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“Increasing adoption of offshore oil & gas extraction is expected to drive the subsea thermal insulation materials market.”
The subsea thermal insulation materials market is estimated to be close to USD 77 million in 2018 to reach more than USD 93 million by 2023, at a CAGR of 4.0% during the forecast period. The market is driven by various factors such as steady recovery of the oil & gas industry, reduction of costs related to offshore oil & gas projects, and rising deepwater & ultra-deepwater projects. Fluctuations in crude oil prices are expected to restrain market growth.
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“By type, the epoxy segment is projected to register the highest CAGR during the forecast period.”
The epoxy segment is projected to grow at the fastest rate during the forecast period. The usage of epoxy syntactic foam systems especially, for subsea wet insulation is emerging rapidly. This material can tolerate a wide range of temperatures and is well suited for hot and wet service conditions.
“By application, pipe cover is projected to register the highest CAGR during the forecast period.”
The pipe cover application is estimated to register the fastest growth rate during the forecast period. Pipe covers are straight pipelines covered with thermal insulation materials. Types of pipelines that can be insulated include carbon steel, super martensitic stainless steel, carbon steel with stainless steel liner, clad steel, and duplex stainless steel. A significant driver of this segment is the rise in deepwater and ultra-deepwater projects across the globe.
“South America is likely to register the highest growth rate during the forecast period.”
South America is projected to be the fastest-growing market for subsea thermal insulation materials. The rise in the demand for subsea thermal insulation materials is associated with the increase in subsea oil & gas development activities. The number of deepwater and ultra-deepwater projects in Brazil is increasing, which is likely to drive the market in the country as well as in the region.
Extensive primary interviews were conducted to determine and verify the market size for several segments and subsegments, and also to verify the information gathered through secondary research.
The breakup of primary interviews is given below.
- By Company Type - Tier 1 – 70%, Tier 2 – 25%, and Tier 3 –5%
- By Designation - C level – 45%, Director level – 35%, and Others – 20%
- By Region - North America – 17%, Europe & Russia – 42%, APAC – 25%, the Middle East & Africa – 8%, and South America – 8%.
The leading players in the subsea thermal insulation materials market are Advanced Insulation (UK), AFGlobal (US), Aspen Aerogels (US), BASF (Germany), Cabot Corporation (US), DowDuPont (US), Shawcor Ltd. (Canada), TechnipFMC (UK), and Trelleborg Offshore & Construction (Sweden)
- This research report categorizes the global subsea thermal insulation materials market on the basis of type, application, and region.
- The report includes detailed information regarding the major factors influencing the growth of the market such as drivers, restraints, challenges, and opportunities.
- Detailed analysis of the key market players provides insights into business overviews, services, key strategies, and recent developments associated with the market.
Key Benefits of Buying the Report
The report will help market leaders/new entrants in this market in the following ways:
- This report segments the global subsea thermal insulation materials market comprehensively and provides the closest approximations of market sizes for the overall market and subsegments across verticals and regions.
- The report will help stakeholders understand the pulse of the market and provide them with information on the key market drivers, restraints, challenges, and opportunities.
- This report will help stakeholders understand the major competitors and gain insights to enhance their positions in the business.
- The competitive landscape section includes expansion, mergers & acquisition, agreements, and new product development.