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Subsea Thermal Insulation Materials Market - Forecast(2024 - 2030)
Subsea Thermal Insulation Materials Market Overview
Subsea Thermal Insulation Materials Market size is forecast to reach $1.1 billion by 2026, after growing at a CAGR of 4% during 2021-2026. Subsea thermal insulation materials based on urethane foam is widely used in deep water application owing to their various properties such as durability, superior adhesion, and impact resistance. Subsea thermal insulation materials are protecting against cold deep-water immersion. Furthermore, mineral wool offers excellent thermal insulation properties, it is used in subsea pipelines. Without subsea thermal insulation, the seawater rapidly cools down the oil and making it impossible for a safe flow. Subsea thermal insulation materials such as silicone rubber provide mechanical stability, have extreme durability, and high-temperature resistance. Hence, the growing demand for long-lasting insulation material to improve thermal conductivity is estimated to grow the market size of the subsea thermal insulation materials during the forecast period.
Impact of COVID-19
Subsea thermal insulation materials are widely used to improve gas production and exploration. But the negative impact of lockdown on the transportation of fluids is handler the market growth of subsea thermal insulation materials. The supply of oil is slowed down in the covid-19 pandemic resulting in a highly negative impact on crude oil prices. Because of lack oil exportation and other activities are hampering the growth of the Subsea Thermal Insulation Materials Market.
Report Coverage
The report: “Subsea Thermal Insulation Materials Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Subsea thermal insulation materials Industry.
By Product: Polyurethane, Polypropylene, Epoxy, Silicone Rubber, Aerogel, Synthetic Rubber, Thermoplastic, and others
By Application: Oil & Gas Pipeline, Mechanical Joints, Equipment, and others
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, Italy, France, Spain, Netherlands, Russia, Belgium, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia & New Zealand, Indonesia, Taiwan, Malaysia, and Rest of Asia Pacific), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and RoW (Middle East and Africa)
Key Takeaways
- Europe dominates the Subsea Thermal Insulation Materials Market owing to increasing deep watering for extra gas production and the development of offshore oil fields.
- The growing popularity of urethane foam for volatile temperatures at the bottom of the ocean and wet insulation system will boost the market growth of subsea thermal insulation materials.
- Increasing adoption of mineral wools for pipelines due to its various properties such as low heat conductivity, thermal resistant, and flame resistant increasing market scenario.
- Increasing demand for offshore exploration from the oil & gas sector and recovery of oil from the surface will increase the market demand for subsea thermal insulation materials in the future.
Figure: Subsea Thermal Insulation Materials Market, 2021-2026 (US$ Billion)
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Subsea Thermal Insulation Materials Market Segment Analysis – By Product
Polyurethane segment held the largest share in the Subsea Thermal Insulation Materials Market in 2020. Polyurethane is used in the wet insulation system due to its easy application. Polyurethane is a urethane foam that is used as an effective insulator because it has a high proportion of non-connected closed microcells. Polyurethane is widely used in the pipeline due to its various properties such as low moisture vapor permeability, high resistance to water absorption, extreme mechanical strength, and low density. Polyurethane is used as a protective coating to extend the lifespan of oil & gas pipelines. Thus, due to high flexibility polyurethane is extremely used as subsea thermal insulation material.
Subsea Thermal Insulation Materials Market Segment Analysis – By Application
Oil & gas pipeline application held the largest share in the global subsea thermal insulation material market in 2020 and is growing at a CAGR of 4.2% during 2021-2026 due to the growing demand for offshore exploration and transportation of fluids. Subsea thermal insulation materials such as silicone rubber, aerogel, polyurethane, and others enhance the joint strength of pipelines in oil & gas industry. Subsea thermal insulation material improves thermal conductivity and heat capacity. Thus, increasing investment in the oil & gas sector is estimated to grow the consumption of insulator materials. According to the Canadian Association of Petroleum Producers (CAPP), oil and gas companies will invest C$27.3 billion (US$ 21.44 billion) in Canada in 2021. Apart from this, According to Energy Shale Gas Production, the total natural gas production is projected to contribute 30% and more than 75% in Canada & Mexico, respectively by 2040. Hence, all such factors are expected to influence the subsea thermal insulator materials.
Subsea Thermal Insulation Materials Market Geography - Segment Analysis
Europe dominated the Subsea Thermal Insulation Materials Market with a 30% share in 2020 due to the increasing demand for deep watering projects for oil & gas exploration. Deep watering projects reduce costs of offshore oil & gas, improve gas production and recover oil from the surface. Subsea thermal insulation avoids the formation of hydrate plugs. Hence, subsea thermal insulation materials are used in various applications, such as ultra-water, drilling, exploration, gas implementation, and oil & gas production. According to the International Energy Agency, natural gas demand in Europe region is growing by 0.5% per year between 2019 to 2025. Thus, gas explorations in the region supported the market for Subsea Thermal Insulation Materials Market.
Subsea Thermal Insulation Materials Market Drivers
Increasing Offshore Oil & Gas Exploration and Production Activities
Subsea thermal insulation materials are used in the extraction of oil & gas thus, exploration activities are expected to grow the market size. According to the Canadian Association of Petroleum Producers (CAPP), investments in oil sands operations, and conventional oil & gas production are expected to rise nearly from US$19 billion (C$24 billion) in 2020 to US$21 billion (C$27 billion) in 2021. According to the India Brand Equity Foundation (IBEF), the oil and gas industry is expected to attract US$ 25 billion investments in exploration and production by 2022. According to U.S. Energy Information Administration (EIA), crude oil production is expected to rise on average 11.1 million b/d in 2021 and 12.0 million b/d in 2022. Hence, all such factors are estimated to grow the consumption of subsea thermal insulation material for oil & gas exploration.
Growing Deepwater and Ultra-Deepwater Projects
Increasing consumption of insulator materials for deepwater exploration is projected to grow the market growth. In September 2018, TechnipFMC (US) signed a strategic agreement with Equinor (Norway) to collaborate and provide improvement solutions to Equinor’s offshore projects, globally. In 2019, Brazil held its sixth successful oil and gas bid round in just over a year and awarded all four blocks in the prospective pre-salt area for BRL 6.82 billion. This investment and upcoming projects in deepwater are likely to drive the growth of subsea thermal insulation materials.
Subsea Thermal Insulation Materials Market Challenges
Volatility in Raw Material prices
Volatility in material prices may hamper market growth. Urethane foam is a petrochemical product that is derived from crude oil. Thus, the fluctuation in crude oil may limit the production of material which hamper the market growth in the era. According to the BP Statics, in 2018, the average oil price increased to $71/ bbl from $54/bbl in 2017, however, it further declined to US$64.21/bbl in 2019. This fluctuation is hampering the Subsea Thermal Insulation Materials Market.
Subsea Thermal Insulation Materials Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Subsea Thermal Insulation Materials Market. Major players in the Subsea Thermal Insulation Materials Market industry are Advanced Insulation, AFGlobal, Aspen Aerogels, BASF, Cabot Corporation, DowDuPont, Shawcor Ltd., TechnipFMC, Trelleborg Offshore & Construction, and among others.
Relevant Reports
Report Code: ESR 0081
Report Code: CMR 0589
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1.Subsea Thermal Insulation Materials Market- Market Overview
1.1 Definitions and Scope
2. Subsea Thermal Insulation Materials Market- Executive Summary
2.1 Key Trends by Product
2.2 Key Trends by Application
2.3 Key Trends by Geography
3. Subsea Thermal Insulation Materials Market– Comparative analysis
3.1 Market Share Analysis- Major Companies
3.2 Product Benchmarking- Major Companies
3.3 Top 5 Financials Analysis
3.4 Patent Analysis- Major Companies
3.5 Pricing Analysis (ASPs will be provided)
4. Subsea Thermal Insulation Materials Market- Startup companies Scenario Premium Premium
4.1 Major startup company analysis:
4.1.1 Investment
4.1.2 Revenue
4.1.3 Product portfolio
4.1.4 Venture Capital and Funding Scenario
5. Subsea Thermal Insulation Materials Market– Industry Market Entry Scenario Premium Premium
5.1 Regulatory Framework Overview
5.2 New Business and Ease of Doing Business Index
5.3 Successful Venture Profiles
5.4 Customer Analysis – Major companies
6. Subsea Thermal Insulation Materials Market- Market Forces
6.1 Market Drivers
6.2 Market Constraints
6.3 Porters Five Force Model
6.3.1 Bargaining Power of Suppliers
6.3.2 Bargaining Powers of Buyers
6.3.3 Threat of New Entrants
6.3.4 Competitive Rivalry
6.3.5 Threat of Substitutes
7. Subsea Thermal Insulation Materials Market– Strategic Analysis
7.1 Value/Supply Chain Analysis
7.2 Opportunity Analysis
7.3 Product/Market Life Cycle
7.4 Distributor Analysis – Major Companies
8. Subsea Thermal Insulation Materials Market– By Product (Market Size -$Million)
8.1 Polyurethane
8.2 Polypropylene
8.3 Epoxy
8.4 Silicone rubber
8.5 Aerogel
8.6 Thermoplastics
8.7 Synthetic rubber
8.8 Others
9. Subsea Thermal Insulation Materials Market– By Application (Market Size -$Million)
9.1 Oil & Gas Pipeline
9.2 Mechanical Joints
9.3 Equipment
9.4 Others
10. Subsea Thermal Insulation Materials Market- By Geography (Market Size -$Million/Billion)
10.1 North America
10.1.1 USA
10.1.2 Canada
10.1.3 Mexico
10.2 Europe
10.2.1 UK
10.2.2 Germany
10.2.3 France
10.2.4 Italy
10.2.5 Netherlands
10.2.6 Spain
10.2.7 Russia
10.2.8 Belgium
10.2.9 Rest of Europe
10.3 Asia-Pacific
10.3.1 China
10.3.2 Japan
10.3.3 India
10.3.4 South Korea
10.3.5 Australia and New Zeeland
10.3.6 Indonesia
10.3.7 Taiwan
10.3.8 Malaysia
10.3.9 Rest of APAC
10.4 South America
10.4.1 Brazil
10.4.2 Argentina
10.4.3 Colombia
10.4.4 Chile
10.4.5 Rest of South America
10.5 Rest of the World
10.5.1 Middle East
10.5.1.1 Saudi Arabia
10.5.1.2 UAE
10.5.1.3 Israel
10.5.1.4 Rest of the Middle East
10.5.2 Africa
10.5.2.1 South Africa
10.5.2.2 Nigeria
10.5.2.3 Rest of Africa
11. Subsea Thermal Insulation Materials Market– Entropy
11.1 New Product Launches
11.2 M&As, Collaborations, JVs and Partnerships
12. Subsea Thermal Insulation Materials Market– Market Share Analysis Premium
12.1 Market Share at Global Level - Major companies
12.2 Market Share by Key Region - Major companies
12.3 Market Share by Key Country - Major companies
12.4 Market Share by Key Application - Major companies
12.5 Market Share by Key Product Type/Product category - Major companies
12.6 Company Benchmarking Matrix - Major Companies
13. Subsea Thermal Insulation Materials Market– Key Company List by Country Premium Premium
14. Subsea Thermal Insulation Materials Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
14.1 Company 1
14.2 Company 2
14.3 Company 3
14.4 Company 4
14.5 Company 5
14.6 Company 6
14.7 Company 7
14.8 Company 8
14.9 Company 9
14.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"
LIST OF TABLES
1.Global Subsea Thermal Insulation Market By Type Market 2023-2030 ($M)1.1 Polyurethane Market 2023-2030 ($M) - Global Industry Research
1.2 Polypropylene Market 2023-2030 ($M) - Global Industry Research
1.3 Silicone Rubber Market 2023-2030 ($M) - Global Industry Research
1.4 Epoxy Market 2023-2030 ($M) - Global Industry Research
1.5 Aerogel Market 2023-2030 ($M) - Global Industry Research
2.Global Subsea Thermal Insulation Market By Type Market 2023-2030 (Volume/Units)
2.1 Polyurethane Market 2023-2030 (Volume/Units) - Global Industry Research
2.2 Polypropylene Market 2023-2030 (Volume/Units) - Global Industry Research
2.3 Silicone Rubber Market 2023-2030 (Volume/Units) - Global Industry Research
2.4 Epoxy Market 2023-2030 (Volume/Units) - Global Industry Research
2.5 Aerogel Market 2023-2030 (Volume/Units) - Global Industry Research
3.North America Subsea Thermal Insulation Market By Type Market 2023-2030 ($M)
3.1 Polyurethane Market 2023-2030 ($M) - Regional Industry Research
3.2 Polypropylene Market 2023-2030 ($M) - Regional Industry Research
3.3 Silicone Rubber Market 2023-2030 ($M) - Regional Industry Research
3.4 Epoxy Market 2023-2030 ($M) - Regional Industry Research
3.5 Aerogel Market 2023-2030 ($M) - Regional Industry Research
4.South America Subsea Thermal Insulation Market By Type Market 2023-2030 ($M)
4.1 Polyurethane Market 2023-2030 ($M) - Regional Industry Research
4.2 Polypropylene Market 2023-2030 ($M) - Regional Industry Research
4.3 Silicone Rubber Market 2023-2030 ($M) - Regional Industry Research
4.4 Epoxy Market 2023-2030 ($M) - Regional Industry Research
4.5 Aerogel Market 2023-2030 ($M) - Regional Industry Research
5.Europe Subsea Thermal Insulation Market By Type Market 2023-2030 ($M)
5.1 Polyurethane Market 2023-2030 ($M) - Regional Industry Research
5.2 Polypropylene Market 2023-2030 ($M) - Regional Industry Research
5.3 Silicone Rubber Market 2023-2030 ($M) - Regional Industry Research
5.4 Epoxy Market 2023-2030 ($M) - Regional Industry Research
5.5 Aerogel Market 2023-2030 ($M) - Regional Industry Research
6.APAC Subsea Thermal Insulation Market By Type Market 2023-2030 ($M)
6.1 Polyurethane Market 2023-2030 ($M) - Regional Industry Research
6.2 Polypropylene Market 2023-2030 ($M) - Regional Industry Research
6.3 Silicone Rubber Market 2023-2030 ($M) - Regional Industry Research
6.4 Epoxy Market 2023-2030 ($M) - Regional Industry Research
6.5 Aerogel Market 2023-2030 ($M) - Regional Industry Research
7.MENA Subsea Thermal Insulation Market By Type Market 2023-2030 ($M)
7.1 Polyurethane Market 2023-2030 ($M) - Regional Industry Research
7.2 Polypropylene Market 2023-2030 ($M) - Regional Industry Research
7.3 Silicone Rubber Market 2023-2030 ($M) - Regional Industry Research
7.4 Epoxy Market 2023-2030 ($M) - Regional Industry Research
7.5 Aerogel Market 2023-2030 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Subsea Thermal Insulation Materials Market Revenue, 2023-2030 ($M)2.Canada Subsea Thermal Insulation Materials Market Revenue, 2023-2030 ($M)
3.Mexico Subsea Thermal Insulation Materials Market Revenue, 2023-2030 ($M)
4.Brazil Subsea Thermal Insulation Materials Market Revenue, 2023-2030 ($M)
5.Argentina Subsea Thermal Insulation Materials Market Revenue, 2023-2030 ($M)
6.Peru Subsea Thermal Insulation Materials Market Revenue, 2023-2030 ($M)
7.Colombia Subsea Thermal Insulation Materials Market Revenue, 2023-2030 ($M)
8.Chile Subsea Thermal Insulation Materials Market Revenue, 2023-2030 ($M)
9.Rest of South America Subsea Thermal Insulation Materials Market Revenue, 2023-2030 ($M)
10.UK Subsea Thermal Insulation Materials Market Revenue, 2023-2030 ($M)
11.Germany Subsea Thermal Insulation Materials Market Revenue, 2023-2030 ($M)
12.France Subsea Thermal Insulation Materials Market Revenue, 2023-2030 ($M)
13.Italy Subsea Thermal Insulation Materials Market Revenue, 2023-2030 ($M)
14.Spain Subsea Thermal Insulation Materials Market Revenue, 2023-2030 ($M)
15.Rest of Europe Subsea Thermal Insulation Materials Market Revenue, 2023-2030 ($M)
16.China Subsea Thermal Insulation Materials Market Revenue, 2023-2030 ($M)
17.India Subsea Thermal Insulation Materials Market Revenue, 2023-2030 ($M)
18.Japan Subsea Thermal Insulation Materials Market Revenue, 2023-2030 ($M)
19.South Korea Subsea Thermal Insulation Materials Market Revenue, 2023-2030 ($M)
20.South Africa Subsea Thermal Insulation Materials Market Revenue, 2023-2030 ($M)
21.North America Subsea Thermal Insulation Materials By Application
22.South America Subsea Thermal Insulation Materials By Application
23.Europe Subsea Thermal Insulation Materials By Application
24.APAC Subsea Thermal Insulation Materials By Application
25.MENA Subsea Thermal Insulation Materials By Application
26.Trelleborg AB, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Advanced Insulation Plc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Shawcor Ltd, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.DOW Chemical Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Afglobal Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.DOW Corning, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.BASF, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Aspen Aerogels, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Cabot Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)