Duplex Stainless Steel Market

Duplex Stainless Steel Market Size (2023-2028):

The duplex stainless steel market was calculated at $ 4.51 billion in 2022 and is determined to reach $ 6.83 billion by 2028, at an annual rate of 6.3% between 2023-2028

Among the nuances, the segment of the super duplex is expected to grow to the highest CAGR. during the forecast period. Super duplex stainless steels are designed to handle extreme situations of corrosion and pressure, and for this reason, this grade is widely used in oil and gas exploration activities. Increasing oil and gas exploration activities are expected to spur expansion in this segment during the forecast period. The duplex stainless steel market is expected to post a compound annual rate of around 5% globally during the forecast period. Duplex stainless steel (SS) is a microstructure containing ferritic and austenitic stainless steel and has been used primarily for corrosion resistance applications. Duplex stainless steel (SS) is extensively employed in the industries like oil and gas, pulp and paper, chemicals, and others. Large construction projects such as bridges, wind turbines, and storage tanks must last a long time without any corrosion effects. Therefore, many companies prefer Duplex SS in large construction projects for better quality.

Corrosion can reduce strength and decrease surface properties and resistance to fluids. In general, it decreases the mechanical and chemical properties of certain materials. Oil and chemical processing, shipbuilding, and offshore industries have consumed duplex SS in their applications, such as pipes, valves, ship walls, evaporators, heat exchangers, and bridges. Duplex stainless steel offers corrosion resistance and excessive mechanical quality that ensures greater availability than carbon steel and common steels and is twice as strong as iron-treated steel and common austenitic steels. Furthermore, along with the growing demand for duplex stainless steel from different end users, such as oil and gas, puree and paper, desalination, including construction, will continue to drive market expansion. Duplex stainless steel is one of the variants of many stainless steel sheets. It is so named because of the two-phase microstructure consisting of 50% austenitic and 50% ferritic stainless steel grains. However, many features are lacking in traditional austenitic or ferritic steels. They have higher flow resistance, making it possible to manufacture thinner segments, and are also relatively less expensive.

Recent Developments:

Tata Steel recently agreed to merge its European business with ThyssenKrupp and the new company is going to be called ThyssenKrupp Tata Steel BV. The German company got a greater share in the form of a 55-45 share split.

Market Drivers:

The growing demand for duplex stainless steel in the chemical and construction industries is spurring market expansion. The expansion of end-user industries in emerging countries is stimulating market expansion. The increasing demand for stainless steel in the paper industry is also contributing to the expansion of the market. Increasing demands for corrosion resistance and increasing demand from the oil and gas industry are driving market expansion. The rise of architectural bridges, the expansion of the chemical industries, and the growing need for resistance to erosion and corrosion in developed regions should stimulate the duplex stainless steel market in the coming years. The increasing need for these corrosion-resistant materials, the increasing demand for durable structures and components, and the continuing expansion in the rate of industrialization are expected to stimulate the SS duplex market in the Asia-Pacific region. The oil and gas industry is the largest consumer of duplex steel in the world. Due to the rise in the price of oil, seekers have recently tried to find new offshore deposits where oil and gas are present in extractable quantities. As the equipment goes beyond the surface of the water, the pressure increases, and, in these circumstances, the superior mechanical resistance of duplex steels is very practical and therefore reduces the overall load on the equipment.

Market Restraints:

Increased value of raw materials used to produce duplex stainless steel hampers the overall market expansion.

Market Opportunities:

The expansion of end-user industries in emerging countries is likely to propel global market expansion.

Market Challenges:

Duplex stainless steel can only be used at limited temperatures, and this factor is expected to challenge this market expansion in the future.

DUPLEX STAINLESS STEEL MARKET REPORT COVERAGE

Duplex Stainless Steel Market segmentation as per the research report until 2028.

Duplex Stainless Steel Market - By Type:

• Super Duplex

• Lean Duplex

• Duplex

Lean Duplex is lower alloyed steel when compared to the Duplex which has about 19.5-23 percent chromium and the super duplex stainless steel has somewhere from 24 to 30 percent chromium. All the variants are used in the industry and are chosen according to the specific requirement of that particular application.

Duplex Stainless Steel Market - By Product:

• Pumps & Valves
• Fittings & Flanges
• Tubes
• Welding Wires

The tubes segment is expected to lead the market as they are used in most industries and duplex steels provide great resistance to corrosion in chemical and marine environments that one cannot expect from the standard varieties. Tubes segment the largest in the Stainless Steel Market.

Duplex Stainless Steel Market - By End-use:

• Chemicals
• Oil & Gas
• Desalination
• Pulp & Paper

The oil and Gas industry is the largest consumer of duplex steel worldwide. Due to the increase in the oil price recent prospectors have tried to find new offshore fields where oil and gas are present in extractable quantities. As the equipment goes farther beneath the water surface the pressure on it increases, and under these circumstances, the superior mechanical strength of the duplex steels comes in handy as with the help of these steels pipes can be made thinner and hence reducing the overall equipment weight load. Oil and Gas Industry to lead the market during the forecast period of 2020-2025.

Duplex Stainless Steel Market - By Region:

• North America

• Europe 

• Asia Pacific 

• Latin America

• Middle East and Africa 

Due to the increase in the infrastructure activity in the Asia Pacific, and the presence of an extremely large manufacturing sector, this region is the largest market for duplex steels and is also projected to grow the fastest during the analysis period.

Asia Pacific was the largest market in 2018 and is projected to grow with the highest CAGR during 2018-2023.

Duplex Stainless Steel Market key players:

Major companies plying their trade in the Duplex Stainless Steel Market include:

Tata Steel (India), Jindal Steel (India), Nippon Yakin Kogyo Co Ltd. (Japan),  Daido Steel Co., Ltd. (Japan), POSCO Group (South Korea), ThyssenKrupp AG (Germany),  ArcelorMittal S.A. (Luxembourg), Acerinox S.A. (Spain), Sandvik Materials Technology AB (Sweden) and Allegheny Technologies Incorporated (U.S.) among others. Tata Steel formerly known as Tata Iron and Steel Company was established in the year 1907 by Jamsetji Tata. By 1939 Tata Steel operated the largest steel plant in the entire British Empire. It is one of the top steel-producing companies ly with annual crude steel deliveries of 27.5 million tonnes in 2017. It posted net revenue of USD 19 billion in 2020.