Global subsea thermal insulation materials market is expected to reach USD 121.28 Million by 2026, at a CAGR of 4.88% from 2019 to 2026. Growing demand from the subsea oil & gas exploration projects, cost optimization in offshore oil & gas projects, and recovery of the oil & gas sector is driving the global subsea thermal insulation materials market.
Subsea thermal insulation materials is a protective coating material that is applied to components that are subjected to cold and deep water immersion. These coatings impart the thermal stability to the components and facilitate smooth operation under deep-water conditions. Mostly used in the oil & gas industries, these coatings prevent the solidification of petroleum production ensuring the seamless movement of the materials. More and more exploration companies are venturing into the icy deep-waters of arctic region. As a result, the rising number of subsea projects is boosting the adoption of the subsea thermal insulation materials.
Global Subsea Thermal Insulation Materials Market Key Findings:
All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment.
The global subsea thermal insulation materials market has been segmented on the basis of type, and application.
Regional Segmentation Analysis:
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The Europe region emerged as the largest market for the subsea thermal insulation materials with a 40.82% share of market revenue in 2018.
Global Subsea Thermal Insulation Materials Market Competitive Analysis:
Key players in the global subsea thermal insulation materials market are Advanced Insulation, AFGlobal, Aspen Aerogels, BASF, Cabot Corporation, DowDuPont, Shawcor Ltd, TechnipFMC, Trelleborg Offshore & Construction, Tenaris, Aegion Corporation, Balmoral Group Holdings Ltd, Engineered Syntactic Systems and Materia Inc among others. Arctic region is witnessing a frenzy of exploration activity. Thus, major players are focusing on establishing local collaborations in order to improve their market share. For instance in 2018, TechnipFMC signed a strategic agreement with Equinor (Norway) to collaborate and provide improvement solutions to Equinor’s offshore projects.
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This study forecasts revenue and volume growth at global, regional, and country levels from 2016 to 2026. Fior Markets has segmented the global subsea thermal insulation materials market on the basis of below mentioned segments:
Global Subsea Thermal Insulation Materials Market by Type:
Global Subsea Thermal Insulation Materials Market by Application:
Global Subsea Thermal Insulation Materials Market by Region:
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