Global Subsea Thermal Insulation Materials Market 2017-2021

Overview of the global subsea thermal insulation materials market

Technavio's research analysis on the global subsea thermal insulation materials market identifies that the shift from shallow to deep-water exploration will be one of the major factors that will have a positive impact on the market's growth. The developments in drilling technology, and the rising demand for oil have led the oil and gas vendors to develop a safer method for exploring, production, and commissioning offshore deep and ultra-deep-water wells especially in the Gulf of Mexico and Brazil. These deep-water and ultra-deep-water projects need adequate thermal insulation. Moreover, the oil taken from deep-water reserves is at a high temperature, and should be kept at ideal temperature for fluids transfer at subsea level. This maintenance of optimal temperatures is done by the subsea lines (pipes) that are thermally insulated to allow easy flow through the pipes and to prevent the fluid from turning cold. Our market research analysts predict that this market will grow at a CAGR of close to 5% by 2021.

In terms of geographic regions, EMEA will be the major revenue contributor of the subsea thermal insulation materials market throughout the forecast period. The increase in exploration and production of oil and gas in countries such as Angola, Nigeria, and Tanzania will drive the demand for subsea thermal insulation materials in the region.

Competitive landscape and key vendors