The “Subsea Thermal Insulation Materials Market By Type (Polyurethane, Polypropylene, Silicone Rubber, Epoxy, Aerogel), Application (Pipe-in-Pipe, Pipe Cover, Equipment, Field Joints), and Region - Global Forecast 2018 to 2023” report has been added to ResearchAndMarkets.com's offering.
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The subsea thermal insulation materials market size, at material cost level, was US$72.4 million in 2017 and is projected to reach US$93.2 million by 2023, at a CAGR of 4% between 2018 and 2023.
Europe and Russia accounted for the largest share of the subsea thermal insulation materials market, globally, in 2017. The improving oil and gas industry has made oil and gas explorers to resume their offshore projects, driving the demand for subsea thermal insulation materials in the region.
The recovery of the oil and gas industry and reduction in the cost of offshore development projects are the key drivers of the market, globally. Fluctuations in the crude oil prices are restraining the market growth. However, rising deepwater and ultra-deepwater projects are expected to provide growth opportunities for the market 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.
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.
According to Porter's Five Forces analysis, the threat of substitutes and the bargaining power of buyers are considered to be moderate. However, the bargaining power of suppliers and the intensity of competitive rivalry are high. The threat of new entrants is however moderate in the market.
The leading players in the subsea thermal insulation materials market are Advanced Insulation plc (UK), AFGlobal (US), Aspen Aerogels (US), BASF (Germany), Cabot Corporation (US), DowDuPont (US), Shawcor Ltd. (Canada), TechnipFMC (UK), and Trelleborg Offshore & Construction (Sweden).
These industry players account for a significant share of the market. They have also adopted several organic or inorganic growth strategies, such as expansion, agreement, and merger and acquisition to expand their businesses and strengthen their hold in the global subsea thermal insulation materials market.
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Read the article online at: https://www.worldpipelines.com/business-news/14122018/analysis-on-subsea-thermal-insulation-material-markets/