Subsea Thermal Insulation Materials Market

Subsea Thermal Insulation Materials Market Size & Growth (2023-2028)

Subsea Thermal Insulation Materials Market is expected to rise from nearly $ 95.6 million in 2022 to over $ 110.2 million in 2028, at an annual rate of 7.2% during the forecast period from 2022-2028

Subsea thermal insulation is a layer of protection applied to components that undergo immersion in cold and deep water. This coating provides thermal stability to the components and facilitates trouble-free operation in deep water. Several different subsea components, systems, and pipelines are used in oil and gas applications. In the absence of subsea thermal insulation, the oil circulating in these components cools and begins to hydrate, causing waxy deposits and restricting oil flow. These coatings provide thermal stability to components and facilitate proper operation in deep water conditions. Mainly used in the oil and gas industries, these coatings prevent the solidification of oil production by ensuring the perfect movement of materials. More and more exploration companies venture into the icy waters of the Arctic region. As a result, the increasing number of underwater projects is spurring the adoption of subsea thermal insulation materials.

Insulation materials are used in many applications, including construction, industry, and oil and gas. Subsea thermal insulation is a coating for components intended for immersion in cold, deep water. The underwater temperature of the pipes falls below the starting temperature of the hydrate that blocks the pipe. The increasing complexities of offshore oil spills and numerous offshore oil platforms in the past have influenced new regulations. The new regulations have framed strict guidelines for certain specific areas, including a piping system based on design, insulation, installation, and maintenance.

Subsea Thermal Insulation Materials Market Drivers and Restraints

The increasing number of underwater projects is spurring the adoption of subsea thermal insulation materials. Subsea thermal insulation materials are tolerant to wide-range materials and are applicable for many applications. This is a crucial element driving the growth of the global subsea thermal insulation materials market. Some of the main drivers of the worldwide business comprise the recovery in the international oil and gas industry and the hike in the number of subsea projects. Subsea thermal insulation materials are widely used to isolate equipment and pipes used in subsea oil and gas operations. The main growth factor in the subsea thermal insulation materials market is the increasing call from the oil and gas industries.

Oil exploration companies must drill in deep water and in the Arctic region for oil and gas. This should stimulate the world market in the coming years. However, there is no viable alternative to existing insulation techniques, stimulating growth in the global market for subsea thermal insulation materials. Companies are focused on launching new products or techniques on the world market to increase their existing production capacities, which should stimulate growth in the world market. Furthermore, a better supply of customers with increasing applications in subsea thermal insulation materials could supply the world market in the coming years. They actively try to respond to the main market niches and less explored markets in the different regions. This should encourage the growth of the world market for subsea thermal insulation materials. Conversely, depleting oil and gas reserves and rising crude oil prices may hinder growth in the worldwide market.

SUBSEA THERMAL INSULATION MATERIALS MARKET REPORT COVERAGE:

Subsea Thermal Insulation Materials Market Segmentation is categorized as follows.

On the basis of Type

• Polyurethane

• Polypropylene

• Silicone Rubber

• Epoxy

• Aerogels

• others

The polyurethane segment accounted for a substantial share during the outlook period. Polyurethane's popularity as an insulating material is due to its ability to improve the appearance of a product and increase its shelf life.

On the basis of the Application

• Pipe-In-Pipe

• Pipe Cover

• Equipment

• Filed Joints

• others

Pipeline coating is expected to be the fastest-growing subsea thermal insulation application during the estimated period. Subsea thermal insulation materials are used to insulate pipes. Pipelines are an integral part of oil and gas projects and are used to transport fluids.

On the basis of the Region

• North America Subsea Thermal Insulation Materials Industry includes the U.S, and Canada.

• Europe Subsea Thermal Insulation Materials Industry includes the UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of Europe.

• Asia Pacific Subsea Thermal Insulation Materials Industry includes India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC.

• Latin America Subsea Thermal Insulation Materials Industry includes Brazil, Mexico, Argentina, Chile & Rest of LATAM.

• The Middle East & Africa Subsea Thermal Insulation Materials Industry includes KSA, UAE, Israel, the rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, and the rest of MEA.

Europe is expected to dominate the world market for subsea thermal insulation materials due to the growth of subsea projects for further exploration. Additionally, growth in shale gas production and deepwater exploration to improve gas production are driving growth in the subsea thermal insulation materials market. Europe is one of the main regions of the world market for subsea thermal insulation materials, which had the largest market share. North America is expected to experience abundant growth. However, the Middle East and Africa are showing considerable growth in the global market for subsea thermal insulation materials. Latin America follows this trend due to the expansion of the market niche in this region.

The surge in the number of deepwater projects along with the augmented explorations in the Arctic region has supported the European region to dominate the market for subsea thermal insulation materials in 2018. The North American region remained an important part of the world market due to the increase in the number of deepwater exploration activities in the Gulf of Mexico and the Baffin Bay region. The Middle East and Africa area is projected to grow at the fastest CAGR of 5.6% in terms of revenue during the forecast period. Increased spending on the exploration and development of offshore oil fields in Angola and Nigeria is expected to be a major driver of demand for subsea thermal insulation materials in the Middle East and Africa.

Impact of COVID-19 on the Subsea Thermal Insulation Materials Market:

The energy industry is one of the affected sectors due to the pandemic caused by Covid-19. With the entire world brought to lockdown, all the manufacturing units have been shut down, which resulted in a decline in sales. The impact of this pandemic is touted to continue for some time in the future, affecting the overall sales and revenue in the global subsea thermal insulation materials market.

Recent Developments 

• Trelleborg launches its thermal insulation portfolio. Trelleborg has consolidated its range of high-performance thermal insulation materials into one brand: Vikotherm. The company presented this new agreement to the ONS in Stavanger.

• NORTHBOROUGH, Massachusetts, July 17, Aspen Aerogels, Inc. announced the launch of its latest innovation in aerogel insulation technology: Pyrogel® HPS. Pyrogel HPS is a high-temperature airgel blanket designed to provide thermal conductivity and advanced economic performance at operating temperatures up to 650°C (1200°F).

Key Players:

1. Advanced Insulation (UK)

2. AFGlobal (US)

3. Aspen Aerogels (US)

4. BASF (Germany)

5. Cabot Corporation (US)

6. DowDuPont (US)

7. Shawcor Ltd. (Canada)

8. TechnipFMC (UK)

9. Trelleborg Offshore & Construction (Sweden)