Dependency on demand from on-shore and off-shore projects continues, as market players hope for a quick recovery.
DUBAI, UAE / ACCESSWIRE / September 7, 2020 / The global clad pipe market is set to witness an expansion of CAGR 5.6% through 2028. The demand for high corrosion resistant pipes is surging which is thereby escalating its production. Offshore oil and gas projects will drive the market over the forecast period. The clad pipe market is going to bring up an increment opportunity of almost US$ 3454.4 million.
"These corrosion resistant, carbon bonded pipes exhibit unmatched strength and ductility which has surged the installation of clad pipes in major oil and gas companies for maintaining shutdowns, corrosion and leaks," states the FMI Analyst.
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Clad Pipe Market - Key Highlights
- On the basis of product type, the metallurgical bond segment will remain lucrative.
- 4-12-inch segment is expected to hold the maximum market value which will in turn promote revenue generation.
- Though there are leading regions in this sector yet Western Europe and Middle East Africa will be seen at a higher pedestal.
Clad Pipe Market - Driving Factors
- Major oil and gas industries rely on clad pipes as they are purely economical and corrosion-resistant.
- Increasing number of off-shore and on-shore oil and gas industries are now adopting clad pipes which will drive the market in the forecast period.
- Though CRA pipes also attract attention but they are heavier and costlier, therefore consumers are now shifting towards clad pipes.
Clad Pipe Market - Key Restraints
- The fabrication of clad pipes requires special welding techniques which might cause difficulties in installation.
- The whole process is expensive when compared to line pipes.
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Expected Impact on Market by Coronavirus Outbreak
Covid-19 has definitely posed serious threats on the market due to social distancing measures and reduced production. Due to poor economic conditions world-wide, investment in expensive technologies might decrease. Though this industry is likely to gain momentum as pipes are irreplaceable commodities and key players will soon come back to the market.
Competition Landscape
The Japan Steel Works, Ltd, NobelClad, Proclad, Inox Tech, Tenaris SA, Eisenbau Krämer GmbH, EEW Group, IODS Pipe Clad Ltd are few of the key players in the market. Advancement in quality and availability of clad pipes in different thickness is a key sector where manufacturers are now focussing.
Western Europe and Middle East Africa is focussing more on 3-6 mm segments as they are expected to reach a robust growth in the upcoming years.
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More on the report
This report analyses various segments of the market on the basis of grade (316 grade segment, 625,825), basis of type (metallurgical bonded segment), basis of thickness (4-12 inch, 12-24 inch, 24-48 inch)
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SOURCE: Future Market Insights