Global Subsea Thermal Insulation Material Market to Reach $120.2 Million by 2030
The global market for Subsea Thermal Insulation Material estimated at US$90.3 Million in the year 2023, is expected to reach US$120.2 Million by 2030, growing at a CAGR of 4.2% over the analysis period 2023-2030. Polyurethane Insulation, one of the segments analyzed in the report, is expected to record a 4.4% CAGR and reach US$41 Million by the end of the analysis period. Growth in the Polypropylene Insulation segment is estimated at 3.9% CAGR for the next 7-year period.
The U.S. Market is Estimated at $24.3 Million, While China is Forecast to Grow at 6.6% CAGR
The Subsea Thermal Insulation Material market in the U.S. is estimated at US$24.3 Million in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$25 Million by the year 2030 trailing a CAGR of 6.6% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.4% and 3.5% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 3% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$15.8 Million by the year 2030.
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