Subsea Thermal Insulation Market Research Report – Global Forecast till 2030

Subsea Thermal Insulation Market Information by Type (Polyurethane, Epoxy and Silicone), Application (Pipelines, Risers, Field Joints and Subsea Equipment) and Region (Asia-Pacific, North America, Europe) - Forecast till 2030

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Subsea Thermal Insulation Market Overview


Subsea Thermal Insulation Market is estimated to grow at a significant CAGR 3.9% from 2020 to 2027.  


Subsea thermal insulation can be defined as the products or a system that are used to protect and maintain the process conditions of the equipment, joints, and pipes that are subjected to the harsh conditions of deep sea drilling and exploration. Subsea thermal insulation protects the flow lines and equipment from corrosion, maintains the flow temperature, and prevent entry of foreign particles. The market demand for subsea thermal insulation is highly dependent on the dynamics of the offshore drilling activities across the globe. 


Some of the protuberant market trends identified in the subsea thermal insulation market includes the regained stability of the crude oil prices after a plunge in the crude oil prices in the recent past, rising investments in ultra-deep sea exploration activities and the increasing awareness among the explorers to optimize the process to reduce the exploration costs are some of the factors driving the demand for subsea thermal insulation. According to U.S. Energy Information Administration, crude oil production has risen from 1.65 million bbl/day in 2017 to 1.7 million bbl/day in 2018 at the Gulf of Mexico, which is expected to reach 1.8 million bbl/day in 2019. Thus, the increasing offshore crude oil extraction activities is expected to boost the demand for subsea thermal insulation market. In addition, more than 100 offshore drilling projects are expected to commence by the end of 2025 according to International Association of Drilling Contractors (IADC), which is expected to add substantial value to the subsea thermal insulation market.


Furthermore, with the increasing ultra-deepwater drilling activities, the need for insulation products to withstand the harsh conditions at deeper horizons is expected to propel the demand for subsea thermal insulation market. For instance, the demand for epoxy based insulation is increasing in the global market due to its adaptability in ultra-deepwater exploration activities, the epoxy based insulation can be used up to 10,000 feet and can withstand temperatures up to 350 degree Fahrenheit.


However, the fluctuations in the crude oil prices along with the increasing inclination towards green energy is expected to hamper the market during the forecast period.


Key Players


Some of the key players in the global subsea thermal insulation are BASF SE (Germany), Advanced Insulation Limited (UK), Aspen Aerogels, Inc. (US), AFGlobal Corporation (US), Cabot Corporation (US), DowDuPont (US), SHAWCOR (Canada), TechnipFMC plc (UK), Trelleborg (Sweden), Materia, Inc. (US), and Tenaris (Luxemborg)


Subsea Thermal Insulation Market Share, by Type, 2017 (%)


Source: MRFR Analysis


Regional Analysis


Asia-Pacific accounted for the largest market share in the global subsea thermal insulation market in 2017 as a result of increasing offshore exploration activities in developing economies such as India, China, and Southeast Asian countries such as Vietnam, Malaysia, and Indonesia.


North America is another prominent market for subsea thermal insulation in terms of market share, the regional market is expected to substantial growth owing to an increase in crude oil output from the Gulf of Mexico along with rising deepwater explorations in the region.


The European regional market is expected to witness moderate growth during the forecast period owing to the presence of large manufacturers in the region along with the increasing offshore activities in countries like Russia, UK, and Norway.


The Middle East & Africa regional market is expected grow substantially owing to resurrecting investments in the oil & gas exploration in the Middle Eastern countries and East and West African countries.


Segmentation


The global subsea thermal insulation market has been segmented by type, application, and region.


Based on type, the market has been segmented into polyurethane, polypropylene, epoxy, aerogel, phenolic, silicone and others.


Based on application, the market has been segmented into pipelines, risers, subsea equipment, field joints and others.


Based on region, the market has been segmented into North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.


Intended Audience:



  • Subsea thermal insulation manufacturers

  • Traders and distributors of subsea thermal insulation

  • Potential investors

  • Raw material suppliers

  • Offshore



Report Scope:
Report Attribute/Metric Details
  Market Size   2030 : Significant Value
  CAGR   2030 : Substantial Value
  Base Year   2021
  Forecast Period   2022 to 2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Material Type, Application and End-Use
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   BASF SE (Germany), Advanced Insulation Limited (UK), Aspen Aerogels, Inc. (US), AFGlobal Corporation (US), Cabot Corporation (US), DowDuPont (US), SHAWCOR (Canada), TechnipFMC plc (UK), Trelleborg (Sweden), Materia, Inc. (US), and Tenaris (Luxemborg)
  Key Market Opportunities   Increasing inclination towards green energy is expected to hamper the market
  Key Market Drivers   Increasing demand for energy, and rapid industrialization.


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Frequently Asked Questions (FAQ) :

Subsea thermal insulation are protective layers applied on marine equipment, joints, and pipes to enhance their maintenance time. Polyurethane, Epoxy, and Silicone are the major types of subsea thermal insulation

By product type, the polishes and waxes segment and by vehicle type, the passenger cars segment account for the largest share in the global subsea thermal insulation market.

Rising usages in the offshore drilling sectors across the globe, increasing demand for energy, and rapid industrialization are the major tailwinds pushing the growth of the global subsea thermal insulation.

Asia Pacific holds the largest share in the global subsea thermal insulation market, followed by North America and Europe, respectively.

Advanced Insulation Limited (UK), BASF SE (Germany), Aspen Aerogels, Inc. (US), Cabot Corporation (US), AFGlobal Corporation (US), DowDuPont (US), TechnipFMC plc (UK), SHAWCOR (Canada), Trelleborg (Sweden), Tenaris (Luxemborg), and Materia, Inc. (US), are some of the major players operating in the subsea thermal insulation market.