Global subsea thermal insulation materials market is expected to rise from its initial estimated value of USD 75.65 million in 2018 to a projected value of USD 102.58 million by 2026, registering a CAGR of 3.88% in the forecast period of 2019-2026. This rise in market value can be attributed to the growing prevalence of underwater and offshore energy extraction processes.
Subsea thermal insulation is the process of maintaining the desired composite temperature of the materials undersea so that there is no formation of hydrate plugs or waxes in the pipes and tanks. Non-applicability of thermal insulation results in cooling of oils and gases extracted resulting in formulation of waxes causing blockages in the entire structure. This type of insulation involves covering the entire inner portion of the structure with modified chemicals and materials causing the temperature to remain constant.
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Competitive Analysis: Global Subsea Thermal Insulation Materials Market
Global subsea thermal insulation materials market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of subsea thermal insulation materials market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
Key Market Competitors: Global Subsea Thermal Insulation Materials Market
Few of the major competitors currently working in the subsea thermal insulation materials market are Cabot Corporation, Aspen Aerogels Inc., TechnipFMC plc, Advanced Insulation Limited, BASF SE, The Dow Chemical Company, Ameriforge Group Inc., Trelleborg AB (publ), SHAWCOR, Tenaris, Aegion Corporation, Balmoral Group Holdings Ltd, Engineered Syntactic Systems and Materia Inc.
Segmentation: Global Subsea Thermal Insulation Materials Market
Key Insights in the report:
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