As per the report published by Fior Markets, the global subsea thermal insulation materials market is expected to grow from USD 82.81 Million in 2018 to USD 121.28 Million by 2026, at a CAGR of 4.88% during the forecast period 2019-2026.The Europe region emerged as the leader in the global subsea thermal insulation materials market with the highest market share of 40.82% in 2018 due to rising shale gas production and rising number of deep-water projects coupled with the increasing exploration activity. The North America region also accounted for a significant share of global subsea thermal insulation materials market in 2018.
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“Subsea Thermal Insulation Materials Market by Resin Type (Polyester, Vinyl Ester, Epoxy, Others), Application, Regions”,Global Industry Analysis and Global Forecast 2019-2026
Major players in the global subsea thermal insulation materialsmarket areAdvanced Insulation, AFGlobal, Aspen Aerogels, BASF, Cabot Corporation, DowDuPont, Shawcor Ltd, TechnipFMC, and Trelleborg Offshore & Construction, Tenaris, Aegion Corporation, Balmoral Group Holdings Ltd, Engineered Syntactic Systems, Materia Inc., and among others. Advanced Insulation, AFGlobal, Aspen Aerogels, BASF, and Cabot Corporation are the top leading players in the global subsea thermal insulation materialsmarket. In order to expand their market footprint and participate effectively in the highly competitive market, companies are adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership. 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.
The global subsea thermal insulation materialsmarket 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 emerged as the leader in the global subsea thermal insulation materials market with a market share of 39.92% 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.
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Subsea thermal insulation materials provide the protective coating to components that are to be implemented and used in cold and deep water immersion. These materials are customized to meet stringent subsea requirements. In addition, the subsea thermal insulation materials possess good thermal conductivity and are flexible in nature. 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.
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