Global subsea thermal insulation materials market is expected to rise from its initial estimated value of USD 75.65 million in 2018 to a projected value of USD 102.58 million by 2026, registering a CAGR of 3.88% in the forecast period of 2019-2026. This rise in market value can be attributed to the growing prevalence of underwater and offshore energy extraction processes.
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Market Definition: Global Subsea Thermal Insulation Materials Market
Subsea thermal insulation is the process of maintaining the desired composite temperature of the materials undersea so that there is no formation of hydrate plugs or waxes in the pipes and tanks. Non-applicability of thermal insulation results in cooling of oils and gases extracted resulting in formulation of waxes causing blockages in the entire structure. This type of insulation involves covering the entire inner portion of the structure with modified chemicals and materials causing the temperature to remain constant.
- Recovering energy extraction industry
- Rise in prevalence of offshore oil & gas extraction methods and processes
- Fluctuation and vulnerable nature of prices of crude oil; this factor is expected to act as a restraint to the market growth
Key Developments in the Market:
- In September 2018, TechnicFMC plc announced that they had agreed with Equinor ASA for all of their offshore operations till the completion of these projects. This collaboration is expected to positively impact the demand for products and services of TechnicFMC plc in the market.
- In May 2018, The Dow Chemical Company announced that they had inaugurated a new technological and sales office in Toronto, Canada. The expansion of their office in the particular region is expected to meet the need and demand of consumers in the region.
Key Market Competitors: Global Subsea Thermal Insulation Materials Market
Few of the major competitors currently working in the subsea thermal insulation materials market are Cabot Corporation, Aspen Aerogels Inc., TechnipFMC plc, Advanced Insulation Limited, BASF SE, The Dow Chemical Company, Ameriforge Group Inc., Trelleborg AB (publ), SHAWCOR, Tenaris, Aegion Corporation, Balmoral Group Holdings Ltd, Engineered Syntactic Systems and Materia Inc.
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Global subsea thermal insulation materials market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of subsea thermal insulation materials market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
Segmentation: Global Subsea Thermal Insulation Materials Market
- By Type
- Silicone Rubber
- By Application
- Pipe Cover
- Field Joints
- By Geography
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East and Africa
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