Duplex Stainless-Steel Market Size to experience an impressive growth of 5.2%
February 10, 2020
Duplex Stainless-Steel Market is likely to witness an impressive CAGR of 5.2% during the forecast period. 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.
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Duplex Stainless-Steel Market Insights:
By Grade Type:
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 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.
By End-Use Industry Type:
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 2018. The growth is attributed to the increasing oil & gas exploration activities and the use of duplex stainless steel in various end-use industries.
By Region:
In terms of regions, Asia-Pacific was the largest market for duplex stainless steel in 2018. 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.
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