The global subsea thermal insulation materials market size was valued at USD 270.2 million in 2020 and is expected to increase at a compound annual growth rate (CAGR) of 4.2% from 2020 to 2025. They are used in many applications, including construction, industry and oil and gas. Underwater thermal insulation is a coating of components for immersion in cold deep water. The underwater temperature of the pipes falls below the temperature of appearance of hydrates blocking the pipe. The Global Underwater Thermal Insulation Materials Market report is a unique solution for gaining key market insights as it captures the details of the market related disclosures and information. Along with this information, the report provides details and insight into the competitive landscape of the Underwater Thermal Insulation Materials market. Further, it offers useful information about the competitors operating in the global Underwater Thermal Insulation Materials market along with their favorable strategies.
Market drivers and restraints:
The growing number of submarine projects is leading to the adoption of submarine thermal insulation materials. Submarine thermal insulation materials are tolerant of a wide range of materials and therefore are applicable to many applications. It is a key factor in the growth of the global underwater thermal insulation materials market. Submarine thermal insulation materials have primary application as a pipe coating, which is effective on a straight pipe as a cover. Submarine thermal insulation materials are effective pipe covers: pipe insulation made of carbon steel, carbon steel coated with stainless steel and duplex stainless steel. Therefore, it can be used in deep water pipe covering applications. The increase in deep-sea exploration is driving the growth of the global underwater thermal insulation materials market. Furthermore, the increase in offshore exploration is driving the demand for underwater thermal insulation materials and is likely to positively influence the growth of the global underwater thermal insulation materials market.
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Report segmented as:
The subsea thermal insulation materials market segmented by Type:
· Silicone rubber
The subsea thermal insulation materials market segmented by Application:
· Pipe cover
· Field Joints
Europe dominated the underwater thermal insulation materials market and held a share of 35.2% in 2020. In this region, Russia is expected to grow at the fastest CAGR of 4.7% in terms of revenues during the forecast period. The country is anticipated to generate a significant demand for underwater insulation materials due to the planned development and expansion of offshore oil fields in the Arctic region.
Asia-Pacific became the second regional market for underwater thermal insulation materials in 2019. In this region, countries like Malaysia, Vietnam, China and Indonesia are expected to drive demand for marine materials underwater thermal insulation during the forecast period. The market for this region is expected to grow in the future due to increased oil exploration and production (E&P) to reduce dependence on imports.
North America held a significant market share in 2020. The development of offshore oil fields in the Gulf of Mexico is the main driver of product demand. In addition, the planned development of the offshore oil field in Baffin Bay is expected to have a favorable impact on the growth of the market.
Middle East & Africa is expected to grow at the fastest CAGR of 5.8% in terms of revenue during the forecast period. Escalating spending on exploration and development of offshore oil fields in Angola and Nigeria is anticipated to be a major driver of demand for underwater thermal insulation materials in the Middle East and Africa. Nigeria and Angola are among the largest consumers of underwater thermal insulation materials due to their well-developed offshore oil industry.
Important market players:
Key players in the global subsea thermal insulation materials market are Advanced Insulation, AFGlobal, Aspen Aerogels, BASF, Cabot Corporation, DowDuPont, Shawcor Ltd, TechnipFMC, Trelleborg Offshore & Construction, Tenaris, Aegion Corporation, Balmoral Group Holdings Ltd, Engineered Syntactic Systems and Materia Inc among others. Arctic region is witnessing a frenzy of exploration activity. Thus, major players are focusing on establishing local collaborations in order to improve their market share.
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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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