Fior Markets launched a study titled “Subsea Thermal Insulation Materials Market by Resin Type (Polyester, Vinyl Ester, Epoxy, Others), Application, Regions”,and Global Forecast 2019-2026.
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. Rising focus on cost optimization in offshore oil & gas projects coupled with the recovery of the oil & gas sector are anticipated to boost the global subsea thermal insulation materials market over the forecast period.
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The polyurethanesegment had a market value of USD 33.06 million in 2018
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 pipe cover segment is anticipated to grow at the highest CAGR of 6.92% over the forecast period
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.
Regional Segmentation Analysis:
The regions analyzed for the global subsea thermal insulation materialsmarket include North America, Europe, South America, Asia Pacific, and Middle East and Africa. 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 by accounting the highest revenue around USD 33.80 million revenue in 2018. In addition, the rising shale gas production in the European region is major factor boosting this regional growth. The North America also accounted for a significant share of global subsea thermal insulation materials market owing to the rise in number of deep-water exploration activity in the Gulf of Mexico and Baffin Bay region.
Subsea thermal insulation materials are tailored to meet stringent subsea requirements. Even though the factors such as increasing adoption of offshore oil & gas extraction, cost optimization in offshore oil & gas projects as well as recovery of the oil & gas sector are driving the global subsea thermal insulation materials market, the volatility in the crude oil prices and environmental concerns related to the deep-water drilling activities are expected to restrain the market growth over the forecast period.
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Major 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. In order to expand their market footprint and participate effectively in the highly competitive market, the key players are now focusing on 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.
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