Subsea Thermal Insulation Materials Market Forecasts to 2028 – Global Analysis By Type (Polypropylene, Silicone Rubber and Other Types), Application (Oil & Gas Pipeline, Equipment and Other Applications), and Geography
According to Stratistics MRC, the Global Subsea Thermal Insulation Materials Market is accounted for $314.42 million in 2022 and is expected to reach $446.02 million by 2028 growing at a CAGR of 6% during the forecast period. Urethane foam-based subsea thermal insulation materials are frequently employed in deep water applications due to their range of qualities, including durability, high adhesion, and impact resistance. Materials that provide thermal insulation below the surface guard against the chill of deep immersion. Mineral wool is also utilised in subsea pipes because of its high thermal insulation qualities. Seawater quickly cools down oil in the absence of subsea thermal insulation, making safe flow impossible. Materials for undersea thermal insulation, such as silicone rubber, offer mechanical stability, are incredibly durable, and can withstand high temperatures.
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.
Market Dynamics:
Driver:
Increasing amount of underwater projects
The use of subsea thermal insulation materials is being accelerated by the rise in underwater construction projects. Materials for subsea thermal insulation can be used in a variety of applications and are tolerant to a wide range of materials. This is a key factor fueling the expansion of the global market for subsea thermal insulation materials. The international oil and gas industry's revival and the expansion in the number of subsea projects are two of the major forces behind global business.
Restraint:
Volatility in raw material prices
Market expansion may be hampered by material price volatility. A petrochemical product made from crude oil is urethane foam. As a result, changes in crude oil prices may restrict the manufacture of goods that impede modern market expansion. The average oil price surged to $71 per barrel from $54 per barrel, according to the Statics, but then fell to US$64.21 per barrel. The market for subsea thermal insulation materials is suffering from this variability.
Opportunity:
Rising demand from the oil and gas industries
The expanding demand from the oil and gas sectors is the main driver of growth for the market for subsea thermal insulation materials. Deep Ocean and arctic drilling for oil and gas is a requirement for oil exploration businesses. The global market for subsea thermal insulation materials is expanding because there isn't a workable substitute for the existing insulation techniques. To reenergize their present production capacity, businesses concentrate on launching new goods or procedures in the global market; this is anticipated to accelerate the expansion of the global market. The global market may be stimulated in the upcoming years by improved customer service and expanding subsea thermal insulation material applications. They are aggressively working to serve important niche markets and underserved areas in various countries.
Threat:
High cost of silicone materials
The price of this silicone rubber is its main drawback. Compared to most other rubbers on the market, it is pricier. However, as this essay has demonstrated, there is a valid rationale for it. Customer gain so many distinctive qualities with silicone rubber that other rubber cannot match them. Because of their toughness, long shelf life, and all the other incredible benefits mentioned, the initial investment may be slightly higher than with other rubber materials, but the return on investment will be far higher.
Covid-19 Impact
Materials for subsea thermal insulation are frequently employed to increase gas exploration and production. However, the detrimental effect of lockup on fluid transmission is handled more by the commercial expansion of subsea thermal insulation materials. The covid-19 epidemic slows down the oil supply, which has a very detrimental effect on crude oil prices. The market for subsea thermal insulation materials isn't expanding because of insufficient oil exports and other factors.
The polyurethane segment is expected to be the largest during the forecast period
The polyurethane segment is estimated to have a lucrative growth, due of its ease of application; polyurethane is employed in the wet insulation method. Urethane foam called polyurethane is utilised as an effective insulator because it has a lot of closed, non-connected microcells. Due to its many qualities, including low moisture vapour permeability, excellent resistance to water absorption, exceptional mechanical strength, and low density, polyurethane is frequently utilised in pipeline construction. Oil and gas pipes are coated with polyurethane to protect them and increase their longevity. Polyurethane is widely employed as a subsea thermal insulation material as a result of its high flexibility.
The oil & gas pipeline segment is expected to have the highest CAGR during the forecast period
The oil & gas pipeline segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the rising demand for fluid transportation and offshore exploration. Pipelines in the oil and gas industry have stronger joints because to subsea thermal insulation materials including silicone rubber, aerogel, polyurethane, and others. Thermal conductivity and heat capacity are improved using subsea thermal insulation material. Therefore, it is predicted that rising oil and gas industry investment will increase demand for insulator materials.
Region with highest share:
Middle East & Africa is projected to hold the largest market share during the forecast period owing to the demand for subsea thermal insulation materials in the Middle East and Africa is anticipated to be significantly influenced by rising expenditures on the exploration and development of offshore oilfields in Angola and Nigeria. Due to their well-established offshore oil industries, Nigeria and Angola are among the countries that utilise the most subsea thermal insulation materials.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period, owing to the rise in interest in deep watering projects for oil and gas exploration. Deep watering operations boost gas output, lower offshore oil and gas costs, and retrieve oil from the surface. Hydrate plug formation is avoided via underwater thermal insulation. As a result, materials for subsea thermal insulation are employed in a variety of processes, including drilling, exploration, gas installation, and oil and gas production.
Key players in the market
Some of the key players profiled in the Subsea Thermal Insulation Materials Market include Balmoral Group, Trelleborg, Benarx, Advanced Insulation Plc, Shawcor Ltd., BASF SE, Cabot Corporation, TechnipFMC plc, Armacell, Aspen Aerogels, Inc., AFGlobal, 3M, Aegion Corporation, Dow, Engineered Syntactic Systems, Huntsman International LLC, Materia Inc., PERMA-PIPE International Holdings Inc., Serimax and Tenaris.
Key Developments:
In October 2022, Cabot Corporation announced the expansion of its Engineered Elastomer Composites (E2C™) product line with the launch of two new products, E2C™ FX9570 and E2C™ EX9620 solutions.
In September 2021, BASF and WPO Polymers cooperate to distribute biopolymer ecovio for certified compostable bags in Spain and Portugal. As part of its growth strategy for its biopolymers business, BASF will cooperate with WPO Polymers to further advance on the fast developing Spanish and Portuguese markets.
Types Covered:
• Polypropylene
• Silicone Rubber
• Polyurethane
• Epoxy
• Aerogels
• Synthetic rubber
• Thermoplastics
• Other Types
Applications Covered:
• Oil & Gas Pipeline
• Equipment
• Pipe-in-Pipe
• Field Joints
• Mechanical Joints
• Other Applications
Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
- 1 Executive Summary
- 2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
- 3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Application Analysis
- 3.7 Emerging Markets
- 3.8 Impact of Covid-19
- 4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
- 5 Global Subsea Thermal Insulation Materials Market, By Type
- 5.1 Introduction
- 5.2 Polypropylene
- 5.3 Silicone Rubber
- 5.4 Polyurethane
- 5.5 Epoxy
- 5.6 Aerogels
- 5.7 Synthetic rubber
- 5.8 Thermoplastics
- 5.9 Other Types
- 6 Global Subsea Thermal Insulation Materials Market, By Application
- 6.1 Introduction
- 6.2 Oil & Gas Pipeline
- 6.3 Equipment
- 6.4 Pipe-in-Pipe
- 6.5 Field Joints
- 6.6 Mechanical Joints
- 6.7 Other Applications
- 7 Global Subsea Thermal Insulation Materials Market, By Geography
- 7.1 Introduction
- 7.2 North America
- 7.2.1 US
- 7.2.2 Canada
- 7.2.3 Mexico
- 7.3 Europe
- 7.3.1 Germany
- 7.3.2 UK
- 7.3.3 Italy
- 7.3.4 France
- 7.3.5 Spain
- 7.3.6 Rest of Europe
- 7.4 Asia Pacific
- 7.4.1 Japan
- 7.4.2 China
- 7.4.3 India
- 7.4.4 Australia
- 7.4.5 New Zealand
- 7.4.6 South Korea
- 7.4.7 Rest of Asia Pacific
- 7.5 South America
- 7.5.1 Argentina
- 7.5.2 Brazil
- 7.5.3 Chile
- 7.5.4 Rest of South America
- 7.6 Middle East & Africa
- 7.6.1 Saudi Arabia
- 7.6.2 UAE
- 7.6.3 Qatar
- 7.6.4 South Africa
- 7.6.5 Rest of Middle East & Africa
- 8 Key Developments
- 8.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 8.2 Acquisitions & Mergers
- 8.3 New Product Launch
- 8.4 Expansions
- 8.5 Other Key Strategies
- 9 Company Profiling
- 9.1 Balmoral Group
- 9.2 Trelleborg
- 9.3 Benarx
- 9.4 Advanced Insulation Plc
- 9.5 Shawcor Ltd.
- 9.6 BASF SE
- 9.7 Cabot Corporation
- 9.8 TechnipFMC plc
- 9.9 Armacell
- 9.10 Aspen Aerogels, Inc.
- 9.11 AFGlobal
- 9.12 3M
- 9.13 Aegion Corporation
- 9.14 Dow
- 9.15 Engineered Syntactic Systems
- 9.16 Huntsman International LLC
- 9.17 Materia Inc.
- 9.18 PERMA-PIPE International Holdings Inc.
- 9.19 Serimax
- 9.20 Tenaris
- List of Tables
- Table 1 Global Subsea Thermal Insulation Materials Market Outlook, By Region (2020-2028) ($MN)
- Table 2 Global Subsea Thermal Insulation Materials Market Outlook, By Type (2020-2028) ($MN)
- Table 3 Global Subsea Thermal Insulation Materials Market Outlook, By Polypropylene (2020-2028) ($MN)
- Table 4 Global Subsea Thermal Insulation Materials Market Outlook, By Silicone Rubber (2020-2028) ($MN)
- Table 5 Global Subsea Thermal Insulation Materials Market Outlook, By Polyurethane (2020-2028) ($MN)
- Table 6 Global Subsea Thermal Insulation Materials Market Outlook, By Epoxy (2020-2028) ($MN)
- Table 7 Global Subsea Thermal Insulation Materials Market Outlook, By Aerogels (2020-2028) ($MN)
- Table 8 Global Subsea Thermal Insulation Materials Market Outlook, By Synthetic rubber (2020-2028) ($MN)
- Table 9 Global Subsea Thermal Insulation Materials Market Outlook, By Thermoplastics (2020-2028) ($MN)
- Table 10 Global Subsea Thermal Insulation Materials Market Outlook, By Other Types (2020-2028) ($MN)
- Table 11 Global Subsea Thermal Insulation Materials Market Outlook, By Application (2020-2028) ($MN)
- Table 12 Global Subsea Thermal Insulation Materials Market Outlook, By Oil & Gas Pipeline (2020-2028) ($MN)
- Table 13 Global Subsea Thermal Insulation Materials Market Outlook, By Equipment (2020-2028) ($MN)
- Table 14 Global Subsea Thermal Insulation Materials Market Outlook, By Pipe-in-Pipe (2020-2028) ($MN)
- Table 15 Global Subsea Thermal Insulation Materials Market Outlook, By Field Joints (2020-2028) ($MN)
- Table 16 Global Subsea Thermal Insulation Materials Market Outlook, By Mechanical Joints (2020-2028) ($MN)
- Table 17 Global Subsea Thermal Insulation Materials Market Outlook, By Other Applications (2020-2028) ($MN)
- Table 18 North America Subsea Thermal Insulation Materials Market Outlook, By Country (2020-2028) ($MN)
- Table 19 North America Subsea Thermal Insulation Materials Market Outlook, By Type (2020-2028) ($MN)
- Table 20 North America Subsea Thermal Insulation Materials Market Outlook, By Polypropylene (2020-2028) ($MN)
- Table 21 North America Subsea Thermal Insulation Materials Market Outlook, By Silicone Rubber (2020-2028) ($MN)
- Table 22 North America Subsea Thermal Insulation Materials Market Outlook, By Polyurethane (2020-2028) ($MN)
- Table 23 North America Subsea Thermal Insulation Materials Market Outlook, By Epoxy (2020-2028) ($MN)
- Table 24 North America Subsea Thermal Insulation Materials Market Outlook, By Aerogels (2020-2028) ($MN)
- Table 25 North America Subsea Thermal Insulation Materials Market Outlook, By Synthetic rubber (2020-2028) ($MN)
- Table 26 North America Subsea Thermal Insulation Materials Market Outlook, By Thermoplastics (2020-2028) ($MN)
- Table 27 North America Subsea Thermal Insulation Materials Market Outlook, By Other Types (2020-2028) ($MN)
- Table 28 North America Subsea Thermal Insulation Materials Market Outlook, By Application (2020-2028) ($MN)
- Table 29 North America Subsea Thermal Insulation Materials Market Outlook, By Oil & Gas Pipeline (2020-2028) ($MN)
- Table 30 North America Subsea Thermal Insulation Materials Market Outlook, By Equipment (2020-2028) ($MN)
- Table 31 North America Subsea Thermal Insulation Materials Market Outlook, By Pipe-in-Pipe (2020-2028) ($MN)
- Table 32 North America Subsea Thermal Insulation Materials Market Outlook, By Field Joints (2020-2028) ($MN)
- Table 33 North America Subsea Thermal Insulation Materials Market Outlook, By Mechanical Joints (2020-2028) ($MN)
- Table 34 North America Subsea Thermal Insulation Materials Market Outlook, By Other Applications (2020-2028) ($MN)
- Table 35 Europe Subsea Thermal Insulation Materials Market Outlook, By Country (2020-2028) ($MN)
- Table 36 Europe Subsea Thermal Insulation Materials Market Outlook, By Type (2020-2028) ($MN)
- Table 37 Europe Subsea Thermal Insulation Materials Market Outlook, By Polypropylene (2020-2028) ($MN)
- Table 38 Europe Subsea Thermal Insulation Materials Market Outlook, By Silicone Rubber (2020-2028) ($MN)
- Table 39 Europe Subsea Thermal Insulation Materials Market Outlook, By Polyurethane (2020-2028) ($MN)
- Table 40 Europe Subsea Thermal Insulation Materials Market Outlook, By Epoxy (2020-2028) ($MN)
- Table 41 Europe Subsea Thermal Insulation Materials Market Outlook, By Aerogels (2020-2028) ($MN)
- Table 42 Europe Subsea Thermal Insulation Materials Market Outlook, By Synthetic rubber (2020-2028) ($MN)
- Table 43 Europe Subsea Thermal Insulation Materials Market Outlook, By Thermoplastics (2020-2028) ($MN)
- Table 44 Europe Subsea Thermal Insulation Materials Market Outlook, By Other Types (2020-2028) ($MN)
- Table 45 Europe Subsea Thermal Insulation Materials Market Outlook, By Application (2020-2028) ($MN)
- Table 46 Europe Subsea Thermal Insulation Materials Market Outlook, By Oil & Gas Pipeline (2020-2028) ($MN)
- Table 47 Europe Subsea Thermal Insulation Materials Market Outlook, By Equipment (2020-2028) ($MN)
- Table 48 Europe Subsea Thermal Insulation Materials Market Outlook, By Pipe-in-Pipe (2020-2028) ($MN)
- Table 49 Europe Subsea Thermal Insulation Materials Market Outlook, By Field Joints (2020-2028) ($MN)
- Table 50 Europe Subsea Thermal Insulation Materials Market Outlook, By Mechanical Joints (2020-2028) ($MN)
- Table 51 Europe Subsea Thermal Insulation Materials Market Outlook, By Other Applications (2020-2028) ($MN)
- Table 52 Asia Pacific Subsea Thermal Insulation Materials Market Outlook, By Country (2020-2028) ($MN)
- Table 53 Asia Pacific Subsea Thermal Insulation Materials Market Outlook, By Type (2020-2028) ($MN)
- Table 54 Asia Pacific Subsea Thermal Insulation Materials Market Outlook, By Polypropylene (2020-2028) ($MN)
- Table 55 Asia Pacific Subsea Thermal Insulation Materials Market Outlook, By Silicone Rubber (2020-2028) ($MN)
- Table 56 Asia Pacific Subsea Thermal Insulation Materials Market Outlook, By Polyurethane (2020-2028) ($MN)
- Table 57 Asia Pacific Subsea Thermal Insulation Materials Market Outlook, By Epoxy (2020-2028) ($MN)
- Table 58 Asia Pacific Subsea Thermal Insulation Materials Market Outlook, By Aerogels (2020-2028) ($MN)
- Table 59 Asia Pacific Subsea Thermal Insulation Materials Market Outlook, By Synthetic rubber (2020-2028) ($MN)
- Table 60 Asia Pacific Subsea Thermal Insulation Materials Market Outlook, By Thermoplastics (2020-2028) ($MN)
- Table 61 Asia Pacific Subsea Thermal Insulation Materials Market Outlook, By Other Types (2020-2028) ($MN)
- Table 62 Asia Pacific Subsea Thermal Insulation Materials Market Outlook, By Application (2020-2028) ($MN)
- Table 63 Asia Pacific Subsea Thermal Insulation Materials Market Outlook, By Oil & Gas Pipeline (2020-2028) ($MN)
- Table 64 Asia Pacific Subsea Thermal Insulation Materials Market Outlook, By Equipment (2020-2028) ($MN)
- Table 65 Asia Pacific Subsea Thermal Insulation Materials Market Outlook, By Pipe-in-Pipe (2020-2028) ($MN)
- Table 66 Asia Pacific Subsea Thermal Insulation Materials Market Outlook, By Field Joints (2020-2028) ($MN)
- Table 67 Asia Pacific Subsea Thermal Insulation Materials Market Outlook, By Mechanical Joints (2020-2028) ($MN)
- Table 68 Asia Pacific Subsea Thermal Insulation Materials Market Outlook, By Other Applications (2020-2028) ($MN)
- Table 69 South America Subsea Thermal Insulation Materials Market Outlook, By Country (2020-2028) ($MN)
- Table 70 South America Subsea Thermal Insulation Materials Market Outlook, By Type (2020-2028) ($MN)
- Table 71 South America Subsea Thermal Insulation Materials Market Outlook, By Polypropylene (2020-2028) ($MN)
- Table 72 South America Subsea Thermal Insulation Materials Market Outlook, By Silicone Rubber (2020-2028) ($MN)
- Table 73 South America Subsea Thermal Insulation Materials Market Outlook, By Polyurethane (2020-2028) ($MN)
- Table 74 South America Subsea Thermal Insulation Materials Market Outlook, By Epoxy (2020-2028) ($MN)
- Table 75 South America Subsea Thermal Insulation Materials Market Outlook, By Aerogels (2020-2028) ($MN)
- Table 76 South America Subsea Thermal Insulation Materials Market Outlook, By Synthetic rubber (2020-2028) ($MN)
- Table 77 South America Subsea Thermal Insulation Materials Market Outlook, By Thermoplastics (2020-2028) ($MN)
- Table 78 South America Subsea Thermal Insulation Materials Market Outlook, By Other Types (2020-2028) ($MN)
- Table 79 South America Subsea Thermal Insulation Materials Market Outlook, By Application (2020-2028) ($MN)
- Table 80 South America Subsea Thermal Insulation Materials Market Outlook, By Oil & Gas Pipeline (2020-2028) ($MN)
- Table 81 South America Subsea Thermal Insulation Materials Market Outlook, By Equipment (2020-2028) ($MN)
- Table 82 South America Subsea Thermal Insulation Materials Market Outlook, By Pipe-in-Pipe (2020-2028) ($MN)
- Table 83 South America Subsea Thermal Insulation Materials Market Outlook, By Field Joints (2020-2028) ($MN)
- Table 84 South America Subsea Thermal Insulation Materials Market Outlook, By Mechanical Joints (2020-2028) ($MN)
- Table 85 South America Subsea Thermal Insulation Materials Market Outlook, By Other Applications (2020-2028) ($MN)
- Table 86 Middle East & Africa Subsea Thermal Insulation Materials Market Outlook, By Country (2020-2028) ($MN)
- Table 87 Middle East & Africa Subsea Thermal Insulation Materials Market Outlook, By Type (2020-2028) ($MN)
- Table 88 Middle East & Africa Subsea Thermal Insulation Materials Market Outlook, By Polypropylene (2020-2028) ($MN)
- Table 89 Middle East & Africa Subsea Thermal Insulation Materials Market Outlook, By Silicone Rubber (2020-2028) ($MN)
- Table 90 Middle East & Africa Subsea Thermal Insulation Materials Market Outlook, By Polyurethane (2020-2028) ($MN)
- Table 91 Middle East & Africa Subsea Thermal Insulation Materials Market Outlook, By Epoxy (2020-2028) ($MN)
- Table 92 Middle East & Africa Subsea Thermal Insulation Materials Market Outlook, By Aerogels (2020-2028) ($MN)
- Table 93 Middle East & Africa Subsea Thermal Insulation Materials Market Outlook, By Synthetic rubber (2020-2028) ($MN)
- Table 94 Middle East & Africa Subsea Thermal Insulation Materials Market Outlook, By Thermoplastics (2020-2028) ($MN)
- Table 95 Middle East & Africa Subsea Thermal Insulation Materials Market Outlook, By Other Types (2020-2028) ($MN)
- Table 96 Middle East & Africa Subsea Thermal Insulation Materials Market Outlook, By Application (2020-2028) ($MN)
- Table 97 Middle East & Africa Subsea Thermal Insulation Materials Market Outlook, By Oil & Gas Pipeline (2020-2028) ($MN)
- Table 98 Middle East & Africa Subsea Thermal Insulation Materials Market Outlook, By Equipment (2020-2028) ($MN)
- Table 99 Middle East & Africa Subsea Thermal Insulation Materials Market Outlook, By Pipe-in-Pipe (2020-2028) ($MN)
- Table 100 Middle East & Africa Subsea Thermal Insulation Materials Market Outlook, By Field Joints (2020-2028) ($MN)
- Table 101 Middle East & Africa Subsea Thermal Insulation Materials Market Outlook, By Mechanical Joints (2020-2028) ($MN)
- Table 102 Middle East & Africa Subsea Thermal Insulation Materials Market Outlook, By Other Applications (2020-2028) ($MN)
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