Boom in Oil & Gas Industry Shows No Signs of Ebbing Anytime Soon
High investments in the upstream and downstream sector across the APEJ and MEA regions are poised to benefit the oil & gas industry directly. This industry has a massive need for surface protection services including rubber linings, acid proof linings, and corrosion protective coatings for different equipment such as process vessels, pipelines, tanks, and rigs. The oil & gas industry is anticipated to record modest demand in Europe on account of intense competition. However, new product and solution offerings on the continent are predicted in the coming years making the long-term prospects for the surface protection services market bright.
Regulations Driving Innovation in Surface Protection Services Market
Stringent government regulations, particularly in the developed regions of Europe and North America, limit the VOC content that can be used in coating products. This has forced the hand of manufacturers in the surface protection services market and they have adopted sustainability as their primary objective. Companies are focusing on R&D to develop new products that can be offered at a cost-effective price, while simultaneously adhering to the guidelines laid down in the surface protection services market.
Environmentally Friendly Products Could Herald Growth Opportunities
The surface protection services market is brutally competitive and small players often struggle to gain significant share. Product innovation is vital to maintain or build a competitive edge in the surface protection services market as it can lead to ample growth opportunities. Key stakeholders in the surface protection services market are trying to build product coatings that have high-performance, yet are friendly on the environment. In addition to this, the formulation of corrosive protective coatings with low VOC content can be capitalized on by both regional and global players in the surface protection services market. Several companies have introduced coatings that comprise fast cure and high film build for quick turnaround time. For e.g. – In July 2017, PPG unveiled Kwikspar 600SG and KWIKSPAR® 600 polyaspartic coatings – a corrosion-free line formulated with fast-cure and advanced film build to improve throughput in different applications in the oil & gas industry.
Corrosion Protective Coating Systems Top Surface Protection Services Market
The corrosion protective coating systems dominate the surface protection services market by product type in 2017 and are expected to gain 30 BPS till 2027. As opposed to other coatings or traditional rubber linings, corrosion protective coating systems bond by way of a chemical reaction with the substrate and slight surface oxidation actually assists the process. Therefore, it is possible for corrosion promoters such as humidity and oxygen to get behind coating in a similar fashion to ordinary paints. The corrosion protective coating systems is predicted to exceed a value of US$ 6 billion at the end of 2027, making it too large for companies in the surface protection services market to overlook. Corrosion protective coating systems can increase the usable lifespan of carbon steel tanks in the oil & gas industry and the most commonly used systems are Fusion Bonded Epoxy, Three component PP, polyurethane, and coal tar.
Future Market Insights has prepared an unbiased and exhaustive report titled ‘Surface Protection Services Market: Global Industry Analysis (2012 - 2016) and Opportunity Assessment (2017 - 2027)’. The FMI report analyses the global market for surface protection services in detail, with in-depth coverage of the drivers, restraints, opportunities, and trends that influence the surface protection services market. Furthermore, the surface protection services market report assesses data across diverse parameters, all for arriving at accurate numbers pertaining to the surface protection services market. The competition landscape in the surface protection services market report sheds light on the key stakeholders involved in shaping the market.
The surface protection services market report first chapter consists of the executive summary that is a précis of the market coupled with relevant statistics that are most useful to industry players. The market numbers include the CAGR for the historical period 2012 to 2016 compared and contrasted with the forecasted CAGR for the decade ending in 2027. The executive summary additionally includes information about high-growth regions in the surface protection services market for expansion of revenue share and sales prospects over the duration of the forecast period. The executive summary is complemented by the overview that comprises an introduction to as well as an authoritative definition of the surface protection services market to allow report readers to gain a complete understanding of the surface protection services market.
Surface Protection Services Market Taxonomy
Market Dynamics and Regional Study
The next sections of the report focus on the dynamics present in the surface protection services market and critical points such as fiscal stimulus, enterprise bottom line, and the global economy are covered here. The report has studied the surface protection services market on the basis of product type, application, and region. Dedicated chapters offer segmented analysis with market numbers in terms of market share, Y-o-Y growth, and revenue comparison. The regions covered in the surface protection services market report are MEA, APEJ, Japan, North America, Western Europe, Eastern Europe, and Latin America.
The competitive landscape in the surface protection services market is provided in a separate section of the report wherein major companies have been thoroughly profiled for the readers’ benefit. The information takes the form of a broad company and product portfolio overview, financial ratios, SWOT analysis, long and short-term strategies, and recent company developments. This section can be immensely beneficial to both incumbents and new entrants in the surface protection services market as it has all the data for assessing leading players to ensure that the company can stay at the forefront in the surface protection services market.
The Future Market Insights report on the surface protection services market has been backed up a robust research methodology that relies on primary and secondary research to glean all the data of the surface protection services market. The information then undergoes a multi-stage validation process with the help of proprietary company tools and can be considered by clients as the authoritative source on the surface protection services market