Clad Pipe Market Is Driven By Increasing Demand Of Clad Pipes In Oil And Gas Industry
According to a new market research report published by Brisk Insights, “Global Clad Pipe Market (Type (Metallurgical Bonded, Mechanically Lined, Weld Overlay), Grade (316, 625, 825) Outer Diameter (4-12 Inch, 12-24 Inch, 24-48 Inch, 48-60 Inch, 60-120 Inch) Wall Thickness (3-6 mm, 6-18 mm, 18-36 mm, 36-60 mm, 60-120 mm)) – Growth, Future Prospects and Competitive Analysis, 2019 - 2027”, the overall clad pipe market worldwide is set to grow with a CAGR of more than 5.8% during the forecast period from 2019 to 2027, starting from US$ 2.25 Bn in 2018.
Globally, in the industrial sector there is increasing demand for light weight, strong and corrosion resistant material that would help simplify the working process. Specifically in the oil and gas industry, the clad pipes are highly used to survive the high-pressure and high temperature environment. Most of the manufacturing, oil and gas, and mining industries face corrosion problems, due to the flow of heavy chemicals and gases. This has mainly driven attention of the industries towards clad pipes.
Furthermore, rapid development in the oil and gas industry, increasing demand for petrochemical components, growing demand for light weight and corrosion resistant material, and changing manufacturing sector are some of the additional factors driving the growth of clad pipe market across the globe. However, high cost of these pipes and critical manufacturing process are some of the factors hampering the growth of this market during the forecast period.
Based on type, metallurgical bonded clad pipes hold the maximum market share in the global clad pipe market. These pipes are highly adopted based on the advantages associated with it. Its features such as small wall thickness, durability and strength, light weight and cost saving material attract the industry users. Additionally, based on its properties, its adoption is also high and thus dominates the market by generating the largest revenue in the global clad pipe market.
Based on the geography, North America dominated the market by holding the largest market share. Presence of manufacturers, and high investment in oil and gas industry, are some of the factors associated with this huge market. However, Europe, Asia-Pacific and Middle Eastern countries are likely to witness the fastest growth during the forecast period. Mainly, the developing countries offer lucrative growth opportunities for offshore activities, hence are suitable for players to invest. This high growth is attributed to factors such as growth oil and gas industry, increasing demand for petrochemical substances, increasing amount of offshore activities, and growing investment in development and advancement of manufacturing processes. Moreover, major players in the oil and gas industry are investing in some of the European countries and other countries such as China, South Africa, and UAE. This increasing investment also drives the market for clad pipes in these regions.
Some of the major companies profiled in the report include NobelClad, Japan Steel Works, Proclad, Tenaris SA, Inox Tech, Eisenbau Krämer, IODS Pipe Clad Ltd, EEW Group, BUTTING Group, Gieminox Tectubi Raccordi S.R.L., Cladtek Holdings Pte Ltd, Canadoil Group Ltd, Guangzhou Pearl River Petroleum Steel Pipe, Precision Castparts Corp, and Jiuli Group among others.
Browse the full report at https://www.briskinsights.com/report/clad-pipe-market
The Global Clad Pipe Market is Segmented into:
By Type Segment (2017–2027; US$ Bn)
By Grade Segment (2017–2027; US$ Bn)
By Outer Diameter Segment (2017–2027; US$ Bn)
By Wall Thickness Segment (2017–2027; US$ Bn)
By Geography Segment (2017–2027; US$ Bn)
*Complete segmentation list is on report page