 2022. During the Projection period, rising building activity and increasing urbanization in developing nations are anticipated to fuel the expansion of the global surface protection services market. Due to increased automobile demand among customers all over the world, the automotive industry is also anticipated to drive the global surface protection services market growth over the Projection period.
Global Surface Protection Services Market - Sales Analysis.
The sale of the surface protection services market expanded at a CAGR of 4% from 2016 to 2022.
As a result of high investments in the upstream and downstream sectors across the APEJ and MEA regions, the oil & gas industry is poised to benefit directly. Various equipment, such as process vessels, pipelines, tanks, and rigs, need surface protection services like rubber linings, acid proof coatings, and corrosion protective coatings to protect them from damage.
In addition, strategic collaborations and emerging new markets will also increase growth opportunities for surface protection services.
With around ¾ value share combined, the construction and interiors and electrical & electronics industries are the immediate end users of surface protection services.
Thus, owing to the aforementioned factors, the global surface protection services market is expected to grow at a CAGR of 5.7% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the surface protection services market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia Pacific region dominated the surface protection services market and held a 39% share of the market revenue in 2022.
Global Surface Protection Services Market - Country Analysis:
Germany's surface protection services market size was valued at USD 0.86 billion in 2022 and is expected to reach USD 1.35 billion by 2030, at a CAGR of 5.8% from 2023 to 2030. This is because surface protection services are becoming more and more in demand in this area. Due to the presence of numerous producers and the rising number of construction projects in this region, the German region dominates the market for surface protection services.
China’s surface protection services market size was valued at USD 1.16 billion in 2022 and is expected to reach USD 1.8 billion by 2030, at a CAGR of 6.1% from 2023 to 2030. The surface protection services market is expected to grow over the Projection period due to the rising demand for surface protection services on flat screen panels and other electronic devices.
India's surface protection services market size was valued at USD 0.89 billion in 2022 and is expected to reach USD 1.4 billion by 2030, at a CAGR of 6% from 2023 to 2030. The demand for surface protection services, such as rubber linings, acid-proof linings, and corrosion-protective coatings for various pieces of equipment such as process vessels, pipelines, tanks, and rigs, is rising along with the oil supply.
Key Industry Players Analysis:
To increase their market position in the global surface protection services market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
5.7% |
Market Size |
11.5 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Product Type, By Application, By End-User, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Chargeurs S.A., Veevaa Enterprises, Bubble Pacage Private Limited, Nitto Denko Corp, Tredegar Corporation, Polifilm GmbH, Surface Guard, Inc., DUNMORE Corporation, Bischof + Klein SE & Co. KG., Toray Advanced Film Co., Ltd, Alvest SAS, TEKRA, LLC, ECOPLAST LTD, Grafix Plastics., Lamin-x, Pelloplast Oy, SUN PACKAGING, Aristo Flexi Pack., and MacDermid Autotype Ltd. |
By Product Type |
|
By Application |
|
By End-User |
|
Regional scope |
|
Scope of the Report
Global Surface Protection Services Market By Product Type:
Global Surface Protection Services Market By Application:
Global Surface Protection Services Market By End-User:
Global Surface Protection Services Market By Region:
Global surface protection services market size was USD 11.5 billion in 2022
High upstream and downstream investments across the APEJ and MEA areas are anticipated to benefit the oil and gas industry immediately. Surface protection services, such as rubber linings, acid proof linings, and corrosion protective coatings for various equipment, such as process vessels, pipelines, tanks, and rigs, are greatly needed in this business.
Based on the end-user, the surface protection services market is segmented into Electronics, Construction & Interiors, Healthcare, Automotive, and Others.
The surface protection services market is projected to have a CAGR of 5.7%.
Leading market players active in the global surface protection services market are Chargeurs S.A., Veevaa Enterprises, Nitto Denko Cor, Bubble Pacage Private Limite, Tredegar Corporation, Polifilm GmbH, DUNMORE Corporation, Bischof + Klein SE & Co. KG., Surface Guard, Inc., Alvest SAS, TEKRA, LLC, Toray Advanced Film Co., Ltd, ECOPLAST LTD, Grafix Plastics., SUN PACKAGING, Aristo Flexi Pack., Lamin-x, Pelloplast Oy, MacDermid Autotype Ltd. among other.
Political Factors- By gaining powerful partners in the media, pressure groups can have an impact on the business climate. By planning protests and organizing marketing efforts, these groups exert pressure on the organizations. As these pressure groups have the power to influence government policy, which may ultimately have an impact on the general business climate, the surface protection services market needs to keep an eye on their actions. In order to gain these groups' trust, surface protection services markets should work closely with them. It should also make investments in moral and charitable causes to forge stronger links with the community.
Economic Factors- Since rising inflation reduces the purchasing power of money and deters consumers from spending on goods and services, it may have a detrimental effect on Dana Holding's ability to raise its revenue. Exchange rate fluctuations can have an impact on a company's profitability. In order to accurately predict exchange rate variations and prevent unintended trade and business performance implications, surface protection services markets should do this research. A high interest rate means that surface protection services market will have to make payments at a high rate of interest, increasing the overall cost of the loans received.
Social Factors- Consumption patterns and economic issues are closely related. surface protection services market benefits from exciting growth opportunities when consumers have more disposable income and are willing to spend more on goods and services to improve their lifestyles. This is because it is simpler to introduce new products and services to these customers, and revenue growth chances are also higher. surface protection services market must carefully examine the consumption/spending trends and tastes of modern consumers, who are increasingly demanding, in order to modify its marketing mix methods. surface protection services market must also comprehend whether hedonic or utilitarian incentives are behind the consumption. The degree of ethnocentrism is a significant consumer behaviour factor that can impact Dana Holding's performance.
Technological Factors- Customers' expectations in the Basic Materials sector have changed as a result of the advancements and widespread use of mobile technologies. In order to be competitive, flame resistant fabric market must not only satisfy and manage these expectations but also innovate. Japan invests in research and development on both a macro and micro level. If both public and private players are investing money in creating fresh solutions, there is a creative disruption environment. Most firms are vying for new breakthroughs that will allow them to increase their market share in Japan because the technology in the chemical manufacturing sector has not yet matured.
Environmental Factors- Businesses are under pressure to lessen environmental harm due to strict environmental legislation in many different countries. surface protection services market should adopt ethical production methods in response, promote ethical consumption among its target market, work to enhance its brand's sustainability reputation, and ensure full compliance with local and international environmental laws because failure to do so may result in severe, reputation-damaging criticism from relevant stakeholders. The development of renewable technology to lessen reliance on natural resources has become a strong trend in many industries. To capitalise on this environmental trend, surface protection services marketshould assess how well a nation's technology infrastructure supports the usage of renewable technologies. Governments in certain parts of the world provide enticing incentives for the use of renewable energy sources.
Legal Factors- A broad category of laws protecting employees' rights, including those to a fair salary, equality, equity, inclusion, fairness, and their physical and mental safety, is known as employment law. While some nations lack efficient enforcement of employment laws, others have harsh penalties for violating any of the specified rights of employees. surface protection services marketshould safeguard the safety of the working environment while entering or operating in such nations. There must be appropriate systems in place to prevent both direct and indirect discrimination. In the continuous competition for talent, effective compliance with employment rules can aid surface protection services marketin enhancing its employer brand reputation, which is critical for luring and keeping top personnel in the market.
List of Table
List of Figures