A method for training a well model to predict material loss for a pipe string having a wall thickness and located within a borehole. The method may include measuring the wall thickness of a first pipe string at locations axially along the first pipe string with a logging tool at a first time. The method may also include measuring the wall thickness of the first pipe string at the locations with the logging tool at a second time. The method may further include training a first well model based on a machine learning (“ML”) algorithm to predict a predicted amount of material loss in the future for the first pipe string at a selected location using the wall thickness measurements at the first and second times and well operating condition information related to the first pipe string.