Key factors contributing to the high CAGR are technological advancements, rise in deep water exploration, rise in off shore investigation. Further, product launches, marketing strategies, collaborations, acquisitions, and mergers are fueling up the growth of global subsea thermal insulation materials market.
Market Size – USD 76.2 Million in 2018, Market Growth – CAGR of 4.4 %, Market Trends – Product Launches and Research for Advanced Tech Developments
NEW YORK, May 21, 2019 (GLOBE NEWSWIRE) — Based on current analysis, the global Subsea thermal insulation materials market was valued at USD 76.2 million in 2018 and is expected to reach USD 107.9 million by 2026, at a CAGR of 4.4% Subsea thermal insulation material is a covered insulation coating applied to components subjected to cold deep-water immersion. This coating is responsible for thermal stability to the components and facilities to cater smooth operation underwater. The key components of subsea thermal insulation materials market are polyurethane, polypropylene, silicon rubber, epoxy and others. Rise in deep water investigation is multiplying the growth of subsea thermal insulation materials market as it has a capacity to be used in deep water pipe cover applications.
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Furthermore, growing off-shore exploration is growing the demand for the subsea thermal insulation materials and is projected to have a positive influence on the overall growth of subsea thermal insulation materials market in the forthcoming years. The report is based on the analysis of the factors encouraging the growth of subsea thermal insulation materials market. Useful information about the type of materials, applications and the competitors operating in the global subsea thermal insulation materials market is offered along with their favorable strategies, product launches and technological advancements.
Further key findings from the report suggest
- Escalated demand for oil and gas industries are determined to be major factors to boost the demand. Companies/industries primarily concerned with oil exploration are required to drill deep under water and artic region for oil and gas. This is expected to propel the demand for global subsea thermal insulation materials market.
- Pipe covers hold the largest market share in the market is forecasted to continue having the dominating position in the years to come. Pipe line covers are widely used to cover the straight pipelines for the thermal insulation purpose.
- Technic FMC made an announcement to collaborate with Equinor ASA for all their off-shore undertakings till the completion of existing projects. This collaboration is likely to affect positively to increase the demand for products and services offered in the global market.
- Polyurethane is forecasted to hold the ruling position in the product types in the global subsea thermal insulation materials market with XX% of market share.
- Cabot is the first chemical manufacturing company to have successfully certified their manufacturing facilities in China in agreement with the Responsible Care Management System and RC1001 standard by BSI. This is flourishing the Chinese markets to generate revenue in subsea thermal insulation materials.
- The Dow Chemical Company announced that they had inaugurated a new technological office in Toronto, Canada. This will fuel the technological advancements in subsea thermal insulation materials. The expansion of their office in the particular region is expected to meet the need of the market requirements in that region.
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Segments covered in the report:
For the purpose of the study, this Reports and Data has segmented the Global Cancer Biomarkers Market on the basis of Material type, Application and the regional outlook:
Material type (Revenue, USD Million; 2016–2026)
- Silicone Rubber
Application (Revenue, USD Million; 2016–2026)
- Pipe Cover
- Field Joints
Regional Outlook (Revenue, USD Million; 2016-2026)
- North America
- Asia Pacific
- Latin America
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