Global Duplex Stainless Steel Market, By Grade (Duplex, Lean Duplex, Super, and Hyper Duplex), Product Form (Tubes Pumps and Valves, Fittings and Flanges, Welding Wires, Rebar, Mesh, and Others), End User Industry (Oil and Gas, Desalination, Chemical, Construction, Pulp and Paper, and Others) - Industry Trends and Forecast to 2030.
Duplex Stainless Steel Market Analysis and Size
Duplex stainless steel is more robust than regular steel. Duplex stainless steel offers greater resistance to corrosion and high mechanical strength. Duplex stainless steel is a combination of both ferritic and austenitic grades, thus possessing greater properties. The growth and expansion of the various end-user verticals is the root cause fuelling the development of the duplex stainless steel market. Advantageous properties offered by duplex stainless steel are another factor responsible for propelling growth in the duplex stainless steel market value. Rising demand for duplex stainless steel by the building and construction industry owing to the rising urbanization and growth in construction activities, especially in the developing economies, will further accelerate the market growth rate. Rising industrialization will also directly and positively impact the demand for recycled glass globally. However, fluctuations in the prices of raw materials will pose a significant challenge to the growth of the duplex stainless steel market. Duplex stainless steel can only be used at limited temperatures, and this will further hamper the duplex stainless steel market growth rate.
Data Bridge Market Research analyses that the duplex stainless steel market, which was USD 3.5 billion in 2022, would rocket up to USD 4.47 billion by 2030 and is expected to undergo a CAGR of 3.2% during the forecast period. “Oil and Gas” dominates the duplex stainless steel market's end-user industry segment due to improved corrosion and stress resistance.
In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Duplex Stainless Steel Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2023
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Tons, Pricing in USD
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Segments Covered
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By Grade (Duplex, Lean Duplex, Super, and Hyper Duplex), Product Form (Tubes Pumps and Valves, Fittings and Flanges, Welding Wires, Rebar, Mesh, and Others), End User Industry (Oil and Gas, Desalination, Chemical, Construction, Pulp and Paper, and Others)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, rest of Middle East and Africa
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Market Players Covered
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COLUMBUS STAINLESS (PTY) LTD. (South Africa), Sandmeyer Steel Company (U.S.), Jindal Steel & Power Limited (India), Aalco Metals Limited (U.K.), Special Steel Components Corporation (Japan), Penn Stainless (U.S.), NIPPON STEEL CORPORATION (Japan), Outokumpu – ( Finland), MegaMex (U.S.), Sandvik AB; (publ) (Sweden), Citizen Metals Pvt Ltd. (India), Special Piping Materials (U.K.), Rolled Alloys, Inc. (U.S.), Tata Steel (India), and ArcelorMittal (Luxembourg) among others
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Market Opportunities
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Market Definition
Duplex stainless steel is a type of stainless steel that consists of a balanced microstructure of approximately equal amounts of austenite and ferrite phases. It is characterized by its high strength and corrosion resistance, making it suitable for a wide range of applications.
Duplex Stainless Steel Market Dynamics
Drivers
- Increasing Demand from Oil and Gas Industry
The oil and gas industry is a primary duplex stainless steel market driver. Duplex stainless steel's resistance to corrosion, pitting, and stress corrosion cracking in aggressive environments is precious in offshore platforms, subsea pipelines, and equipment. The growth of the oil and gas industry, including exploration, production, and refining activities, directly impacts the demand for duplex stainless steel.
- Expanding Chemical and Petrochemical Processing
Duplex stainless steel finds extensive use in the chemical and petrochemical processing industry. Its resistance to corrosion in the presence of aggressive chemicals and high temperatures makes it suitable for equipment such as reactors, heat exchangers, and storage tanks. The expanding chemical and petrochemical sectors worldwide contribute to the demand for duplex stainless steel.
Opportunities
- Emerging Markets and Industrialization
Emerging markets and regions experiencing rapid industrialization present opportunities for the duplex stainless steel market. These regions are witnessing increased investments in oil and gas, chemical processing, infrastructure, and power generation sectors. As industrialization expands, the demand for materials with corrosion resistance, strength, and durability, such as duplex stainless steel, will likely rise. The emerging economies in Asia, Africa, and South America offer significant growth potential for duplex stainless steel in various applications.
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Technological Advancements and Product Development
Advancements in manufacturing processes, alloy compositions, and surface treatments provide opportunities for product development and innovation in the duplex stainless steel market. Improved production techniques and cost-effective manufacturing methods can further enhance the properties and performance of duplex stainless steel. These advancements open doors for new applications and allow duplex stainless steel to meet evolving industry requirements.
Restraints/Challenges
- Limited Availability of Raw Materials
The production of duplex stainless steel relies on specific alloying elements, such as nickel and molybdenum, which are sometimes subject to price volatility and supply constraints. Limited availability and fluctuations in the cost of raw materials can pose challenges for manufacturers and potentially impact the overall supply chain and cost structure of duplex stainless steel.
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Welding and Fabrication Challenges
Duplex stainless steel requires careful handling during welding and fabrication processes to maintain its desired properties. Improper welding practices, such as excessive heat input or inadequate heat treatment, can lead to undesirable phases or reduced corrosion resistance in the welded joints. These challenges require skilled labor, specialized welding procedures, and stringent quality control measures, which can increase production costs and complexity.
This duplex stainless steel market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Duplex stainless steel market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Development
- In 2017, TATA Steel agreed to merge its European operations with ThyssenKrupp, and the new company will be known as ThyssenKrupp TATA Steel BV. In the form of a 55-45 share split, the German company receives a larger share.
Global Duplex Stainless Steel Market Scope
The duplex stainless steel market is segmented on the basis of grade, product form, and end user industry. The growth amongst the different segments helps you attain the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target market.
Grade
- Duplex
- Lean Duplex
- Super and Hyper Duplex
Product Form
- Tubes Pumps, and Valves
- Fittings and Flanges
- Welding Wires
- Rebar
- Mesh
- Others
End User Industry
- Oil and Gas
- Desalination
- Chemical
- Construction
- Pulp and Paper
- Others
Duplex Stainless Steel Market Regional Analysis/Insights
The duplex stainless steel market is analysed, and market size, and volume information is provided by country grade, product form, and end user industry as referenced above.
The countries covered in the duplex stainless steel market report are U.S., Canada, Mexico, Brazil, Argentina, rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, rest of Middle East and Africa.
Asia-Pacific is expected to dominate the market and will continue to flourish its dominance during the forecast period. China and India have emerged to become the major contributors to this region. One of the biggest factors propelling the market growth in this region is the growth in building and construction activities.
The country section of the duplex stainless steel market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Duplex Stainless Steel Market Share Analysis
The duplex stainless steel market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to Duplex stainless steel market.
Some of the major players operating in the duplex stainless steel market are:
- COLUMBUS STAINLESS (PTY) LTD (South Africa)
- Sandmeyer Steel Company (U.S.)
- Jindal Steel & Power Limited (India)
- Aalco Metals Limited (U.K.)
- Special Steel Components Corporation (Japan)
- Penn Stainless (U.S.)
- NIPPON STEEL CORPORATION (Japan)
- Outokumpu (Finland)
- MegaMex (U.S.)
- Sandvik AB (Sweden)
- Citizen Metals Pvt Ltd. (India)
- Special Piping Materials (U.K.)
- Rolled Alloys, Inc. (U.S.)
- Tata Steel (India)
- ArcelorMittal (Luxembourg)
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