Press release
Clad Pipe Market is estimated to register a CAGR of 5.6% during 2018-2028
Future Market Insights (FMI) delivers key insights on the global clad pipe market in a new report. The long-term outlook of the global clad pipe market is expected to remain positive with the clad pipe market value expected to increase at a CAGR of 5.6% during the forecast period. In the clad pipe report, average volume per year has been expressed in volume (Tons). Among the clad pipe segments by type, the metallurgical bonded clad pipe segment is expected to register robust growth over the forecast period.
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.
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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 & gas price trends have encouraged major oil & gas companies to increase investments in the exploration of new areas. This has led to the development of a number of oil & gas projects, especially in the offshore segment, which creates high demand for clad pipes. Western Europe and the Middle East and Africa are witnessing increased spending in the offshore oil & gas industry, owing to the new projects in the North Sea, Persian Gulf, Gulf of Guinea and Mediterranean Sea, which are expected to create high demand for the clad pipe market. Of the remaining oil & gas reserves, around 50% exist in highly corrosive environments. This is expected to drive the demand for clad pipes, given the rise in oil & gas exploration activities around the world.
Corrosion Resistant Alloy (CRA) pipes are also used to combat corrosion in pipelines, yet clad pipes are preferred over them as clad pipes are more economical to produce and weigh a fraction of CRA pipes. On the other hand, the fabrication of clad pipes requires specialized welding techniques and equipment, which are available only to a select few manufacturers. This can hinder the growth of clad pipes as CRA pipes form as a substitute in some markets. However, given their various advantages, the market for clad pipes is expected to register strong growth over the forecast period.
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