United States High Alloy Duplex Stainless Steel market size was valued at USD 100.9 million in 2022, which is expected to grow to USD 218.02 million in 2030 with a CAGR of 10.1% during the forecast period between 2023 and 2030. The material's exceptional corrosion resistance is one of the main factors, making it perfect for applications in harsh environments like offshore oil and gas platforms, chemical processing facilities, and marine settings. Given its suitability for various crucial components in offshore installations, expanding offshore oil and gas exploration and production activities significantly drives high alloy duplex stainless steel demand. Similarly, the chemical processing sector needs materials that can withstand harsh chemical environments. Due to its corrosion and crevice corrosion resistance, duplex stainless steel is a popular option for many applications in this industry.
Moreover, environmental regulations by the United States Environmental protection agency helps the market growth due to stringent regulations that encourage businesses to use products that have less of an impact on the environment and emit fewer emissions. High alloy duplex stainless steel is to witness increasing demand in line with the country's sustainability goals due to its durability and long-life cycle.
Aging Infrastructure
Demand for high-performance materials like high alloy duplex stainless steel is growing because of expanding infrastructure projects, specifically bridges. High alloy duplex stainless steel is suitable for renovating infrastructures due to its strength, durability, and corrosion resistance. Additionally, outdated infrastructure in developed economies needs to be renovated and replaced. Due to its durability and resistance to corrosion, high alloy duplex stainless steel is a popular material for upgrading existing infrastructure, promoting market expansion.
For instance, during the first quarter of 2023, several construction projects of bridges commenced, namely, Jupiter Federal Bridge Replacement, North first Avenue Bridge, Clayton Riverwalk Neuse Greenway Bridge Replacements and Cottonwood Creek Bridge Replacement. This rise in construction with high requirements of corrosion resistance and high tensile strength drives the demand for high alloy duplex stainless steel.
Expanding Chemical Sector
Materials that can withstand aggressive chemical environments are essential to the chemical processing industry. High alloy duplex stainless steel is the material of choice for applications like reactors, heat exchangers, and storage tanks due to its corrosion resistance. Additionally, its toughness and lengthy life cycle properties, coupled with its inclination towards eco-friendly materials, are further expected to strengthen the demand for high alloy duplex stainless steel in the United States market.
For instance, to expand their chemical plant in the United States BASF has invested USD 780 million. According to the company, this expansion will enable BASF to satisfy the rising demand for its products in North America's construction, appliance, transportation, automotive, and other industries. Thus, the expansion and construction of chemical plants is expected to raise the demand for high alloy duplex stainless steel during the forecast period.
Impact of COVID-19
The COVID-19 pandemic disrupted supply chains in the United States, which weakened the manufacturing and distribution of high alloy duplex stainless steel. Due to factory closures and transportation restrictions throughout the country, there were delays in the stainless-steel supply chain and inventory shortages. Demand fell across many industries, including construction, automotive, and aerospace, because of lockouts and economic slowdowns, which hurt the market for stainless steel, including high-alloy duplex stainless steel. Due to changes in supply, demand dynamics and economic uncertainty, the output of the high alloy duplex stainless steel market in the United States decreased by 20.3% during 2020 compared to the previous year, according to the international stainless-steel forum (ISSF).
Impact of Russia-Ukraine War
The conflict between Russia and Ukraine have negatively impacted the United States' high alloy duplex stainless steel because Russia was a significant supplier of raw nickel to the United States, Russia held 15% of the world's nickel exports of nickel before the war. Due to the ongoing conflict, the United States imposed import bans, which tightened the stainless-steel supply situation in the country, leading to an increase in production costs, which weakened procurement activity. However, due to increased investments in defense projects in the United States due to the war and geopolitical unrest, the country witnessed a demand rise for high alloy duplex stainless steel.
Key Players Landscape and Outlook
Major high alloy duplex stainless steel producers are fortifying their market positions through expansion strategies, which include building new locations to accommodate growing demand and seize market opportunities.
For instance, Rolled Alloy announced its plans to construct a one-story light manufacturing facility in northwest Ohio, Toledo, in July 2023 to meet the rising demand in the American market.
Overall, the United States high alloy duplex stainless steel market is still expected to grow and see increased adoption across various industries looking for high-performance materials to meet their changing needs. It is driven by strong demand from key sectors like infrastructure, chemical processing, oil and gas, and aerospace. With its reliance on materials with exceptional corrosion resistance and strength for its crucial operations, the offshore oil and gas industry is a significant driver. Similarly, the growth of the United States chemical processing industry drives demand for high alloy duplex stainless steel, which can withstand harsh chemical environments. Environmental laws impact the economy significantly, driving initiatives to adopt more potent, more resilient materials like duplex stainless steel.
- 1. Research Methodology
- 2. Project Scope & Definitions
- 3. Impact of COVID-19 on the United States High Alloy Duplex Stainless Steel Market
- 4. Impact of Russia-Ukraine War
- 5. Executive Summary
- 6. Voice of Customer
- 6.1. Market Awareness and Product Information
- 6.2. Brand Awareness and Loyalty
- 6.3. Factors Considered in Purchase Decision
- 6.3.1. Brand Name
- 6.3.2. Quality
- 6.3.3. Quantity
- 6.3.4. Price
- 6.3.5. Product Specification
- 6.3.6. Application Specification
- 6.3.7. Shelf-Life
- 6.3.8. Availability of Product
- 6.4. Frequency of Purchase
- 6.5. Medium of Purchase
- 7. United States High Alloy Duplex Stainless Steel Market Outlook, 2016-2030F
- 7.1. Market Size & Forecast
- 7.1.1. By Value
- 7.1.2. By Volume
- 7.2. By Composition
- 7.2.1. Chromium
- 7.2.2. Nickel
- 7.2.3. Copper
- 7.2.4. Tungsten
- 7.2.5. Molybdenum
- 7.2.6. Others
- 7.3. End-use Industry
- 7.3.1. Offshore & Near-shore Application
- 7.3.1.1. Oil Drilling
- 7.3.1.2. Desalination
- 7.3.1.3. Water Treatment
- 7.3.1.4. Others
- 7.3.2. Equipment
- 7.3.2.1. Pollution Control Equipment
- 7.3.2.2. Engineering Equipment
- 7.3.2.3. Fermentation Equipment
- 7.3.3. Processing Industry
- 7.3.3.1. Food Processing
- 7.3.3.2. Chemical Processing
- 7.3.3.3. Hot Water & Brewing Tanks
- 7.3.4. Pulp and Paper Industry
- 7.3.5. Construction
- 7.3.6. Transportation
- 7.3.7. Others
- 7.4. By Region
- 7.4.1. Northwest
- 7.4.2. Southwest
- 7.4.3. West
- 7.4.4. Southeast
- 7.4.5. Midwest
- 8. Supply Side Analysis
- 8.1. Capacity, By Company
- 8.2. Production, By Company
- 8.3. Operating Efficiency, By Company
- 8.4. Key Plant Locations (Up to 25)
- 9. Market Mapping, 2022
- 9.1. By Composition
- 9.2. By End-use Industry
- 9.3. By Region
- 10. Macro Environment and Industry Structure
- 10.1. Supply Demand Analysis
- 10.2. Import Export Analysis – Volume and Value
- 10.3. Supply/Value Chain Analysis
- 10.4. PESTEL Analysis
- 10.4.1. Political Factors
- 10.4.2. Economic System
- 10.4.3. Social Implications
- 10.4.4. Technological Advancements
- 10.4.5. Environmental Impacts
- 10.4.6. Legal Compliances and Regulatory Policies (Statutory Bodies Included)
- 10.5. Porter’s Five Forces Analysis
- 10.5.1. Supplier Power
- 10.5.2. Buyer Power
- 10.5.3. Substitution Threat
- 10.5.4. Threat from New Entrant
- 10.5.5. Competitive Rivalry
- 11. Market Dynamics
- 11.1. Growth Drivers
- 11.2. Growth Inhibitors (Challenges, Restraints)
- 12. Key Players Landscape
- 12.1. Competition Matrix of Top Five Market Leaders
- 12.2. Market Revenue Analysis of Top Five Market Leaders (in %, 2022)
- 12.3. Mergers and Acquisitions/Joint Ventures (If Applicable)
- 12.4. SWOT Analysis (For Five Market Players)
- 12.5. Patent Analysis (If Applicable)
- 13. Pricing Analysis
- 14. Case Studies
- 15. Key Players Outlook
- 15.1. ThyssenKrupp North America, Inc
- 15.1.1. Company Details
- 15.1.2. Key Management Personnel
- 15.1.3. Products & Services
- 15.1.4. Financials (As reported)
- 15.1.5. Key Market Focus & Geographical Presence
- 15.1.6. Recent Developments
- 15.2. Penn Stainless Products, Inc
- 15.3. Outokumpu stainless USA, LLC
- 15.4. AK Steel (Clevland-Cliffs Inc)
- 15.5. North American Stainless (Acerinox Group)
- 15.6. Sandmeyer Steel Company
- 15.7. Carpenter Technology Corporation
- 15.8. Rolled Alloys, Inc
- 15.9. Nippon Steel North America, Inc
- 15.10. Allegheny Technologies, Inc
- *Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.
- 16. Strategic Recommendations
- 17. About Us & Disclaimer
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