Stratview Research has published a new report on the Subsea Thermal Insulation Materials Market, segmented by Material Type (Polyurethane, Polypropylene, Silicone Rubber, Epoxy, Aerogel, and Others), by Application Type (Pipe-in-Pipe, Pipe Cover, Equipment, Field Joints, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World). This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global artificial intelligence as a service market.
Subsea thermal insulation materials market is likely to witness an impressive CAGR of 4.6% during the forecast period. The growth of the market for subsea thermal insulation materials is mainly on account of the increasing oil demand from the developing economies that further fuels the increasing production of oil. In addition, expansion in the oil rig counts is also a notable factor driving the demand for subsea thermal insulation materials during the forecast period.
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This report studies the Subsea Thermal Insulation Materials Market and has segmented the market in a few ways, keeping in mind the concentration of all the stakeholders across the value chain. Following are the ways in which the market has been segmented in the report:
Based on the material type, the market is segmented as polyurethane, polypropylene, silicone rubber, epoxy, aerogels, and others. The polyurethane segment captured the largest share of the market in 2020 and is expected to lead the market during the forecast period as well. Owing to low flexibility and thermal conductivity properties, polyurethane material is widely preferred for insulation purposes, which is attributed to the growth of the segment.
Based on the application type, the subsea thermal insulation materials market is segmented as pipe-in-pipe, pipe cover, equipment, field joints, and others. The pipe cover segment dominates the market, as pipe covers are majorly used for covering straight pipelines for thermal insulation purposes.
In terms of regions, Europe is estimated to be the largest market for subsea thermal insulation materials during the forecast period, with Germany, France, the UK, and Russia being the major countries with promising growth opportunities. The growth of the European market is bolstered by the increasing deep-water projects along with increasing exploration activity in the Arctic region. The region’s increasing subsea oil & gas projects are also impending high growth in the European market. North America and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.
Following are the key players in the Subsea Thermal Insulation Materials Market:
- Advanced Insulation Plc
- AFGlobal Corporation
- Aspen Aerogels
- BASF SE
- Cabot Corporation
- DowDuPont Inc.
- Shawcor Ltd
- TechnipFMC Plc
- Trelleborg AB
- Aegion Corporation.
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