Global Subsea Thermal Insulation Materials Market is Expected to Reach USD 121.28 Million by 2026 : Fior Markets
July 15, 2019 - 2:42 PM EDT
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Global Subsea Thermal Insulation Materials Market is Expected to Reach USD 121.28 Million by 2026 : Fior Markets
Subsea Thermal Insulation Materials Market by Type (Polyurethane, Polypropylene, Silicone Rubber, Epoxy, Aerogel, Others), Application, Regions, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2019 to 2026
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:
The key contributing factors for the market growth are increasing adoption of offshore oil & gas extraction, cost optimization in offshore oil & gas projects as well as recovery of the oil & gas sector. However, the volatility in the crude oil prices and environmental concerns related to the deep-water drilling activities are expected to restrain the growth of global subsea thermal insulation materials market over the forecasted period.
Rise in number of deep-water oil & gas projects as well as the deregulation of arctic region for the exploration activities are opening new opportunities for the global subsea thermal insulation materials market expansion. Nevertheless, improving supply chain to the customers with rising application and unavailability of the feasible alternative has further supplemented the market progress.
The type segment includes polyurethane, polypropylene, silicone rubber, epoxy, aerogel and others. The polyurethane segment emerged as the leader in the global subsea thermal insulation materials market with USD 33.06 million revenue in 2018. This increased market share can be attributed to easy to apply and cost effective property of polyurethanes along with its ability to enhance the appearance of a product and increase its lifespan. Polyurethanes are produced by mixing two or more liquid streams. The polyurethane are widely used in the commercial insulation materials and it is easier to install as well as it does not melt when heated. However, the epoxy segment is anticipated to grow with the highest CAGR of 5.64% during the forecast period owing to the increasing use of the epoxy syntactic foam systems, high tolerate rate even in wide temperatures, and suitability for the hot as well as wet service conditions.
The application segment includes pipe-in-pipe, pipe cover, equipment, field joints and others. The pipe cover segment is projected to grow at the highest 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. As a result, the global increase in ultra-deep-water exploration activities are anticipated to drive the pipe cover segment over the forecast period.
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 lead the global subsea thermal insulation materials market
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.
For instance in 2018, TechnipFMC signed a strategic agreement with Equinor (Norway) to collaborate and provide improvement solutions to Equinor’s offshore projects.
For instance in 2017, Aspen Aerogels announced that it has reached to an agreement with Advanced Insulation (UK), for the stocking and distribution of Aspen’s products to the UAE and Oman. This agreement helped the company to expand its reach in the Middle East & Africa.
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, Materia Inc., and among others.
All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment.
This study forecasts revenue growth and volume 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:
Polyurethane
Polypropylene
Silicone Rubber
Epoxy
Aerogel
Others
Global Subsea Thermal Insulation Materials Market by Application:
Pipe-In-Pipe
Pipe Cover
Equipment
Field Joints
Others
Global Subsea Thermal Insulation Materials Market by Region:
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