Advanced Insulation (UK) and TechnipFMC (UK) are the Leading Players in the Subsea Thermal Insulation Materials Market
The global market size of subsea thermal insulation materials is projected to grow from close to USD 77 million in 2018 to more than USD 93 million by 2023, at a CAGR of 4.0% during the forecast period. The recovery of the oil & gas industry leading to growth in the number of subsea projects is the driving factor for the market. However, the fluctuations in crude oil prices is a factor that restraints the demand for subsea thermal insulation materials.
The leading players in the subsea thermal insulation materials market are Advanced Insulation (UK), AFGlobal Corporation (US), Aspen Aerogels (US), BASF (Germany), Cabot Corporation (US), DowDuPont (US), Shawcor Ltd. (Canada), TechnipFMC (UK), and Trelleborg Offshore & Construction (Sweden). These players adopted key growth strategies such as expansion, agreement, merger & acquisition, and new product development from 2014 to 2018, which helped them increase their capacities and cater to the widening customer base.
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Advanced Insulation (UK), has also been actively participating in market developments. The company is currently focusing on improving its subsea thermal insulation business by enhancing its service capabilities. In June 2015, the company expanded its Houston, Texas-based operation with an additional 10,000 sq. ft. manufacturing facility. The expansion helped the company in making offsite insulation of subsea components and systems using its ContraTherm range, thereby, enhancing its servicing capabilities in North America.
In January 2017, TechnipFMC (UK) was formed by the merger of FMC technology (US) and Technip (France). The merger brought together two complementary, leading players that provide integrated and discrete solutions to customers across the value chain in the oil & gas industry. The company adopted organic and inorganic growth strategies in order to enhance its market share in the subsea thermal insulation materials market. In September 2018, it signed a strategic agreement with Equinor (Norway) to provide improvement solutions to Equinor’s offshore projects, globally.
Aspen Aerogels (US), which is one of the key players in subsea thermal insulation materials market is focusing on organic growth strategies to respond to the continuously growing demand for insulating materials. In January 2017, the company made an agreement with Advanced Insulation (UK), for the stocking and distribution of Aspen’s products to the UAE and Oman. This agreement helped the company expand its reach in the Middle East & Africa.
Related Reports:
Subsea Thermal Insulation Materials Market By Type (Polyurethane, Polypropylene, Silicone Rubber, Epoxy,Aerogel), Application (Pipe-in-Pipe, Pipe Cover, Equipment, Field Joints), and Region - Global Forecast 2018 to 2023
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