Subsea Thermal Insulation Materials Market Size is Anticipated to Acquire $4.2 Billion by 2030 with CAGR of 4.1% | Growth Factors, Challenges, Global Opportunities, and Competitive Landscape Analysis 2023-2030

Atlanta, GA, March 20, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Subsea Thermal Insulation Materials Market By Type (Polyurethane, Silicone Rubber, Polypropylene, Epoxy, And Aerogels), By Application (Pipe-In-Pipe, Pipe Cover, Field Joints, And Equipment), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.

“According to the latest research study, the demand of global Subsea Thermal Insulation Materials Market size & share in terms of revenue was valued at USD 2.6 billion in 2022 and it is expected to surpass around USD 4.2 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 4.1% during the forecast period 2023 to 2030.”

What are Subsea Thermal Insulation Materials? How big is the Subsea Thermal Insulation Materials Industry?

Report Overview:

The global subsea thermal insulation materials industry size was nearly USD 2.6 Billion in 2022 and is predicted to increase to approximately USD 4.2 Billion by 2030 along with registering a CAGR of nearly 4.1% from 2023 to 2030.

Subsea thermal insulation material is a coating used for cold deep-water immersion systems. It finds extensive application in gas exploration & production. Furthermore, these coatings provide thermal stability to the structure and help in smooth functioning in under-deep-water conditions. Moreover, subsea thermal insulation materials find a slew of applications in the oil & gas sector. Reportedly, mineral wool provides outstanding thermal insulation features and is utilized in subsea pipelines.

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Global Subsea Thermal Insulation Materials Market: Growth Factors

Massive application of thermal insulation products in offshore pipeline tools which ensures seamless oil flow as well as the flow of gas will drive the global subsea thermal insulation materials market trends. Significant innovations in offshore drilling techniques and the depletion of shallow water oil reservoirs have led to a rise in deepwater exploration, thereby leading to an exponential need for subsea thermal insulation materials. Increase in the number of subsea ventures and demand for the recovery of oil & gas will boost the growth of the global subsea thermal insulation materials market. Reportedly, subsea-insulated polyurethane foam finds wide applications in deepwater explorations & drilling activities due to its high strength, impact resistance, and superior adhesive features in various climatic conditions. This, in turn, will steer the expansion of the global subsea thermal insulation materials market.

However, fluctuating costs of crude oil and easy availability of substitute insulation materials for deepwater oil & gas exploration projects are likely to put brakes on the global subsea thermal insulation materials industry. Moreover, high operating costs related to offshore oil & gas ventures can pose a threat to the expansion of the industry across the globe. Nevertheless, some of the emerging economies in Latin America and Asia are trying to develop offshore oilfields for generating new revenue streams which can help in contributing noticeably to the country’s GDP. This, in turn, is likely to open new vistas of growth for the global industry along with offsetting the impact of hindrances to the expansion of the subsea thermal insulation materials business across the globe.

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Report Scope

Subsea Thermal Insulation Materials Market: Segmentation Analysis

The global subsea thermal insulation materials market is bifurcated into type, application, and region.

In terms of type, the global subsea thermal insulation materials market is segmented into polyurethane, epoxy, silicone polypropylene, rubber, and aerogels segments. In addition to this, the polyurethane segment, which contributed nearly 44% of the global market revenue in 2022, is predicted to retain its dominant status even in the foreseeable future. The segmental growth can be credited to the surge in use of insulation materials having low thermal conductivity and improved heat transfer coefficient.

On basis of application, the global subsea thermal insulation materials industry is divided into pipe-in-pipe, field joints, pipe cover, and equipment segments. Moreover, the pipe-in-pipe segment, which accounted for over 50% of the overall market revenue share in 2022, is projected to continue its domination of the application space in the coming years. The segmental surge can be owing to excellent insulating properties and mechanical strength.

The global Subsea Thermal Insulation Materials market is segmented as follows:

By Type

• Polyurethane
• Silicone Rubber
• Polypropylene
• Epoxy
• Aerogels

By Application

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

Browse the full “Subsea Thermal Insulation Materials Market By Type (Polyurethane, Silicone Rubber, Polypropylene, Epoxy, And Aerogels), By Application (Pipe-In-Pipe, Pipe Cover, Field Joints, And Equipment), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030”- Report at https://www.zionmarketresearch.com/report/subsea-thermal-insulation-materials-market

Competitive Landscape

Some of the main competitors dominating the global Subsea Thermal Insulation Materials market include - 

• Rock Wool Sandwich Panels
• Green Insulation Solutions
• Shiu Li
• Lotze Insulation Design
• Enertech Systems
• Aspen Aerogels Inc.
• BASF SE
• Cabot Corporation
• Balmoral Group
• Insulation Solutions Inc
• Econotherm Limited
• Armacell
• Trelleborg
• Advanced Insulation Plc
• Shawcor Ltd
• TechnipFMC plc
• AF Global
• DowDuPont
• TechnipFMC
• Kevothermal Ltd UK.

 Key Insights from Primary Research:

• According to the analysis shared by our research forecaster, the Subsea Thermal Insulation Materials market is likely to expand at a CAGR of around 4.1% during the forecast period (2023-2030).            
• In terms of revenue, the Subsea Thermal Insulation Materials market size was valued at around US$ 2.6 billion in 2022 and is projected to reach US$ 4.2 billion by 2030.
• Based on type segmentation, the Polyurethane segment contributed to a major share of the global market in 2022.
• Based on application segmentation, the Pipe-in-pipe segment is predicted to account for a major share of the global market during the predicted timespan.
• On the basis of geography/region, the European region is projected to be the key regional revenue driver of the global market during the projected timeframe.

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Key questions answered in this report:

• What is the market size and growth rate forecast for Subsea Thermal Insulation Materials industry?
• What are the main driving factors propelling the Subsea Thermal Insulation Materials Market forward?
• What are the leading companies in the Subsea Thermal Insulation Materials Industry?
• What segments does the Subsea Thermal Insulation Materials Market cover?
• How can I receive a free copy of the Subsea Thermal Insulation Materials Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2023−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Type, By Application, And By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

The subsea thermal insulation materials market in Europe, which accounted for more than 35% of the global market proceeds in 2022, is projected to register a noteworthy expansion in the coming decade. Moreover, the regional market growth during the forecast timeframe can be owing to notable subsea insulation materials demand with the rise in offshore oilfield exploration in the Arctic region.

In addition to this, the subsea thermal insulation materials industry in the Asia-Pacific is anticipated to expand by leaps & bounds in the coming years. The regional market surge over 2023-2030 can be owing to the prominent use of subsea thermal insulation materials in developing nations such as Indonesia, Malaysia, China, and Vietnam. Rise in oil exploration & production activities in the region will prop up the market growth in the Asia-Pacific zone.

The Middle East and African market are predicted to record the fastest rate of growth of 5.7% during the assessment period subject to a rise in expenditure on offshore oilfield exploration activities in countries such as Angola and Nigeria which are also the highest consumers of the product due to their immensely developed offshore oil sector.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Recent Developments

• In the first half of 2023, Rockwell Technical Insulation, a key player in the material insulation business, launched next-gen ProRox® Mat MA 960 having large-diameter pipework, columns, and vessels applications with design flexibility. The new product will offer strong protection to any product against corrosion. The move will boost the expansion of the global subsea thermal insulation industry.  
• In the second half of 2022, The Bayou Companies, LLC, a market leader in offshore and onshore pipe coatings & insulation and highly special insulation for the oil & gas sector, declared restarting of its Bayou-Wasco Insulation (BWI) unit. Reportedly, the unit will begin its operations from Louisiana and New Iberia and will provide end-users with glass syntactic polypropylene and glass syntactic polyurethane insulation solutions. The BWI unit in association with other Wasco units will help in reducing the risk of execution in key subsea ventures The initiative will boost business growth in the U.S. and across North America.

To know an additional revised 2023 list of market players, request a brochure of the report: https://www.zionmarketresearch.com/requestbrochure/subsea-thermal-insulation-materials-market

FREQUENTLY ASKED QUESTIONS

• What are subsea Thermal Insulation Materials?
• Which key factors will influence global subsea Thermal Insulation Materials Market growth over 2023-2030?
• What will be the value of the global subsea Thermal Insulation Materials Market during 2023-2030?
• What will be the CAGR value of the global subsea Thermal Insulation Materials Market during 2023-2030?
• Which region will record the highest growth in the subsea Thermal Insulation Materials industry globally?
• Which are the major players leveraging the global subsea Thermal Insulation Materials Market growth?

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