Jul 27,2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Subsea Thermal Insulation Materials Market.
It was estimated prior to this unanticipated outbreak that the Subsea Thermal Insulation Materials Market was expected to grow at a CAGR of 4.6% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Subsea thermal insulation is a protective thermal insulation coating that is applied to components subjected to cold deep-water immersion. These coatings provide thermal stability to the components and facilitate smooth operation under deep-water conditions. The subsea thermal insulation materials are mostly used in the oil & gas industries, the subsea thermal insulation materials prevent solidification of petroleum production and ensure the seamless movement of the materials. Subsea thermal insulation materials are of different types, such as polyurethane, polypropylene, silicone rubber, epoxy, and aerogels. These materials are used of various applications, such as pipe-in-pipe, pipe cover, equipment, and field joints.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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 attributing 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 the 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.
Key Players:
Some of the major subsea thermal insulation material manufacturers are-
- Advanced Insulation Plc
- AFGlobal Corporation
- Aspen Aerogels
- BASF SE
- Cabot Corporation
- DowDuPont Inc.
- Shawcor Ltd
- TechnipFMC Plc
- Trelleborg AB
- Aegion Corporation.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Subsea Thermal Insulation Materials Market analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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