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

ID: MRFR/CnM/5650-HCR | February 2023 | Region: Global | 140 Pages         

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Subsea Thermal Insulation Market

Subsea Thermal Insulation Market is projected to be worth USD 380.2 million by 2030, registering a CAGR of 3.9% during the forecast period (2021 - 2030).

Segmentation
By Type Polyurethane Epoxy and Silicone)
By Application Pipelines Risers Field Joints and Subsea Equipment
Key Players
Companies Profiled   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)    Tenaris (Luxemborg)
Drivers
Market Driving Forces   Increasing demand for energy    and rapid industrialization.
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Subsea Thermal Insulation Market Overview Subsea Thermal Insulation Market is projected to be worth USD 380.2 million by 2030, registering a CAGR of 3.9% during the forecast period (2021 - 2030). Subsea thermal insulation refers to the items or systems that are used to preserve and sustain the process conditions of deep-sea drilling and exploration equipment, joints, and pipes. Thermal insulation beneath the sea protects flow lines and equipment from corrosion, keeps the flow temperature constant, and keeps foreign particles out. The dynamics of offshore drilling activities across the world have a big impact on market demand for subsea thermal insulation. Furthermore, as ultra-deepwater drilling activities increase, the demand for insulation products that can endure the extreme conditions found at deeper horizons is projected to drive the market for subsea thermal insulation. The regained stability of crude oil prices after a recent plunge, rising investments in ultra-deep sea exploration activities, and increasing awareness among explorers to optimize the process to reduce exploration costs are some of the factors driving demand for subsea thermal insulation. The market for subsea thermal insulation is likely to grow as offshore crude oil extraction activities increase. Furthermore, more than 100 offshore drilling projects are scheduled to start, bringing significant value to the subsea thermal insulation market. Due to its adaptability in ultra-deepwater exploration activities, the demand for epoxy-based insulation is growing in the global market.

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)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.Recent Development


TechnipFMC (US) and Equinor (Norway) struck a strategic partnership in September 2018 to collaborate and provide better solutions to Equinor's offshore projects around the world. DowDuPont's new Eastern Canada Regional Sales Center opened in Toronto in May 2018. The organization was able to increase its footprint in Canada thanks to the new location. Aspen Aerogels (US) and Advanced Insulation (UK) signed an agreement in January 2017 to stock and distribute Aspen's products in the UAE and Oman. The company was able to increase its presence across the Middle East and Africa as a result of this deal.

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.