Technavio's latest market research report on the global subsea thermal insulation materials market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technaviodefines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
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Technavio has published a new report on the global subsea thermal insulation materials market from 2017-2021. (Graphic: Business Wire)
One of the key factors resulting in the growth of the global subsea thermal insulation materials market is the growing offshore exploration and production activities that accounted for more than 29% of the global oil production. Thermal insulation materials for pipes are usually used in offshore oil and gas production as it requires protection from high temperature, corrosion, and other adverse conditions.
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The three emerging market trends in the global subsea thermal insulation materials market according to Technavio research analysts are:
- Increasing demand for mobile production unit (MPU)
- Discoveries of potential reserves
- Bio-refineries: the future of petroleum
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Increasing demand for mobile production unit (MPU)
The portable MPU that are being developed and deployed are predicted to drive the demand for subsea thermal insulation materials. Services such as thermal insulation, corrosion protection coating, and passive fire protection are provided by MPU, which is a mobile coating facility. A fleet of advanced technology and equipment can be strategically stationed near any oil and gas field, rail site or trucking route, and marine waterway using the mobile production technology.
According to Hitesh Bhatia, a lead analyst at Technavio for metals and minerals, "The economies of large projects and in-time production are improved due to mobilization, which deals with optimizing logistics. The coating repairs caused by transportation and handling damage are further reduced, allowing the pipeline constructor to operate more efficiently. The equipment of the mobile production plant can be loaded in 8-12 standard 6-meter containers, and the mobile plant can be made up running within two weeks of onsite arrival."
Discoveries of potential reserves
A major opportunity for the global subsea thermal insulation materials market is the discovery of new potential offshore reserves across the globe. These materials prevent the formation of wax and gas hydrates and are mainly used for smooth and efficient flow of fluids. The demand for thermal insulation materials is set to increase due to new offshore reserves discovered in the Gulf of Mexico, Ghana, and French Guinea. Africa is one of the most promising regions for new oil and gas exploration and production activities.
In Canada, the Norwegian oil company Statoil, along with its partner Husky Energy (Canada), discovered the Bay du Nord oilfield in offshore Eastern Canada. The new oilfield is estimated to hold approximately 300-600 million barrels of recoverable oil. These new oilfields would require subsea thermal insulation materials to conserve heat for proper flow of fluids.
Bio-refineries: the future of petroleum
"A major trend in the global market is the replacement of fossil fuels with renewable energy to produce biofuels and chemicals. In accordance with the current consumption pattern, non-renewable sources are expected to get depleted within the next 50 years. The offshore biorefineries possess massive potential to provide different petroleum products such as biofuels, butanol, ethanol, and methane," says Hitesh.
Thermal insulation materials are required for the storage and transportation of bio-based fuels in offshore refineries to ensure better flow assurance and chemical stability. A sustainable future can be achieved with the assistance from eco-friendly, self-sufficient, and state-of-the-art integrated biorefineries. The resourceful use of biomass will provide a future that projected to build a bio-based economy. The potential of offshore macroalgal biorefineries to deliver fuels and chemicals is expected to drive the demand for subsea insulation materials.
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