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Publishing News and Press Releases

Subsea Thermal Insulation Materials Market Size Forecast to Reach $1.1 Billion by 2026

(Publishing-NewsWire.com, October 17, 2021 ) 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.



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.



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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.



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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.



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.



Relevant Reports



A. Building Insulation Market

https://www.industryarc.com/Report/15271/building-insulation-market.html



B. Thermal Interface Materials Market

https://www.industryarc.com/Report/16293/thermal-interface-materials-market.html



For more Chemicals and Materials related reports, please click here



About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.

IndustryARC

Venkat Reddy

(+1) 970-236-3677

venkat@industryarc.com

Source: EmailWire.Com

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