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.
Surface Protection Services Market Taxonomy
Product Type
- Corrosion Protective Rubber Lining
- Corrosion Protective Coating Systems
- Acid Proof Lining
- Ceramic & Brick Lining
- Tile Lining
- Thermoplastic Lining
Application
- Process Vessels, Equipment & Rigs
- Collection Basins & Tanks
- Pipelines
- Others (water treatment facilities, incinerators, etc.)
Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- MEA
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by - Sudip Saha, Managing Director and Co-Founder of Future Market Insights
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