Duplex Stainless Steel Market Forecasts to 2028 – Global Analysis By Grade (Lean Duplex, Duplex and Super Duplex), Product (Pumps & Valves, Fittings & Flanges, Welding Wires and Tubes), End User and By Geography

Duplex Stainless Steel Market Forecasts to 2028 – Global Analysis By Grade (Lean Duplex, Duplex and Super Duplex), Product (Pumps & Valves, Fittings & Flanges, Welding Wires and Tubes), End User and By Geography

According to Stratistics MRC, the Global Duplex Stainless Steel Market is accounted for $3.6 billion in 2022 and is expected to reach $5.3 billion by 2028 growing at a CAGR of 6.6% during the forecast period. The Duplex Stainless Steel's two-phase microstructure, which is composed of 50% ferrite and 50% austenite, is where the material gets its name. Mixtures of the ferritic and austenitic grades make up the physical characteristics of duplex stainless steel. The Duplex stainless steels have excellent weld ability, great mechanical strength, and exceptional corrosion resistance.

According to a report by International Energy Agency (IEA), the oil demand in April declined by 25% and natural gas demand by around 4% which would constitute one of the largest contractions in the energy industry.

Market Dynamics:

Driver:

Growing Demand from Construction Industry

Duplex stainless is used as a construction design material because of its unique characteristics, like higher strength than carbon steel and higher corrosive resistance. Lean duplex grades are mainly used in the building and construction industry for bridges or tie bars. Rising infrastructure construction is expected to drive the demand for the market.

Restraint:

High cost of raw materials

Super duplex steel contains a higher amount of chromium and molybdenum, two of the most costly alloying elements. Furthermore, super duplex steel is frequently more complex to manufacture than other forms of steel, which contributes to its greater cost. High raw material costs will therefore be a significant obstacle to the market expansion.

Opportunity:

Increasing demand for duplex stainless steel

The strength of duplex stainless steel is two times greater than that of ferric and ordinary austenitic steels. This provides superior corrosion resistance and strong mechanical strength, ensuring greater uptime than carbon steels and traditional steels.

Threat:

Availability of substitutes

The use of super martensitic stainless steel is increasing which is an alternative to duplex stainless steel. These super martensitic steels are significantly less expensive than the competitive duplex grades for pipeline and flowline applications, which acts as the main hindrance to the market's expansion.

Covid-19 Impact.
The market is on the verge of witnessing a huge backlash in terms of important processes like marketing, production, functioning, and manufacturing that are causing major issues and disruptions in the demand and supply chain mechanism of the market. The market has been witnessing the emergence of a shortage of skilled labor, raw material, resources, and much more that might have a major challenge for the market to grow.

The lean duplex segment is expected to be the largest during the forecast period

The lean duplex segment is estimated to have a lucrative growth, due to its corrosion resistance allows it to be used in a range of severe industrial environments. It can be formed into intricate shapes for consumer appliances or architectural applications without risk of cracking or tearing during fabrication. Hence, these are driving the segment growth.

The desalination segment is expected to have the highest CAGR during the forecast period

The desalination segment is anticipated to witness the fastest CAGR growth during the forecast period, due to high strength. It has the ability to resist both reducing and oxidizing media, which makes it suitable for use in seawater treatment plants where chlorine gas is involved which results in fueling the segment's expansion.

Region with Largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the highly developed construction, coupled with the continuous investments done in the region. The developments in the infrastructure, commercial and residential sectors have supported the construction sector's growth at large, both in terms of volume and value.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to the rise in operations in activities such as building & construction activities. The use of duplex stainless steel can also be seen in the chemical process industry, transportation equipment, and pulp & paper industry for mining and nuclear plant purposes.

Key players in the market

Some of the key players profiled in the Duplex Stainless Steel Market include Posco Group, Allegheny Technologies Incorporated, Tata Steel, Nippon Steel & Sumikin Stainless Steel Corporation, Arcelormittal S.A., Sandvik Materials Technology AB, Jindal Steel & Power Ltd, Acerinox S.A., Voestalpine AG, Daido Steel Co. Ltd., AK Steel Holding Corporation, Thyssenkrupp AG, Carpenter Technology Corporation and Outokumpu OYJ.

Key Developments:

In April 2022, Tata Steel and TERI launch a book ‘Meri Ek Kahani’ as part of The Green School Initiative. Tata Steel and TERI are jointly working on The Green School Project, with the aim of helping students comprehend their relationship with nature and make concerted efforts to conserve it for a ‘quality’ environment.

In April 2021, Daido Steel Co. Ltd. signed an agreement to acquire TimkenSteel Corp., a leader in customized alloy steel products and services, with the intent to sell TimkenSteel (Shanghai) Corporation Limited, their subsidiary in China for approximately US$7 million in cash.

Grades Covered:
• Lean Duplex
• Duplex
• Super Duplex

Products Covered:
• Pumps & Valves
• Fittings & Flanges
• Welding Wires
• Tubes

End Users Covered:
• Construction
• Pulp & Paper
• Oil & Gas
• Desalination
• Chemical Processing

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements