Duplex Stainless Steel Market Size (2024 - 2029)

The duplex stainless steel market is projected to experience growth over the forecast period, driven by its increasing applications for corrosion resistance and heightened demand from the oil and gas sector. Despite the challenge posed by its limited use at higher temperatures, the market is expected to benefit from opportunities arising in new oilfield facilities. The Asia-Pacific region is anticipated to lead in market consumption, with significant contributions from countries such as India and China.

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Market Size of Duplex Stainless Steel Industry

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Duplex Stainless Steel Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 4.50 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Low

Major Players

Duplex Stainless Steel Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Duplex Stainless Steel Market Analysis

The global duplex stainless steel market has been estimated to be valued at USD 2,310.63 million throughout 2023, and it is expected to reach a value of USD 2,879.47 million by 2028, registering a CAGR of 4.5% during the forecast period (2023-2028).

  • Over the medium term, factors such as increasing applications for corrosion resistance and rising demand from the oil and gas industry are expected to drive the growth of the market.
  • On the other hand, the limited use of duplex stainless steel at higher temperatures is expected to restrain the growth of the duplex stainless steel market.
  • The rising demand for duplex stainless steel in new oilfield facilities is expected to offer growth opportunities to the industry.
  • The Asia-Pacific region is expected to dominate the market, with the largest consumption being recorded by countries like India and China.

Duplex Stainless Steel Industry Segmentation

Duplex stainless steel is a combination of two phases, ferrite and austenite, in approximately equal measurements. Duplex stainless steel benefits from the advantages of both austenitic and ferritic stainless steel elements, thereby leading to increased strength, improved weldability, higher toughness, and higher resistance to several types of corrosion. Commercially, duplex stainless steel is cheaper than austenitic stainless steel due to its lower nickel content.

The duplex stainless steel market is segmented on the basis of type, end-user industry, and geography. By type, the market is segmented into lean duplex stainless steel, duplex stainless steel, and super duplex stainless steel. By end-user industry, the market is segmented into oil and gas, construction, paper and pulp, chemical processing, and other end-user industries. This report covers the size and forecast of the duplex stainless steel market in 15 countries across major regions. For each segment, the market sizing and forecast are based on the revenue generation (USD million).

Type
Lean Duplex Stainless Steel
Duplex Stainless Steel
Super Duplex Stainless Steel
End-user Industry
Oil and Gas
Construction
Paper and Pulp
Chemical Processing
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Duplex Stainless Steel Market Size Summary

The duplex stainless steel market is poised for steady growth, driven by its increasing applications in corrosion-resistant environments and rising demand from the oil and gas sector. Despite challenges such as limited high-temperature applications, the market is expected to benefit from opportunities in new oilfield facilities. The Asia-Pacific region, particularly China and India, is anticipated to lead in market consumption due to rapid infrastructure development and significant investments in construction projects. Duplex stainless steel's unique properties, such as higher strength and corrosion resistance, make it a preferred choice in the construction industry, with applications ranging from pedestrian bridges to structural supports in corrosive locations.

The construction boom in China, supported by government initiatives and mega-projects, along with India's focus on smart city development and infrastructure expansion, are key factors propelling the market. The region's dominance is further bolstered by the growing chemical industry, which is expected to increase demand for duplex stainless steel in manufacturing processes. The market is characterized by fragmentation, with major players like Thyssenkrupp AG, Voestalpine AG, and ArcelorMittal SA competing for market share. Strategic expansions and collaborations, such as Thyssenkrupp's investments in digital supply chain services and POSCO's partnership with Adani Group, are indicative of the industry's dynamic nature and potential for growth.

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Duplex Stainless Steel Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Applications for Corrosion Resistance

      2. 1.1.2 Growing Demand from the Oil and Gas Industries

    2. 1.2 Restraints

      1. 1.2.1 Limited Heat Resistance

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 Type

      1. 2.1.1 Lean Duplex Stainless Steel

      2. 2.1.2 Duplex Stainless Steel

      3. 2.1.3 Super Duplex Stainless Steel

    2. 2.2 End-user Industry

      1. 2.2.1 Oil and Gas

      2. 2.2.2 Construction

      3. 2.2.3 Paper and Pulp

      4. 2.2.4 Chemical Processing

      5. 2.2.5 Other End-user Industries

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 France

        4. 2.3.3.4 Italy

        5. 2.3.3.5 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of South America

      5. 2.3.5 Middle-East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Rest of Middle-East and Africa

Duplex Stainless Steel Market Size FAQs

The Duplex Stainless Steel Market is projected to register a CAGR of 4.5% during the forecast period (2024-2029)

Thyssenkrupp AG, Voestalpine AG, Daido Steel Co., Ltd, ArcelorMittal S.A. and POSCO are the major companies operating in the Duplex Stainless Steel Market.

Duplex Stainless Steel Market Report Snapshots

Duplex Stainless Steel Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)