The Global Subsea Thermal Insulation Materials Market size was evaluated at $2.6 Billion in 2022 and is slated to hit $4.2 Billion by the end of 2030 with a CAGR of nearly 4.1% between 2023 and 2030.
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➤ In 2023-2030, the global market is expected to experience significant growth due to the widespread adoption of subsea thermal insulation materials in the oil and gas sector.
There will be a substantial increase in the global subsea thermal insulation materials market trends due to the substantial demand for these materials in the oil and gas sector. Furthermore, the global market will be able to plot a profitable growth trajectory through the extensive use of thermal insulation materials in offshore pipelines to guarantee a continuous supply of oil and gas. For example, the U.S. Energy Information Administration has reported that offshore oil accounted for approximately 30.1% of the total oil production in 2019.
➤ New growth opportunities for the global market over the 2023-2030 period will be unlocked by an increase in oil and gas transmission lines.
The global subsea thermal insulation materials market will experience new growth opportunities in the years ahead as a result of the development of long-distance oil and gas transmission lines.
➤ In the forecasting period, the global industry’s development will be significantly impeded by the increasing operating costs of offshore oil ventures.
The expansion of the global subsea thermal insulation materials industry is expected to be significantly impeded by the increasing operational costs associated with offshore hydrocarbon ventures.
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The Global Subsea Thermal Insulation Materials Market is segmented based on product, application and region
Global Subsea Thermal Insulation Materials Market: Product Segment Analysis
● Polyurethane
● Silicone Rubber
● Polypropylene
● Epoxy
● Aerogels
Global Subsea Thermal Insulation Materials Market: Application Segment Analysis
● Pipe-in-pipe
● Pipe Cover
● Field Joints
● Equipment
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The global Subsea Thermal Insulation Materials market profiles key players such as:
● Rock Wool Sandwich Panels
● Green Insulation Solutions
● Shiu Li
● Lotze Insulation Design
● Enertech Systems
● Aspen Aerogels Inc.
● BASF SE
● Cabot Corporation
● Balmoral Group
● Insulation Solutions Inc
● Econotherm Limited
● Armacell
● Trelleborg
● Advanced Insulation Plc
● Shawcor Ltd
● TechnipFMC plc
???? Recent Developments
• Vipo Solutions, a Norwegian company that is a pioneer in the production of thermal insulation solutions and polymer solutions, acquired Deleta, a green chemistry firm, in the first quarter of 2023. This will assist the former in enhancing non-oil and gas applications, material expertise, and processes. According to reports, the acquisition will increase Vipo’s emphasis on the development and commercialization of novel materials for a variety of offshore applications. The expansion of the subsea thermal insulation materials industry in Europe and worldwide will be facilitated by the relocation.
• Rockwell Technical Insulation, a prominent supplier of fire-resilient stone wool insulation solutions, introduced a next-generation ProRox® Mat in February 2023 that is outfitted with WR-Tech. This mat is designed for use in pipes with large diameters, as well as in vessels, columns, and other applications with large diameters. The new product provides corrosion protection by maintaining the dryness of the steel surfaces through insulation.
➤ Europe Is Expected to Experience Significant Growth Between 2023 and 2030
Massive expansion is anticipated in the European continent’s Subsea Thermal Insulation Materials Market during the forecasting years. Additionally, it is anticipated that Europe will maintain its dominance in the years ahead, as it accounted for 36% of the total market share in 2022. The regional market’s expansion in 2023-2030 may be contingent upon the extensive utilization of subsea insulation materials due to the planned development and rapid expansion of offshore oil fields throughout the Arctic region.
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