The global subsea thermal insulation market has been segmented by type, application, and region.
Based on type, the market has been segmented into polyurethane, polypropylene, epoxy, aerogel, phenolic, silicone and others. Polyurethane segment accounted for the largest market share in the global subsea thermal insulation market in 2017 and is expected to grow at a moderate CAGR during the review period, owing to its versatility in application for hot and cold lines, better adhesion to the metal surface, and ease of handling among others. However, with the rising popularity of ultra-deepwater exploration the prevalence of epoxy based insulation is increasing in subsea applications, hence, the epoxy based insulation is expected to grow at a highest CAGR during the forecast period.
Some of the key players in the global subsea thermal insulation are BASF SE (Germany), Advanced Insulation Limited (UK), Aspen Aerogels, Inc. (US), AFGlobal Corporation (US), Cabot Corporation (US), DowDuPont (US), SHAWCOR (Canada), TechnipFMC plc (UK), Trelleborg (Sweden), Materia, Inc. (US), and Tenaris (Luxemborg)
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Based on application, the market has been segmented into pipelines, risers, subsea equipment, field joints and others. Pipelines accounted for the largest market share in 2017 and is expected to maintain its dominance throughout the forecast period. The pipelines are the most integral part in offshore exploration for transporting the crude from the deepwater to the container ships. The pipelines are subjected to the harsh underwater conditions, hence, to withstand those underwater conditions insulation is an utmost aspect, owing to which the market for pipelines is expected to be the largest and fastest growing segment in the global subsea thermal insulation market.
Based on region, the global subsea thermal insulation market has been segregated into North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
The market in Asia-Pacific was the largest in 2017 due to the increasing investments in the offshore exploration activities in the countries like India, Indonesia, China, and Malaysia. Also, the rise in demand for downstream petroleum products in the region is expected to further boost the exploration activities in the region, which is expected boost the demand in the region.
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North America is the second-largest market for subsea thermal insulation owing to the increasing deepwater explorations in the Gulf of Mexico. The European market for subsea thermal insulation is expected to grow as a result of rising offshore exploration in the countries like Russia, Poland, Norway, and UK. The market in Latin America and the Middle East & Africa are expected to exhibit considerable growth during the review period due to the deepwater exploration in Brazil and the African continent.
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