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.
- The base year for the study has been considered 2018, historic year 2016 and 2017 and, the forecast period considered is from 2019 to 2026. The global subsea thermal insulation materials market is analysed on the basis of value (USD Million) volume (Tons), consumption (Tons), imports and exports.
- The study delivers a comprehensive analysis of global subsea thermal insulation materials market by type, application and regions. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The report emphasizes on all the key trends that play a vital role in the enlargement of the market from 2019 to 2026.
- Porter’s Five Forces model is used in order to recognize the competitive scenario in the global Subsea Thermal Insulation Materials market. This report incorporates the industry analysis which is focused on providing an extensive view of the subsea thermal insulation materials market.
- The study also includes attractiveness analysis of type, application and regions which are benchmarked based on their market size, growth rate and attractiveness in terms of present and future opportunity for understanding the future growth of the market.
- The report provides company profile of the key players operating in the subsea thermal insulation materials market and a comparative analysis based on their business overviews, product offering, segment market share, regional presence, business strategies, innovations, mergers & acquisitions, recent developments, joint venture, collaborations, partnerships, SWOT analysis, and key financial information.
- The market estimates have been evaluated by considering the effect of different political, economic, social, technological and legal factors which are based on our extensive secondary research, primary research, and in-house databases.
- Increasing adoption of offshore oil & gas extraction
- Cost optimization in offshore oil & gas projects
- Recovery of the oil & gas sector
- Volatility in the crude oil prices
- Rise in number of deepwater oil & gas projects
- Deregulation of arctic region for the exploration activities
- Transportation & logistics costs
- Environmental concerns related to the deep-water drilling activities
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.
- The type segment includes polyurethane, polypropylene, silicone rubber, epoxy, aerogel and others. The polyurethane segment led the global subsea thermal insulation materials market with a market share of 39.92% in 2018. Easy to apply and cost effective property of polyurethanes along with the wide its ability to enhance the appearance of a product and increase its lifespan were the primary driving factors behind this increased market share.
- The application segment includes pipe-in-pipe, pipe cover, equipment, field joints and others. The pipe cover segment is anticipated to grow at an accelerated CAGR of 6.92% over the forecast period. Oil & gas projects extensively use the pipelines for the purpose of transporting the crude oil and natural gas. Insulated pipe covers are applied on deep underwater pipelines to prevent hydrate formations. Thus, global increase in ultra-deep-water exploration activities are anticipated to drive the pipe cover segment over the forecast period.
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.
- Growing number of deep-water projects coupled with the increasing exploration activity in the Arctic region led the Europe region to dominate the global subsea thermal insulation materials market in 2018.
- The North America region held a significant share of global subsea thermal insulation materials market owing to rise in number of deep-water exploration activity in the Gulf of Mexico and Baffin Bay region.
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:
- Silicone Rubber
Global Subsea Thermal Insulation Materials Market by Application:
- Pipe Cover
- Field Joints
Global Subsea Thermal Insulation Materials Market by Region:
- North America
- South America
- Middle East and Africa