Duplex Stainless Steel Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Duplex Stainless Steel Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Global Duplex Stainless Steel Market is projected to register a CAGR of over 5% during the forecast period.

Due to the COVID-19 pandemic, the building sector stalled, making market growth for duplex stainless steel more difficult in 2020. However, the upsurge in the construction industry propelled the demand for duplex stainless steel.

Key Highlights

• In the medium term, increasing applications for corrosion resistance and growing demand from the oil and gas industry are expected to drive market growth.
• However, duplex stainless steel can only be used under limited temperatures, which is expected to hinder market growth.
• The growing demand for duplex stainless steel in new oilfield facilities is expected to offer growth opportunities to the industry.
• Asia-Pacific region is expected to dominate the market with the largest consumption from countries such as India and China.

Duplex Stainless Steel Market Trends

Growing Demand from Construction Industry

• Duplex stainless steel finds major applications in the construction industry. It is used as a construction design material because of its unique characteristics, such as higher strength than carbon steel and higher corrosive resistance than austenitic stainless steel.
• The most common building and construction applications for duplexes have been spectacular pedestrian bridges like The Helix bridge in Singapore, San Diego's Harbor Drive Bridge, and the new Lusail Pedestrian Bridges in Qatar.
• Other applications have included handrails in corrosive locations like the Canary Islands and the Four Freedoms Park in New York. High-strength tension bars and spiders are used in low-profile glass curtain wall structural supports.
• Overall, rising infrastructure construction is expected to drive the demand for duplex stainless steel through the years to come.
• China is one of the largest construction markets in the world. The construction industry value in China amounted to around USD 1,117 billion in 2021. The Chinese government mainly focuses on improving the infrastructure in small and medium-sized cities. Beijing is making CNY 6.8 trillion (USD 1 trillion) of government funds available for construction projects.
• A total of 102 mega-projects are included in Beijing's 2021-25 development plan. The China government initiated a 1,629 km line from Sichuan province in the southwest to the Tibetan capital Lhasa, climbing more than 3,000 m through earthquake-prone terrain and glaciers. Construction on the project, a planned investment of CNY 319.8 billion (USD 50.6 billion), started at the end of 2020 and is expected to be completed by 2025.
• Moreover, as per China's Ministry of Water Resources, CNY 703.6 billion (USD 98 billion) was invested in water-conservancy infrastructure projects in 2022, an increase of 63.9%5 in 2021. Construction of more than 19,000 water-conservancy projects began, of which 31 were considered major projects.
• In India, the Government of India strongly focuses on infrastructure development to boost economic growth and aims for 100 smart cities. According to the World Bank report, India will need to invest USD 840 billion over the next 15 years into urban infrastructure to meet the needs of its fast-growing urban population.
• Additionally, to enhance the country's infrastructure sector, the Indian government allocated INR 10 lakh crore (USD 130.57 billion) in 2022. These include the allocated budget of INR 134,015 crore (USD 17.24 billion) to the National Highways Authority of India (NHAI), an outlay of INR 60,000 crore (USD 7.72 billion) for the Ministry of Road Transport and Highways, INR 76,549 crore (USD 9.85 billion) to the Ministry of Housing and Urban Affairs among others.
• Overall, all such developments in infrastructure across the world are expected to drive the market through the years to come.

Asia-Pacific Region to Dominate the Market

• Asia-Pacific is expected to dominate the global market owing to the highly developed construction, coupled with the continuous investments done in the region.
• China hosts a vast construction sector. The developments in the infrastructure, commercial, and residential sectors in the past two years have supported the construction sector's growth at large, both in terms of volume and value.​
• Currently, China includes numerous airport construction projects in the development or planning stage. These include Beijing Capital International Airport, Chengdu Shuangliu International Airport, Guangzhou Baiyun International Airport, etc. Additionally, the government rolled out massive construction plans to move 250 million people to its new megacities over the next ten years.
• India is a growing economy and holds great potential for future market opportunities. The oil and gas industry is rising steadily in India. Prime Minister Mr. Narendra Modi declared in February 2021 that the government intends to spend INR 7.5 trillion (~USD 100 billion) on oil and gas infrastructure over the following five years. A network of almost 35,000 km of natural gas pipelines is permitted throughout the nation to establish a national gas grid.
• India ranks sixth in the world in chemical sales and contributes 3% to the global chemical industry. According to the Indian Brand Equity Foundation (IBEF), under the Union Budget 2022-23, the government allocated INR 209 crores (USD 27.43 million) to the department of chemicals and petrochemicals. The demand for chemicals is expected to expand by 9% per annum by 2025. It is expected to increase the manufacturing capabilities of the chemicals industry and the demand for duplex stainless steel for manufacturing chemical processing plants.
• All these factors are expected to significantly affect the market growth in the region during the forecast period.

Duplex Stainless Steel Industry Overview

The global duplex stainless steel market is fragmented, with many players competing. Some major companies are Thyssenkrupp AG, voestalpine A.G., ArcelorMittal S.A., POSCO, and Daido Steel Co. Ltd, among others (not in any particular order).

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