Duplex Stainless Steel Market Growth Trends & Forecast till 2028
August 25, 2023
The duplex stainless steel market was estimated at USD 2.96 billion in 2022 and is likely to witness an impressive CAGR of 5.09% during 2023-2028 to reach USD 4 billion in 2028.
What is duplex stainless steel?
Duplex stainless steel is a part of the steel family itself. It is named duplex because its structure is made up of two phases and these are ferrite and austenite.
Duplex stainless steel is available in different product forms such as tubes, pumps & valves, fittings & flanges, welding wires, rebar & mash, and others. Oil and Gas, Desalination, Pulp & Paper, Chemical, and Construction are some of the industries where duplex stainless steel is used.
Segment Analysis:
Based on the grade type, the market is segmented as duplex, lean duplex, and super duplex. The super duplex segment is estimated to register the highest growth in the coming five years. Owing to its properties such as its ability to manage corrosive and high-pressure situations, it is extensively used in oil & gas exploration activities, which in turn, drives the growth of this segment.
Based on the end-use industry type, the market is segmented as oil & gas, desalination, chemical, pulp & paper, construction, and others. The oil & gas segment dominated the market in 2022. The growth is attributed to the increasing oil & gas exploration activities and the use of duplex stainless steel in various end-use industries.
In terms of regions, Asia-Pacific was the largest market for duplex stainless steel in 2022. Asia-Pacific is also expected to lead its dominance in the coming five years. China and India are the growth engines of the region. The market is sustained by the increasing use of duplex stainless steel in various end-use industries. North America and Europe are also expected to offer considerable growth opportunities during the forecast period.
Market Dynamics
The increasing demand for duplex stainless steel from various end-use industries and its extensive use in oil & gas exploration activities is driving the market globally.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
Based on the research, a proper report is crafted with the following key features:
· Market structure: Overview, industry life cycle analysis, supply chain analysis
· Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
· Market trend and forecast analysis
· Market segment trend and forecast
· Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
· Attractive market segments and associated growth opportunities
· Emerging trends
· Strategic growth opportunities for the existing and new players
· Key success factors
Key Players
- Outokumpu OYJ,
- Tata Steel,
- Arcelormittal S.A.,
- Nippon Steel & Sumikin Stainless Steel Corporation,
- Sandvik Materials Technology AB,
- Posco Group,
- Acerinox S.A.,
- Allegheny Technologies Incorporated,
- Indal Steel & Power Ltd.
About Stratview Research
Stratview Research is a global market intelligence firm providing wide range of services including syndicated market reports, custom research and sourcing intelligence across industries, such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas.
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Author : Chandana Patnaik
Frequently Asked Questions (FAQs)
The duplex stainless steel market was estimated at USD 2.96 billion in 2022.
The duplex stainless steel market is likely to reach USD 4 billion in 2028.