Global Subsea Thermal Insulation Materials Market 2017-2021
About Subsea Thermal Insulation Materials
Subsea thermal insulation materials are used to resist heat transfer. The global insulation market was valued at $673.6 billion in 2016. Insulation materials are used in various applications such as construction, industrial, and oil and gas. Subsea thermal insulation is a protective coating applied to components subjected to cold deep-water immersion. When the subsea temperature of pipelines or equipment or joints drop below the hydrate appearance temperature (HAT) and wax appearance temperature (WAT), it clogs the pipeline.
Technavio’s analysts forecast the global subsea thermal insulation materials market to grow at a CAGR of 4.63% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global subsea thermal insulation materials market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Subsea Thermal Insulation Materials Market
Technavio recognizes the following companies as the key players in the global subsea thermal insulation materials market: BASF, Dow Corning, SHAWCOR, The Dow Chemical, and Trelleborg.
Other Prominent Vendors in the market are: Advanced Insulation, Aegion, AFGlobal, Aspen Aerogels, Balmoral Group, Cabot, Engineered Syntactic Systems, TechnipFMC, Materia, and Tenaris.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is increasing demand for mobile production unit (MPU). The development and implementation of innovative portable mobile production unit are expected to drive the demand for subsea thermal insulation materials. MPU is a mobile coating facility that provides services such as thermal insulation, corrosion protection coating, and passive fire protection.”
According to the report, one driver in the market is growing offshore exploration and production activities. In 2016, the global offshore oil production was at the highest level since 2010. It accounted for more than 29% of the global oil production. An increase in offshore activities is mainly driven by the decrease in onshore oil reserves and increase in the consumption of fuel. Thermal insulation materials for pipes are mainly used in offshore oil and gas production as it requires protection from high temperature, corrosion, and other adverse conditions.
Further, the report states that one challenge in the market is volatility in crude oil prices. The production of oil and gas from unconventional reserves through horizontal drilling and fracturing in the Americas has increased the supply of crude oil. An oversupply of crude oil has reduced the demand for new rigs. The reduction in demand for new rigs will hinder offshore exploration and drilling activities, thereby reducing the use of subsea thermal insulation materials. According to the US Energy Information Administration (EIA), the crude oil price for Brent was around $82 per barrel in 2010.
BASF, Dow Corning, SHAWCOR, The Dow Chemical, Trelleborg, Advanced Insulation, Aegion, AFGlobal, Aspen Aerogels, Balmoral Group, Cabot, Engineered Syntactic Systems, TechnipFMC, Materia, and Tenaris.