Allied Market Research

2024

Duplex Stainless Steel Market

Duplex Stainless Steel Market Size, Share, Competitive Landscape and Trend Analysis Report by Grade, by Product Form and by End Use Industry : Global Opportunity Analysis and Industry Forecast, 2023-2032

MC : Advanced Materials

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Author's: | Eswara Prasad
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The duplex stainless steel got its name from its two-phase microstructure, which is composed of 50% austenite and 50% ferrite. The parent phase, also known as austenite, is the crystal structure found at high temperatures. Ferrite is a ceramic-like material with magnetic properties that can be used in a variety of electronic devices. The physical properties of duplex stainless steel are a blend of ferritic and austenitic grades. Duplex stainless steels are extremely corrosion resistant, with high mechanical strength and weldability. Furthermore, because they contain low levels of molybdenum and nickel, such steels are less expensive than other traditional austenitic grades of stainless steel. Duplex stainless steels are widely used in pulp and paper manufacturing, chemical process plants, marine environments, oil and gas refining, and a variety of other applications. Duplex stainless steel is widely used in the chemical process industry, oil and gas exploration equipment, transportation equipment, pulp and paper industry, and mining and nuclear plants. Duplex stainless steel is used in these industries in grades such as lean, duplex, and super, as well as forms such as tubes, pumps, and valves. Duplex stainless steel has twice the corrosion resistance and mechanical quality of carbon steels and regular steels, and it is twice as solid as ferric treated steel and ordinary austenitic steels.

COVID-19 impact analysis

  • The building sector has stalled as a result of the COVID-19 pandemic, making market growth for duplex stainless steel more difficult in 2020.
  • Due to the current outbreak's economic slowdown, building development in various regions is expected to experience a period of low growth over the next two years. In recent years, there has been a significant drop in the commercial building sector in particular.
  • The prolonged construction inactivity has severely impacted over 65 percent of companies in the construction ecosystem, resulting in a negative impact on the duplex stainless steel market.

Top Impacting factors

The growing demand for duplex stainless steel from various end-use industries such as petroleum, chemicals, desalination, pulp and paper, construction and energy is expected to drive demand during the forecast period. The super duplex segment is expected to grow at the fastest CAGR of all classes during the forecast period. Duplex stainless steel is designed to withstand extremely corrosive environments and high pressures, making it widely used in oil and gas exploration operations. Growing oil and gas exploration is expected to drive growth in this segment over the next few years. In terms of value, the stainless steel pipe segment accounted for the largest share of the duplex stainless steel market in 2016. The increase in the use of stainless steel twin tubes in offshore oil and gas exploration and production, heat exchangers in the chemical industry, and hydraulic and instrumentation applications in the maritime sector may be due to the growth of this segment.

Market Trends

Mergers and Partnership

  • In 2017, TATA Steel agreed to merge its European operations with ThyssenKrupp, and the new company will be known as ThyssenKrupp TATA Steel BV. In the form of a 55-45 share split, the German company receiving a larger share.
  • China has a large construction industry. Over the past two years, the development of infrastructure, commerce and housing has supported the overall growth of the construction sector, both in terms of quantity and value. China is currently implementing a number of airport construction projects in the planning or development stage. Among them are Beijing International Airport, Chengdu Shuangliu International Airport and Guangzhou Baiyun International Airport. Additionally, the government announced a large-scale construction plan to relocate 250 million people to a new municipality over the next decade.
  • India's economy is also expanding, and it has a lot of potential for future market opportunities. India's oil and gas industry is steadily expanding. The Indian Minister of Petroleum, Natural Gas, and Steel reviewed pipeline projects worth approximately INR 8,000 crore  as of 2020. Furthermore, Indian Oil has decided to build a 1,450-kilometer-long natural gas pipeline in southern India at a cost of INR 6,025 crore . This project will necessitate approximately 1.65 lakh metric ton steel pipes, which could be manufactured in India.
  • The most common building and construction applications for duplexes have been spectacular pedestrian bridges such as Singapore's The Helix Bridge, San Diego's Harbor Drive Bridge, and Qatar's new Lusail Pedestrian Bridges. Handrails in corrosive environments, such as the Canary Islands and New York's Four Freedoms Park, have also been used. In low profile glass curtain wall structural supports, high strength tension bars and spiders are used. In general, rising infrastructure construction is expected to drive demand for duplex stainless steel in the coming years.

Key Benefits of the Report

  • This study presents the analytical depiction of the duplex stainless steel industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the duplex stainless steel market share.
  • The current market is quantitatively analyzed to highlight the duplex stainless steel market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed duplex stainless steel market analysis based on competitive intensity and how the competition will take shape in coming years

Questions answered in the duplex stainless steel Report

  • Who are the leading market players active in the duplex stainless steel market?
  • What current trends will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What future projections would help in taking further strategic steps?
    • Upcoming Report specific FAQs
      • What is "duplex stainless steel"?
      • What does "duplex stainless steel" allow organizations to achieve?
      • What will be the anticipated growth rates for your own duplex stainless steel Market economy altogether and also for every segment inside?
      • Which will be the niches at which players profiling with recent advancements should set a presence?
      • What are the driving factors and opportunities in the market?                                                                                                                                                           

Duplex Stainless Steel Market Report Highlights

Aspects Details
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By Grade
  • Duplex
  • Lean Duplex
  • Super Duplex
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By Product Form
  • Tubes
  • Pumps & Valves
  • Fittings & Flanges
  • Welding Wires
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By End Use Industry
  • Oil & Gas
  • Desalination
  • Chemical
  • Pulp & Paper
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (France, Germany, Italy, Spain, UK, Russia, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, South Africa, Saudi Arabia, UAE, Argentina, Rest of LAMEA)
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Key Market Players

Outokumpu, Tigris Enterprises, Aperam, Remi Group, United Performance Metals, Rolled Alloys, Sandmeyer Steel Company, Unifit Metalloys Inc, Viraj Profiles Limited, Ratnamani Metals & Tubes

Key Market Players

Others

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Duplex Stainless Steel Market

Global Opportunity Analysis and Industry Forecast, 2023-2032