Clad Pipe Market Size, Share, Trends, Industry Analysis, Research And Forecast To 2028
Clad pipes are known to be special corrosion-resistant pipes that are made by bonding carbon steel pipes with corrosion resistant alloys (CRAs) to withstand highly corrosive environments. The global clad pipe market is estimated to register a CAGR of 5.6% during 2018-2028. Middle East and Africa, Western Europe and South East Asia & Pacific clad pipe markets are estimated to account for significant value shares by the end of the forecast period.
Because of their high corrosion resistance, they are commonly used in the offshore oil and gas industry in high temperature and high pressure situations. Clad pipes are typically formed by bonding a parent metal pipe, typically carbon steel, and a CRA metal pipe made of copper and nickel alloys.
The average volume per year has been expressed in volume in the clad pipe report (Tons). The metallurgical bonded clad pipe segment is expected to grow rapidly over the forecast period among the clad pipe segments by type.
Global sales of clad pipes is estimated to be valued at US$ 2,000.3 Mn by the end of 2018 and is expected to register a CAGR of 5.6% over the forecast period. Middle East and Africa, Western Europe and South East Asia & Pacific regions are expected to account for the lion’s share of the global clad pipe market by the end of 2028 and are expected to retain their positions as market leaders during the forecast period.
Global Clad Pipe Market Dynamics
Corrosion is one of the major problems affecting the efficiency of oil & gas and other petrochemical pipeline operations. According to a report by the World Corrosion Organization, corrosion costs account for an estimated US$ 2.5 Trillion worldwide, which is almost 4% of the GDP of industrialized countries. Out of which, 45% is spent in oil & gas and petrochemical sectors, which accounts to almost US$ 1 Trillion. With towering corrosion costs and interruptions caused due to leaks, maintenance and turnarounds, the clad pipe market is expected to witness great demand over the forecast period.
Recent oil and gas price trends have encouraged major oil and gas companies to increase their investments in new area exploration. This has resulted in the development of a number of oil and gas projects, particularly in the offshore segment, resulting in a high demand for clad pipes. Western Europe, the Middle East, and Africa are seeing increased offshore oil and gas spending as a result of new projects in the North Sea, Persian Gulf, Gulf of Guinea, and Mediterranean Sea, which are expected to drive demand for the clad pipe market. Around half of the remaining oil and gas reserves are in highly corrosive environments. Given the increase in oil and gas exploration activities around the world, this is expected to drive demand for clad pipes.
The primary driver for the global clad pipe market is the protection of pipelines from highly corrosive marine environments, as well as the relatively low cost of clad pipes in comparison to other CRA pipes. During the forecast period, the clad pipe market is expected to generate an incremental $ opportunity worth nearly US$ 3454.4 Mn, expanding at a CAGR of 5.6 percent.
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