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Surface Protection Service Market Share, New Trends, Growth Forecast 2024-2033
Surface Protection Service Market Share
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According to The Business Research Company's, The surface protection services market size has grown rapidly in recent years. It will grow from $14.44 billion in 2023 to $17.06 billion in 2024 at a compound annual growth rate (CAGR) of 18.2%. The growth in the historic period can be attributed to rising knowledge regarding asset protection, strict safety and environmental regulations, cost-effectiveness and financial gains, customer requirement for superior goods, and rising adoption in the automotive sector.
The surface protection services market size is expected to see rapid growth in the next few years. It will grow to $33.60 billion in 2028 at a compound annual growth rate (CAGR) of 18.5%. The growth in the forecast period can be attributed to increasing urbanization and industrialization, technological progress, growth of the aerospace and defense industry, growth in the end-use sector, and rising knowledge regarding asset protection. Major trends in the forecast period include technological advancements, emergence of green technologies, specialization for diverse applications, automation and technological developments, and growing investments in R and D activities.
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Market Drivers and Trends:
The expansion of the renewable energy sector is expected to propel the growth of the surface protection services market going forward. The renewable energy sector encompasses industries, technologies, and services involved in producing, distributing, and utilizing energy derived from renewable sources. The expansion of the renewable energy sector is due to increasing awareness and concern about climate change, developments in battery technology and other energy storage solutions, subsidies, tax credits, and grants from governments. Surface protection services play a crucial role in the renewable energy sector by providing protective coatings and treatments for components such as solar panels, wind turbine blades, and hydroelectric equipment. For instance, in March 2024, according to the Office for National Statistics, a UK-based government agency, an estimated UK low carbon and renewable energy economy (LCREE) turnover increased by 28.0% between 2021 and 2022, from £54.2 ($68.63) billion to £69.4 ($87.88) billion. Therefore, the expansion of the renewable energy sector is driving the growth of the surface protection service market.
Major companies operating in the surface protection service market are developing innovative products, such as copper nozzles, to provide specific material properties and capabilities in the thermal spraying process. Copper nozzles provide effective surface protection by offering corrosion resistance, antimicrobial properties, thermal conductivity, and aesthetic appeal, making them suitable for various industrial applications. For instance, in March 2024, Hardide Coatings, a US-based company specializing in advanced surface coating technology, introduced the first model from its new series of Hardide-enhanced components. This model features a 4-inch JP-5000 copper nozzle optimized for high-velocity oxy-fuel (HVOF) thermal spray coating. The use of this copper nozzle enables the achievement of durable, high-performance surface coatings on components, showcasing the effectiveness of copper in providing surface protection services.
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Major Key Players of the Market:
BASF SE, 3M Company, The Sherwin-Williams Company, PPG Industries Inc., DuPont, Akzo Nobel N.V., Sulzer Ltd., Oerlikon Management AG, SMS group GmbH, POLIFILM, Fisher Barton, TWI Ltd., Integrated Global Services Inc., T.F. Warren Group, Praxair Technology Inc., Plasma Technology Incorporated, ASB Industries, Spence Corrosion Services Ltd., A&A Thermal Spray Coatings, PARAGON PROTECTIVE COATINGS (PPC) LTD.
Surface Protection Service Market 2024 Key Insights:
• The surface protection services market size is expected to see rapid growth in the next few years. It will grow to $33.60 billion in 2028 at a compound annual growth rate (CAGR) of 18.5%.
• Renewable Energy Growth Propelling Surface Protection Services Market Expansion
• Innovative Copper Nozzles in Thermal Spray Coating Technology
• Asia-Pacific was the largest region in the surface protection services market in 2023
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