Steady recovery of oil & gas industry along with growing adoption of offshore oil & gas extraction to boost global subsea thermal insulation materials market through 2024
According to TechSci Research report, “Global Subsea Thermal Insulation Materials Market By Type, By Application, Competition, Forecast & Opportunities, 2024”, global subsea thermal insulation materials market is projected to witness growth at a CAGR of 4.2% during 2019-2024. Anticipated growth in the market can be attributed to growing number of subsea projects and recovering oil & gas industry. However, fluctuations in the crude oil prices is expected to hinder the growth of the market.Some of the leading companies operating in global subsea thermal insulation materials market are Advanced Insulation Plc, AFGlobal Corporation, Aspen Aerogels, BASF SE, Cabot Corporation, Dowdupont Inc., Shawcor Ltd, TechnipFMC Plc, Trelleborg Offshore & Construction, among others.
Browse 12 market data Tables and 95 Figures spread through 134 Pages and an in-depth TOC on ” Global Subsea Thermal Insulation Materials Market ”
Global subsea thermal insulation materials market is categorized into type, application and region. On the basis of type, the market is segmented into polyurethane, silicone rubber, polypropylene, aerogel and epoxy. Among these, epoxy segment is anticipated to register the highest CAGR in the market during forecast period. The growth of this segment is led by growing use of epoxy syntactic foam systems for subsea wet insulation. This material can tolerate a broad range of temperatures and is well suited for hot and wet service conditions. Based on region, the market is segmented into Asia-Pacific (APAC), Europe, North America, Middle East & Africa and South America. Among these regions, Europe is expected to be the largest region in global subsea thermal insulation materials market during forecast period, on the back of rising number of subsea projects.
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“Among applications, pipe cover application is anticipated to witness the fastest growth in global subsea thermal insulation materials market during forecast period. Pipe covers are straight pipelines covered with thermal insulation materials. The types of pipelines which can be insulated include super martensitic stainless steel, carbon steel, clad steel and duplex stainless steel. Major drivers of this segment include rising number of deepwater and ultra-deepwater projects across the globe.” Said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Subsea Thermal Insulation Materials Market By Type, By Application, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global subsea thermal insulation materials market and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in the global subsea thermal insulation materials market.
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