Market Insights
As per the report, 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.
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.
This newly published and insightful report sheds light on market insights of the Duplex Stainless Steel Market, including their impact on the overall value chain from suppliers to end-users and growth dynamics. Also, it discusses the market size from 2022-2028.
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.
Key Players
Stratview Research tracks all the major product launches, mergers, and acquisitions over the past few years. The identification of key players in the market is based on both primary interview results as well as available authentic secondary data sources. According to the research, the following are the key players in the Duplex Stainless Steel Market.
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.Segments 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.
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