Duplex Stainless Steel – A Global Market Overview

November 2024 | 310 pages | ID: D695890E5F6DEN
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Duplex Stainless Steel Market Trends and Outlook

Duplex Stainless Steels form a specialized class of stainless steels, named for their metallurgical structure comprising two phases, viz., austenite (face-centered cubic lattice) and ferrite (body centered cubic lattice) in approximately equal ratios. Although exact proportions can vary by grade, a majority of Duplex Stainless Steels usually have a structure with 50% austenite and 50% ferrite. As a result, this type of steel gains the benefits of both austenitic and ferritic families of steel, even while rendering drawbacks to the minimum. Other common components of Duplex Stainless Steels, in varying proportions, can include carbon, manganese, silicon, chromium, nickel, phosphorous and sulfur, with molybdenum, nitrogen and copper also being utilized for further improvements, as and when required.

Duplex Stainless Steels account for a very small part of the overall stainless steel produced globally, though their range of benefits far supersede conventionally used austenitic and ferritic stainless steel grades. Primary among these include improved strength as much as two times stronger, superior toughness & ductility, excellent corrosion resistance and cost-effectiveness. Owing to these factors, the use of Duplex Stainless Steels has extended to a variety of sectors that include offshore and near-shore operations, such as oil drilling, desalination, water treatment & other industrial operations, chemical & liquid processing, pulp & paper production, construction and automotive & marine parts & components. The global demand for Duplex Stainless Steel is estimated at US$4.4 billion in 2024 and is projected to reach US$6 billion by 2030 at a CAGR of 5.4% between the two years.

Emerging markets and regions experiencing rapid industrialization have been the major drivers for Duplex Stainless Steel demand. The investments by these regions in the areas of oil & gas, chemical processing and infrastructure have propelled the demand for this unique variety of steel that can withstand the harsh operating environments of these sectors. The oil & gas industry has been, and will continue to be, the major driver for Duplex Stainless Steel demand. The higher strength and toughness, coupled with outstanding corrosion resistance, of this variety of stainless steel, allow it to be most extensively used in this critical sector of the economy. Other than this, Duplex Stainless Steel is also widely employed for construction and chemical applications because of the same advantageous features, with bridges and other buildings being major consumers of Lean Duplex Stainless Steel. The number of infrastructure projects across the world has been growing at a steady pace, owing to which the benefits offered by Duplex Stainless Steels have enabled their replacing traditional austenitic and ferritic stainless steels. Other factors likely to drive growth for Duplex Stainless Steels include developments in manufacturing techniques, compositional alterations for better product quality and surface treatments that enhance product durability, opening the doors for newer applications. As production processes improve and get streamlined, the overall cost of production also gets reduced, thereby increasing final output.

Duplex Stainless Steel Regional Market Analysis

Asia-Pacific, in addition to being the largest global market for Duplex Stainless Steel, is also expected to be the fastest growing. Industrial and commercial developments in the region have been surpassing the well-entrenched economies of the West, for which the need for various resources, Duplex Stainless Steel being one, is vital. Leading manufacturers have shifted focus towards Asia-Pacific and established production facilities to cater to growing demand. The number of oil & gas projects underway in countries, such as China, India, Australia and South Korea, is testimony to the fact that the largest end-user for Duplex Stainless Steel will maintain its dominance in the region. Additionally, construction of commercial and residential units for an ever-growing population will further propel the market for this variety of steel. Owing to the growing importance of Duplex Stainless Steels in the oil & gas industry, Middle East & Africa is also likely to emerge as a key market, with prospects of healthy growth over the analysis period.

Duplex Stainless Steel Market Analysis by Grade

The extensive use of Super Duplex Stainless Steel in the Oil & Gas sector makes it the leading end-user that would also post the fastest growth. This variety of Duplex Stainless Steel is specifically designed for withstanding the extremely corrosive and high pressure environments typical of oil & gas exploration and extraction, which would drive market growth. In the processing of chemicals and petrochemicals, Super Duplex Stainless Steel's resistance to corrosion in the presence of aggressive chemicals and high temperatures renders it ideal to fabricate equipment such as reactors, heat exchangers and storage tanks. Lean Duplex Stainless Steel's wide consumption in construction and infrastructure applications, such as buildings and bridges, is instrumental in driving demand for the same. Ongoing studies aimed at finding innovative uses for these materials will ensure that the market for Duplex Stainless Steels maintains an upswing over the coming years.

Duplex Stainless Steel Market Analysis by Form

The major forms in which Duplex Stainless Steels are utilized include Fittings & Flanges, Pipes & Tubes, Pumps & Valves, Rebar & Mesh and Welding Wires & Consumables, among Others (Incl. Bars & Rods and Plates). Within these, the market for Pipes & Tubes is the largest, as also the fastest growing, due to their widespread application in offshore oil & gas exploration & production, heat exchangers in the chemical industry and in the marine industry for hydraulics and instrumentation.

Duplex Stainless Steel Market Analysis by End-Use Sector

By far, the global Oil & Gas sector is the largest end-user of Duplex Stainless Steel, accounting for an estimated share of over 34% in 2024. Components, such as pipes & tubes, made using this variety of steel are high in strength, toughness and corrosion resistance, all of which are factors highly suited to the extremely harsh environment of this industry. Because of this, there has been a marked shift towards using Duplex Stainless Steel to fabricate some of the most critical components used in oil & gas exploration, extraction and production. Construction & Infrastructure is another rapidly growing sector for Duplex Stainless Steel, where they can be used in various forms in building bridges, industrial units and residential & commercial establishments.

Duplex Stainless Steel Market Report Scope

This global report on Duplex Stainless Steel analyzes the market based on grade, form and end-use sector. In addition to providing profiles of major companies operating in this space, the latest corporate and industrial developments have been covered to offer a clear panorama of how and where the market is progressing.

Key Metrics

Historical Period: 2021-2023

Base Year: 2023

Forecast Period: 2024-2030

Units: Value market in US$

Companies Mentioned: 30+

Duplex Stainless Steel Market by Geographic Region
  • North America (The United States, Canada and Mexico)
  • Europe (France, Germany, Italy, Russia, Spain, The United Kingdom and Rest of Europe)
  • Asia-Pacific (China, Japan, India, South Korea and Rest of Asia-Pacific)
  • South America (Argentina, Brazil and Rest of South America)
  • Middle East & Africa
Duplex Stainless Steel Market by Grade
  • Lean Duplex Stainless Steel
  • Standard Duplex Stainless Steel
  • Super Duplex Stainless Steel
Duplex Stainless Steel Market by Form
  • Fittings & Flanges
  • Pipes & Tubes
  • Pumps & Valves
  • Rebar & Mesh
  • Welding Wires & Consumables
  • Other Forms (Incl. Bars & Rods and Plates)
Duplex Stainless Steel Market by End-Use Sector
  • Chemical Processing
  • Construction & Infrastructure
  • Desalination
  • Oil & Gas
  • Pulp & Paper
  • Other End-Use Sectors (Incl. Automotive & Transportation, Marine & Shipbuilding and Water Management)
PART A: GLOBAL MARKET PERSPECTIVE

1. Introduction
Product Outline
Duplex Stainless Steel Defined
Duplex Stainless Steel Market by Grade
Lean Duplex Stainless Steel
Standard Duplex Stainless Steel
Super Duplex Stainless Steel
Duplex Stainless Steel Market by Form
Fittings & Flanges
Pipes & Tubes
Pumps & Valves
Rebar & Mesh
Welding Wires & Consumables
Other Forms (Incl. Bars & Rods and Plates)
Duplex Stainless Steel Market By End-Use Sector
Chemical Processing
Construction & Infrastructure
Desalination
Oil & Gas
Pulp & Paper
Other End-Use Sectors (Incl. Automotive & Transportation, Marine & Shipbuilding and Water Management)
2. Key Market Trends
3. Key Global Players
Acerinox S.A.
Allegheny Technologies Incorporated
Ambica Steels
Aperam SA
ArcelorMittal SA
Baosteel
Carpenter Technology Corp
Cleveland-Cliffs, Inc.
Cogne Acciai Speciali SpA
Daido Steel Co Ltd
Erasteel
Foroni SpA
H. Butting GmbH & Co KG
JFE Steel Corporation
Jindal Stainless
Jindal Steel & Power Ltd.
Langley Alloys Ltd.
Metline Industries
Nippon Steel & Sumikin Stainless Steel Corp
Nippon Steel Corp
Nippon Yakin Kogyo Co Ltd
Outokumpu OYJ
Penn Stainless
Posco Group
Rolled Alloys, Inc.
Sandmeyer Steel Co
Sandvik AB
Sandvik Materials Technology AB
Sanyo Special Steel Co Ltd
Taiyuan Iron and Steel (Group) Co Ltd (TISCO)
Tata Steel
Tenaris
Thyssenkrupp AG
Tubacex
Valbruna Stainless, Inc.
Voestalpine AG
4. Key Business & Product Trends
5. Global Market Overview
Global Duplex Stainless Steel Market Overview by Grade
Duplex Stainless Steel Grade Market Overview by Global Region
Lean Duplex Stainless Steel
Standard Duplex Stainless Steel
Super Duplex Stainless Steel
Global Duplex Stainless Steel Market Overview by Form
Fittings & Flanges
Pipes & Tubes
Pumps & Valves
Rebar & Mesh
Welding Wires & Consumables
Other Forms (Incl. Bars & Rods and Plates)
Global Duplex Stainless Steel Market Overview by End-Use Sector
Duplex Stainless Steel End-Use Sector Market Overview by Global Region
Chemical Processing
Construction & Infrastructure
Desalination
Oil & Gas
Pulp & Paper
Other End-Use Sectors (Incl. Automotive & Transportation, Marine & Shipbuilding and Water Management)

PART B: REGIONAL MARKET PERSPECTIVE

Global Duplex Stainless Steel Market Overview by Geographic Region
REGIONAL MARKET OVERVIEW
6. North America
North American Duplex Stainless Steel Market Overview by Geographic Region
North American Duplex Stainless Steel Market Overview by Grade
North American Duplex Stainless Steel Market Overview by Form
North American Duplex Stainless Steel Market Overview by End-Use Sector
Country-wise Analysis of North American Duplex Stainless Steel Market
The United States
United States Duplex Stainless Steel Market Overview by Grade
United States Duplex Stainless Steel Market Overview by Form
United States Duplex Stainless Steel Market Overview by End-Use Sector
Canada
Canadian Duplex Stainless Steel Market Overview by Grade
Canadian Duplex Stainless Steel Market Overview by Form
Canadian Duplex Stainless Steel Market Overview by End-Use Sector
Mexico
Mexican Duplex Stainless Steel Market Overview by Grade
Mexican Duplex Stainless Steel Market Overview by Form
Mexican Duplex Stainless Steel Market Overview by End-Use Sector
7. Europe
European Duplex Stainless Steel Market Overview by Geographic Region
European Duplex Stainless Steel Market Overview by Grade
European Duplex Stainless Steel Market Overview by Form
European Duplex Stainless Steel Market Overview by End-Use Sector
Country-wise Analysis of European Duplex Stainless Steel Market
France
French Duplex Stainless Steel Market Overview by Grade
French Duplex Stainless Steel Market Overview by Form
French Duplex Stainless Steel Market Overview by End-Use Sector
Germany
German Duplex Stainless Steel Market Overview by Grade
German Duplex Stainless Steel Market Overview by Form
German Duplex Stainless Steel Market Overview by End-Use Sector
Italy
Italian Duplex Stainless Steel Market Overview by Grade
Italian Duplex Stainless Steel Market Overview by Form
Italian Duplex Stainless Steel Market Overview by End-Use Sector
Russia
Russian Duplex Stainless Steel Market Overview by Grade
Russian Duplex Stainless Steel Market Overview by Form
Russian Duplex Stainless Steel Market Overview by End-Use Sector
Spain
Spanish Duplex Stainless Steel Market Overview by Grade
Spanish Duplex Stainless Steel Market Overview by Form
Spanish Duplex Stainless Steel Market Overview by End-Use Sector
The United Kingdom
United Kingdom Duplex Stainless Steel Market Overview by Grade
United Kingdom Duplex Stainless Steel Market Overview by Form
United Kingdom Duplex Stainless Steel Market Overview by End-Use Sector
Rest of Europe
Rest of Europe Duplex Stainless Steel Market Overview by Grade
Rest of Europe Duplex Stainless Steel Market Overview by Form
Rest of Europe Duplex Stainless Steel Market Overview by End-Use Sector
8. Asia-Pacific
Asia-Pacific Duplex Stainless Steel Market Overview by Geographic Region
Asia-Pacific Duplex Stainless Steel Market Overview by Grade
Asia-Pacific Duplex Stainless Steel Market Overview by Form
Asia-Pacific Duplex Stainless Steel Market Overview by End-Use Sector
Country-wise Analysis of Asia-Pacific Duplex Stainless Steel Market
China
Chinese Duplex Stainless Steel Market Overview by Grade
Chinese Duplex Stainless Steel Market Overview by Form
Chinese Duplex Stainless Steel Market Overview by End-Use Sector
India
Indian Duplex Stainless Steel Market Overview by Grade
Indian Duplex Stainless Steel Market Overview by Form
Indian Duplex Stainless Steel Market Overview by End-Use Sector
Japan
Japanese Duplex Stainless Steel Market Overview by Grade
Japanese Duplex Stainless Steel Market Overview by Form
Japanese Duplex Stainless Steel Market Overview by End-Use Sector
South Korea
South Korean Duplex Stainless Steel Market Overview by Grade
South Korean Duplex Stainless Steel Market Overview by Form
South Korean Duplex Stainless Steel Market Overview by End-Use Sector
Rest of Asia-Pacific
Rest of Asia-Pacific Duplex Stainless Steel Market Overview by Grade
Rest of Asia-Pacific Duplex Stainless Steel Market Overview by Form
Rest of Asia-Pacific Duplex Stainless Steel Market Overview by End-Use Sector
9. South America
South American Duplex Stainless Steel Market Overview by Geographic Region
South American Duplex Stainless Steel Market Overview by Grade
South American Duplex Stainless Steel Market Overview by Form
South American Duplex Stainless Steel Market Overview by End-Use Sector
Country-wise Analysis of South American Duplex Stainless Steel Market
Argentina
Argentine Duplex Stainless Steel Market Overview by Grade
Argentine Duplex Stainless Steel Market Overview by Form
Argentine Duplex Stainless Steel Market Overview by End-Use Sector
Brazil
Brazilian Duplex Stainless Steel Market Overview by Grade
Brazilian Duplex Stainless Steel Market Overview by Form
Brazilian Duplex Stainless Steel Market Overview by End-Use Sector
Rest of South America
Rest of South American Duplex Stainless Steel Market Overview by Grade
Rest of South American Duplex Stainless Steel Market Overview by Form
Rest of South American Duplex Stainless Steel Market Overview by End-Use Sector
10. Middle East & Africa
Middle East & Africa Duplex Stainless Steel Market Overview by Grade
Middle East & Africa Duplex Stainless Steel Market Overview by Form
Middle East & Africa Duplex Stainless Steel Market Overview by End-Use Sector

PART C: GUIDE TO THE INDUSTRY

PART D: ANNEXURE

1. RESEARCH METHODOLOGY
2. FEEDBACK


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