DUBLIN--(BUSINESS WIRE)--The "Global Cladding Service Market, By Type, Application & By Region - Forecast and Analysis 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global cladding (metalworking) service market was valued at USD 41.98 Billion in 2021, and it is expected to reach a value of USD 55.93 Billion by 2027, at a CAGR of more than 4.67% over the forecast period (2022 - 2027).
The growth of this market is attributed to the increasing number of deep-water and ultra-deep-water fields and the growing drilling operations are expected to drive the demand for the cladding metalworking service market.
The oil and gas industry is expected to drive cladding service demand in the coming years. Oil & Gas companies work in a complex environment, where they face constant challenges, especially with respect to corrosion.
According to a recent study, the total annual cost of corrosion in the oil and gas production industry is estimated to be $1.37 billion. It is estimated that these costs and environmental risks could rise further in the years ahead, as new hydrocarbon sources are found in more challenging environments - deeper reservoirs with higher temperatures and pressures and containing greater concentrations of acid gases.
In the cladding process, the backing steel for clad plate in sour service does not need to be resistant to hydrogen-induced (stepwise) cracking since the alloy layer (clad layer) prevents corrosion (and therefore hydrogen generation) at the inner surface of the vessel or pipe.
Occasionally concern is expressed about the risk of hydrogen disbonding between the cladding and the backing steel. In the context of oil and gas production, this is unlikely to occur since there is no hydrogen produced at the inner surface. The alloy layer should be selected to be fully corrosion resistant in the expected environment so that there is no corrosion and therefore no hydrogen is generated internally.
The outer surface, if buried or submerged, would normally be cathodically protected. If protected at the correct potential, some hydrogen will be generated externally.
The report provides market sizing and forecast across five major regions, namely, North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), and Middle East & Africa (MEA). In this report, the year 2016 to 2020 is considered a historical year, 2021 is the base year, 2022 is the estimated year, and years from 2022 to 2027 are considered the forecast period. data.
In the competitive landscape, the report studies the growth strategies adopted by the companies. Players in this market adopted various strategies to expand their global footprint and augment their market share.
The key strategies followed by most companies in the global cladding (metalworking) service markets were agreements and collaborations, mergers and acquisitions, and expansion.
Aspects covered in this report
Key players discussed in this report
For more information about this report visit https://www.researchandmarkets.com/r/hy5kiv
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