Global Duplex Stainless Steel Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Duplex Stainless Steel Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Duplex stainless steel is a type of stainless steel that contains a combination of austenitic and ferritic microstructures. This combination provides the material with a unique set of properties, including high strength, excellent corrosion resistance, and good weldability. Duplex stainless steel is commonly used in applications where high strength and corrosion resistance are required, such as in the chemical, oil and gas, and marine industries. It is also used in the construction of bridges, buildings, and other structures that require high strength and durability.

Market Overview:

The latest research study on the global Duplex Stainless Steel market finds that the global Duplex Stainless Steel market reached a value of USD 3209.84 million in 2022. It’s expected that the market will achieve USD 5047.76 million by 2028, exhibiting a CAGR of 7.84% during the forecast period.

The impact of the Russia-Ukraine war on the Duplex Stainless Steel Market

Since the conflict between Russia and Ukraine, the United States and the West have imposed comprehensive, indiscriminate, and unprecedented sanctions on Russia. The financial sanctions are especially serious. They have successively resorted to freezing the overseas assets of the Russian Central Bank, kicking out major Russian banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT), restricting financing to Russian financial institutions and other leading companies in the industry, and selling Russian financial assets sharply. Downgraded Russia's sovereign credit rating to junk level, etc., and the U.S. Treasury Department even resorted to financial killers such as prohibiting the Russian government from repaying U.S. dollar debts through U.S. bank accounts, aiming to shake Russia's financial infrastructure, attack Russia's financial system, and cut off its use of U.S. dollars channels, weakening Russia's overseas financing and self-help capabilities.
The Russia-Ukraine conflict and resulting sanctions have had a major impact on the duplex stainless steel market. Russia is a major producer of raw materials used in the production of duplex stainless steels, such as nickel, chromium, and molybdenum. Due to the sanctions, the availability and prices of these materials have been impacted, which in turn affects the cost and supply of duplex stainless steel. Ukraine is an important market for duplex stainless steel, with many manufacturers and end users in the country. The conflict has disrupted supply chains and created uncertainty, which has led to lower demand for duplex stainless steel in the Ukrainian market. In addition, the Russia-Ukraine conflict has affected the overall global economy and has had an indirect impact on the duplex stainless steel market. Uncertainty and geopolitical risks lead to market volatility, which affects investment and demand.

Advantages of duplex stainless steel

Duplex stainless steel is stronger than ordinary steel. Duplex stainless steels have higher corrosion resistance and high mechanical strength. Duplex stainless steels are a combination of ferritic and austenitic grades and thus have higher properties. Compared with ferrite, it has higher plasticity and toughness, no room temperature brittleness, significantly improved intergranular corrosion resistance and welding performance and also has superplasticity and other characteristics. Compared with austenitic stainless steel, it has high strength and significantly improved resistance to intergranular corrosion and chloride stress corrosion. Duplex stainless steel has excellent pitting corrosion resistance and is also nickel-saving stainless steel. In short, duplex stainless steel has the advantages of better corrosion resistance, high strength and high toughness, good machinability, heat resistance, weldability, and maintainability, and is suitable for various complex industrial and construction fields.

The demand for sustainable materials increase promotes the development of duplex stainless steel market

With the continuous improvement of global environmental awareness, the demand for sustainable materials has also increased year by year. As a high-intensity, high-corrosion-resistant material, duplex stainless steel has good sustainability, so it has also received more and more attention and needs, which has promoted the development of the duplex stainless steel market. First of all, duplex stainless steel has a long life and good recycling and utilization, which meets the requirements of sustainable development. Compared with traditional materials, the life of duplex stainless steel can reduce the consumption and waste of resources. At the same time, duplex stainless steel can also be recycled, reducing the impact on the environment. Secondly, duplex stainless steel has good corrosion resistance and antioxidant, and can reduce pollution to the environment. In some special environments, traditional materials are easily affected by corrosion and oxidation, while duplex stainless steel can maintain better performance and reduce pollution to the environment. Finally, the production process of duplex stainless steel is also more environmentally friendly. In the production process of duplex stainless steel, the smelting technology of arc furnaces can be used, which can reduce energy consumption and the discharge of carbon dioxide, and meet the requirements of sustainable development. Therefore, the growth of sustainable materials has promoted the development of the duplex stainless steel market. With the continuous improvement of global environmental awareness, the prospects of the duplex stainless steel market will also be wider.

Region Overview:

China had the highest growth rate of all regions.

Company Overview:

SHANXI TAIGANG STAINLESS STEEL CO., LTD. is one of the major players operating in the Duplex Stainless Steel market, holding a share of 41.58% in 2023.

SHANXI TAIGANG STAINLESS STEEL CO., LTD.

SHANXI TAIGANG STAINLESS STEEL CO., LTD. is a China-based company principally engaged in the production and sale of stainless steel and other steel material, billet, ingot, ferrous metal, ferroalloy and metal products, as well as the domestic trading and import and export of raw and auxiliary materials for steel production. The Company's main products include stainless steel, cold-rolled silicon steel, carbon steel hot-rolled coil, wheel axle, alloy die steel and military steel, among others. The Company distributes its products in domestic market and to overseas markets.

Outokumpu

Outokumpu is the global leader in stainless steel. The foundation of their business is their ability to tailor stainless steel into any form and for almost any purpose. Stainless steel is sustainable, durable and designed to last forever.

Segmentation Overview:

By type, Standard Duplex segment accounted for the largest share of market in 2022.

Application Overview:

By application, the Chemical Industry segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Duplex Stainless Steel market covered in Chapter 3:

Jindal Stainless
Allegheny Technologies Incorporated
Cogne Acciai Speciali Spa
SHANXI TAIGANG STAINLESS STEEL CO., LTD.
Valbruna Stainless Inc.
Nippon Yakin Kogyo Co. Ltd.
Posco Group
BUTTING Group
Voestalpine AG
Arcelormittal
Ambica Steels
Carpenter Technology
Acerinox
AK Steel International
Sandvik Group
Daido Steel Co. Ltd.
Thyssenkrupp AG
Rolled Alloys Inc.
Sandmeyer Steel Company
Outokumpu
Foroni S.P.A.
Nippon Steel Stainless Steel Corporation

In Chapter 4 and Chapter 14.2, on the basis of types, the Duplex Stainless Steel market from 2018 to 2029 is primarily split into:

Standard Duplex
Lean Duplex
Super Duplex

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Duplex Stainless Steel market from 2018 to 2029 covers:

Desalination Industry
Chemical Industry
Pulp & Paper
Construction Industry
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)