I would appreciate if anybody could advise me the most practical way to stress analyze a cladded pipe. As an example; 24" Sch. 20 Carbon Steel pipe with 1/8" thick Inconel 625 cladding at design temperature of 450 F.

My preliminary approach is to solve for the equivalent modulus of elasticity(Ee) and equivalent thickness(te) and use these value in the analysis. Is this approach acceptable?