Worldwide Subsea Thermal Insulation Materials Markets, 2018-2023: Analysis on Polyurethane, Polypropylene, Silicone Rubber, Epoxy and Aerogel
DUBLIN, Dec. 13, 2018 /PRNewswire/ --
The "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" report has been added to ResearchAndMarkets.com's offering.
The subsea thermal insulation materials market size, at material cost level, was USD 72.4 million in 2017 and is projected to reach USD 93.2 million by 2023, at a CAGR of 4% between 2018 and 2023.
Europe & Russia accounted for the largest share of the subsea thermal insulation materials market, globally, in 2017. The improving oil & gas industry has made oil & gas explorers to resume their offshore projects, driving the demand for subsea thermal insulation materials in the region.
The recovery of the oil & gas industry and reduction in the cost of offshore development projects are the key drivers of the market, globally. Fluctuations in the crude oil prices are restraining the market growth. However, rising deepwater and ultra-deepwater projects are expected to provide growth opportunities for the 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 estimated to register the fastest growth rate 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 significant driver of this segment is the rise in deepwater and ultra-deepwater projects across the globe.
According to Porter's Five Forces analysis, the threat of substitutes and the bargaining power of buyers are considered to be moderate. However, the bargaining power of suppliers and the intensity of competitive rivalry are high. The threat of new entrants is however moderate in the market.
The leading players in the subsea thermal insulation materials market are Advanced Insulation plc (UK), AFGlobal (US), Aspen Aerogels (US), BASF (Germany), Cabot Corporation (US), DowDuPont (US), Shawcor Ltd. (Canada), TechnipFMC (UK), and Trelleborg Offshore & Construction (Sweden).
These industry players account for a significant share of the market. They have also adopted several organic or inorganic growth strategies, such as expansion, agreement, and merger & acquisition to expand their businesses and strengthen their hold in the global subsea thermal insulation materials market.
Key Topics Covered
1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Years Considered for the Study
1.4 Currency
1.5 Unit Considered
1.6 Limitations
1.7 Stakeholders
2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Key Data From Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.1.2.2 Key Industry Insights
2.1.2.3 Breakdown of Primary Interviews
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.2 Top-Down Approach
2.3 Data Triangulation
2.4 Limitations
2.5 Assumptions
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Subsea Thermal Insulation Materials Market
4.2 Subsea Thermal Insulation Materials Market in Europe, By Type and Country
4.3 Subsea Thermal Insulation Materials Market, By Region
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Steady Recovery of the Oil & Gas Industry
5.2.1.2 Increasing Adoption of Offshore Oil & Gas Extraction
5.2.1.3 Cost Optimization in Offshore Oil & Gas Projects
5.2.2 Restraints
5.2.2.1 Fluctuations in Crude Oil Prices
5.2.3 Opportunities
5.2.3.1 Rise in Number of Deepwater Oil & Gas Projects
5.2.4 Challenges
5.2.4.1 Transportation & Logistics Costs
5.2.4.2 Development of Newer Products for High Depth Subsea Projects
5.3 Porter's Five Forces Analysis
5.3.1 Threat of New Entrants
5.3.2 Threat of Substitutes
5.3.3 Bargaining Power of Buyers
5.3.4 Bargaining Power of Suppliers
5.3.5 Intensity of Competitive Rivalry
5.4 Pricing Analysis
6 Subsea Thermal Insulation Materials Market, By Type
6.1 Introduction
6.2 Polyurethane
6.2.1 Low Cost, Easy Handling, and Efficiency are Driving the Demand for Polyurethanes Subsea Thermal Insulation Materials
6.3 Polypropylene
6.3.1 Use of Polypropylene in Wet Insulation Application is Driving Its Demand
6.4 Silicone Rubber
6.4.1 Effectiveness in High Temperature Operability is Driving The Demand for Silicone Rubber
6.5 Epoxy
6.5.1 Rising Deepwater and Ultra-Deepwater Projects are Driving The Demand for Epoxy
6.6 Aerogel
6.6.1 High Temperature Operability of Aerogels is Driving Its Demand in Subsea Applications
6.7 Others
6.8 Usage of Dicyclopentadiene (Dcpd)
6.8.1 Dicyclopentadiene in Subsea Applications
7 Subsea Thermal Insulation Materials Market, By Application
7.1 Introduction
7.2 Pipe-In-Pipe
7.2.1 Rise in Demand for Dry Insulation is Driving The Demand for Subsea Thermal Insulation Materials in Pipe-In-Pipe Application
7.3 Pipe Cover
7.3.1 Rising Deep and Ultra-Deepwater Projects are Expected to Drive The Market in The Pipe Cover Application Segment
7.4 Equipment
7.4.1 Rising Subsea Projects are Expected to Drive The Market in The Equipment Application Segment
7.5 Field Joints
7.5.1 Rising Deep and Ultra-Water Projects Increase The Number of Field Joints Used, Driving The Demand of Subsea Thermal Insulation Materials
7.6 Others
8 Subsea Thermal Insulation Materials Market, By Region
8.1 Introduction
8.2 North America
8.2.1 US
8.2.1.1 Rising Deep and Ultra-Deepwater Projects in The Gulf of Mexico to Drive The Market in Pipe Cover Application Segment
8.2.2 Canada
8.2.2.1 Growth in Subsea Projects are Expected to Drive the Market in Pipe Cover Application Segment
8.2.3 Mexico
8.2.3.1 Polyurethane Accounted for the Largest Share of the Subsea Thermal Insulation Materials Market in Mexico
8.3 Europe & Russia
8.3.1 Norway
8.3.1.1 Increasing Offshore Oil & Gas Activity in North Sea is Driving the Market in Norway
8.3.2 UK
8.3.2.1 Large Number of Subsea Activities in the Country to Drive the Market in the Pipe Cover Application Segment
8.3.3 Denmark & Greenland
8.3.3.1 New Licenses for Offshore Oil & Gas Activity is Driving the Market in Denmark & Greenland
8.3.4 Italy
8.3.4.1 New Acreages to Drive the Market in Italy
8.3.5 Russia
8.3.5.1 Increasing Subsea Activity in the Arctic Basin is Expected to Drive the Market in Pipe Cover Application Segment
8.3.6 Rest of Europe
8.4 APAC
8.4.1 China
8.4.1.1 Geopolitical Tensions to Impact the Subsea Thermal Insulation Materials Market in China
8.4.2 Indonesia
8.4.2.1 Newer Investments in Offshore Oil & Gas Industry to Drive the Demand for Subsea Thermal Insulation Materials in Indonesia
8.4.3 Malaysia
8.4.3.1 the Subsea Thermal Insulation Materials Market in Malaysia to Witness Moderate Growth
8.4.4 Australia & New Zealand
8.4.4.1 Environmental Concerns and Governmental Policy Hampering the Growth of the Subsea Thermal Insulation Materials in these Countries
8.4.5 Philippines
8.4.5.1 Joint Collaboration With Israel to Drive the Market in the Philippines
8.4.6 Rest of APAC
8.5 Middle East & Africa
8.5.1 Angola
8.5.1.1 Government Policies to Drive the Market in the Pipe Cover Application Segment
8.5.2 Tanzania
8.5.2.1 Tanzania to Register Moderate Growth Rate Due to Intense Competition From Neighboring Countries
8.5.3 Nigeria
8.5.3.1 Change in Fiscal Policy to Drive the Market in Nigeria
8.5.4 Ghana
8.5.4.1 Presence of Oil & Gas Reserves in the Country for Exploration Provides Ample Growth Opportunities to the Market in Ghana
8.5.5 Middle East
8.5.5.1 Less Profitability of Shallow and Onshore Oil & Gas Activity to Lead to Slow Growth of the Market
8.5.6 Rest of the Middle East & Africa
8.6 South America
8.6.1 Brazil
8.6.1.1 Rising Deepwater and Ultra-Deepwater Projects to Drive the Market in Brazil
8.6.2 Trinidad & Tobago
8.6.2.1 Increasing Investments to Drive the Demand for Subsea Thermal Insulation Materials in Trinidad & Tobago
8.6.3 Rest of South America
9 Competitive Landscape
9.1 Introduction
9.1.1 Expansion
9.1.2 Agreement
9.1.3 Merger & Acquisition
9.1.4 New Product Launch
10 Company Profiles
(Business Overview, Products & Solutions Offered, SWOT Analysis, Recent Developments)
10.1 Advanced Insulation PLC
10.2 AFGlobal Corporation
10.3 Aspen Aerogels
10.4 BASF
10.5 Cabot Corporation
10.6 DowDuPont
10.7 Shawcor Ltd.
10.8 TechnipFMC
10.9 Trelleborg Offshore & Construction
For more information about this report visit https://www.researchandmarkets.com/research/jq2sp9/worldwide_subsea?w=5
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