LONDON, July 21, 2015 /PRNewswire/ -- The Subsea thermal insulation materials market is projected to register a CAGR of 4.80% between 2014 and 2019 to reach $142.30 million by 2019. Europe was estimated to hold the largest share in 2013 with the U.S. being the leading country. In the less explored markets of Middle East & Africa, and Latin America, a high growth is expected while the highly developed North American region is predicted to show lowest growth. Growth in the North American region is expected to be from the increasing focus on deeper drilling operations
The major players in the Subsea thermal insulation materials markets are divided into three groups: manufacturers, service companies, and suppliers/distributors. BASF SE (Germany), Dow Corning (U.S.), and so on are the major Subsea thermal insulation materials manufacturers whereas Trelleborg AB (Sweden), ShawCor LTD (Canada), and so on, are the major service companies in this market. These companies showed significant presence amongst other players in the fragmented global subsea thermal insulation materials market.
New product development was the most preferred strategy among the key players in the subsea thermal insulation materials market, globally. The key players are attempting to develop new products which may show better mechanical properties, to add to their existing production capacities in order to better cater to the continuously growing application areas and hence demand for the subsea thermal insulation materials.
Many companies, offering Subsea thermal insulation materials, are actively trying to increase their product portfolio and regional presence to cater to different regional markets. They are primarily focused on entering the less explored markets in the developing regions.
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