Subsea Thermal Insulation Materials Market Growth Analysis | 2023-2028

Market Insights

The subsea thermal insulation materials market was estimated at USD 267.78 million in 2022 and is likely to grow at a CAGR of 3.97% during 2023-2028 to reach USD 339.1 million in 2028.

Want to know more about the market scope? Register Here

What is subsea thermal insulation?

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. Subsea thermal insulation materials are mostly used in the oil & gas industries, the subsea thermal insulation materials prevent the solidification of petroleum products 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 in various applications, such as pipe-in-pipe, pipe covers, equipment, and field joints.

COVID-19 IMPACT

The spread of COVID-19 negatively impacted the subsea thermal insulation materials market. The major factors leading to a decline in sales were supply-chain disruption and lockdowns and restrictions across the globe.

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.

Market Dynamics

The growth of the subsea thermal insulation materials market is primarily driven by-

• Increasing oil demand from developing economies further fuels the increasing production of oil,
• Expansion in the oil rig counts.

Want to have a closer look at this market report? Click Here

Segment Analysis

By Material Type

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 2021 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 attributed to the growth of the segment.

By Application Type

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 mainly used for covering straight pipelines for thermal insulation purposes.

Regional Insights

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.

Want to know which region offers the best growth opportunities then? Click Here

Market Segmentation

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.

The market is segmented into the following categories.

By Material Type

• Polyurethane
• Polypropylene
• Silicone Rubber
• Epoxy
• Aerogels
• Others

By Application Type

• Pipe-in-Pipe
• Pipe Cover
• Equipment
• Field Joints
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Know more about various segments of this report. Register Here

Research Methodology

This report offers high-quality insights and is the outcome of a 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.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the material types by application type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.