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LONDON, GREATER LONDON, UK, August 30, 2024 /EINPresswire.com/ -- The surface protection service market has experienced robust growth in recent years, expanding 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.
Strong Future Growth Anticipated
The surface protection service market is projected to continue its strong growth, reaching $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.
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Growth Driver Of The Surface Protection Service Market
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.
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Major Players And Market Trends
Key players in the surface protection service market include BASF SE, 3M Company, The Sherwin-Williams Company, PPG Industries Inc., DuPont, Akzo Nobel N.V., Sulzer Ltd., Oerlikon Management AG.
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.
Segments:
1) By Service Type: Corrosion Protection Coating, Mechanical Protection Coating, Electroplating, Thermal Spray, Other Service Types
2) By Application: Pipelines, Hydraulic Shafts And Cylinders, Process And Vessel Equipment, Other Applications
3) By End-User: Manufacturing, Oil And Gas, Mining, Power And Energy, Aerospace And Defense, Other End-Users
Geographical Insights: Asia-Pacific Leading The Market
Asia-Pacific was the largest region in the surface protection services market in 2023. The regions covered in the surface protection service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Surface Protection Service Market Definition
Surface protection service refers to the application of protective coatings, films, or treatments to various surfaces to enhance their durability, longevity, and performance. These services are used in industries to protect surfaces from corrosion, abrasion, chemicals, and other environmental factors. Surface protection services help extend the lifespan of assets, reduce maintenance costs, and improve overall operational efficiency.
Surface Protection Service Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Surface Protection Service Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on surface protection service market size, surface protection service market drivers and trends, surface protection service market major players, surface protection service competitors' revenues, surface protection service market positioning, and surface protection service market growth across geographies. The surface protection service market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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