CHICAGO, December 5, 2018 /PRNewswire/ --
According to the new market research report "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", published by MarketsandMarkets™, the Subsea Thermal Insulation Materials Market is estimated to be close to USD 77 million in 2018 and is projected to reach more than USD 93 million by 2023, at a CAGR of 4.0% between 2018 and 2023. The rising number of subsea projects is expected to drive the subsea thermal insulation materials market.
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"The epoxy type segment is expected to register the highest CAGR in the global subsea thermal insulation materials 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 expected to register the highest CAGR in the global subsea thermal insulation materials market during the forecast period."
The pipe cover application segment is projected to witness the fastest growth 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 major driver of this segment is the rise in deepwater and ultra-deepwater projects across the globe.
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"Europe & Russia is estimated to account for the largest market size in the subsea thermal insulation materials market during the forecast period."
Europe & Russia is the largest market for subsea thermal insulation materials, globally. The UK, the Netherlands, Norway, Denmark & Greenland, Italy, and Russia are considered in this region. There has been a significant backlog of offshore projects owing to fall in crude oil prices since 2014. The recommencement of these projects and starting of newer projects from 2017 are expected to lead to the growth of the European oil companies' purchase for subsea operations, which in turn, is expected to drive the market for subsea thermal insulation materials in this region.
The leading players in the Subsea Thermal Insulation Materials Market are Advanced Insulation (UK), AFGlobal (US), Aspen Aerogels (US), BASF (Germany), Cabot Corporation (US), DowDuPont (US), Shawcor Ltd. (Canada), TechnipFMC (UK), and Trelleborg Offshore & Construction (Sweden).
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