PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1235921
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1235921
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
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Product Analysis
- 3.7 End User Analysis
- 3.8 Emerging Markets
- 3.9 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Duplex Stainless Steel Market, By Grade
- 5.1 Introduction
- 5.2 Lean Duplex
- 5.3 Duplex
- 5.4 Super Duplex
6 Global Duplex Stainless Steel Market, By Product
- 6.1 Introduction
- 6.2 Pumps & Valves
- 6.3 Fittings & Flanges
- 6.4 Welding Wires
- 6.5 Tubes
7 Global Duplex Stainless Steel Market, By End User
- 7.1 Introduction
- 7.2 Construction
- 7.3 Pulp & Paper
- 7.4 Oil & Gas
- 7.5 Desalination
- 7.6 Chemical Processing
8 Global Duplex Stainless Steel Market, By Geography
- 8.1 Introduction
- 8.2 North America
- 8.2.1 US
- 8.2.2 Canada
- 8.2.3 Mexico
- 8.3 Europe
- 8.3.1 Germany
- 8.3.2 UK
- 8.3.3 Italy
- 8.3.4 France
- 8.3.5 Spain
- 8.3.6 Rest of Europe
- 8.4 Asia Pacific
- 8.4.1 Japan
- 8.4.2 China
- 8.4.3 India
- 8.4.4 Australia
- 8.4.5 New Zealand
- 8.4.6 South Korea
- 8.4.7 Rest of Asia Pacific
- 8.5 South America
- 8.5.1 Argentina
- 8.5.2 Brazil
- 8.5.3 Chile
- 8.5.4 Rest of South America
- 8.6 Middle East & Africa
- 8.6.1 Saudi Arabia
- 8.6.2 UAE
- 8.6.3 Qatar
- 8.6.4 South Africa
- 8.6.5 Rest of Middle East & Africa
9 Key Developments
- 9.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 9.2 Acquisitions & Mergers
- 9.3 New Product Launch
- 9.4 Expansions
- 9.5 Other Key Strategies
10 Company Profiling
- 10.1 Posco Group
- 10.2 Allegheny Technologies Incorporated
- 10.3 Tata Steel
- 10.4 Nippon Steel & Sumikin Stainless Steel Corporation
- 10.5 Arcelormittal S.A.
- 10.6 Sandvik Materials Technology AB
- 10.7 Jindal Steel & Power Ltd
- 10.8 Acerinox S.A.
- 10.9 Voestalpine AG
- 10.10 Daido Steel Co. Ltd.
- 10.11 AK Steel Holding Corporation
- 10.12 Thyssenkrupp AG
- 10.13 Carpenter Technology Corporation
- 10.14 Outokumpu OYJ
List of Tables
- Table 1 Global Duplex Stainless Steel Market Outlook, By Region (2020-2028) ($MN)
- Table 2 Global Duplex Stainless Steel Market Outlook, By Grade (2020-2028) ($MN)
- Table 3 Global Duplex Stainless Steel Market Outlook, By Lean Duplex (2020-2028) ($MN)
- Table 4 Global Duplex Stainless Steel Market Outlook, By Duplex (2020-2028) ($MN)
- Table 5 Global Duplex Stainless Steel Market Outlook, By Super Duplex (2020-2028) ($MN)
- Table 6 Global Duplex Stainless Steel Market Outlook, By Product (2020-2028) ($MN)
- Table 7 Global Duplex Stainless Steel Market Outlook, By Pumps & Valves (2020-2028) ($MN)
- Table 8 Global Duplex Stainless Steel Market Outlook, By Fittings & Flanges (2020-2028) ($MN)
- Table 9 Global Duplex Stainless Steel Market Outlook, By Welding Wires (2020-2028) ($MN)
- Table 10 Global Duplex Stainless Steel Market Outlook, By Tubes (2020-2028) ($MN)
- Table 11 Global Duplex Stainless Steel Market Outlook, By End User (2020-2028) ($MN)
- Table 12 Global Duplex Stainless Steel Market Outlook, By Construction (2020-2028) ($MN)
- Table 13 Global Duplex Stainless Steel Market Outlook, By Pulp & Paper (2020-2028) ($MN)
- Table 14 Global Duplex Stainless Steel Market Outlook, By Oil & Gas (2020-2028) ($MN)
- Table 15 Global Duplex Stainless Steel Market Outlook, By Desalination (2020-2028) ($MN)
- Table 16 Global Duplex Stainless Steel Market Outlook, By Chemical Processing (2020-2028) ($MN)
- Table 17 North America Duplex Stainless Steel Market Outlook, By Country (2020-2028) ($MN)
- Table 18 North America Duplex Stainless Steel Market Outlook, By Grade (2020-2028) ($MN)
- Table 19 North America Duplex Stainless Steel Market Outlook, By Lean Duplex (2020-2028) ($MN)
- Table 20 North America Duplex Stainless Steel Market Outlook, By Duplex (2020-2028) ($MN)
- Table 21 North America Duplex Stainless Steel Market Outlook, By Super Duplex (2020-2028) ($MN)
- Table 22 North America Duplex Stainless Steel Market Outlook, By Product (2020-2028) ($MN)
- Table 23 North America Duplex Stainless Steel Market Outlook, By Pumps & Valves (2020-2028) ($MN)
- Table 24 North America Duplex Stainless Steel Market Outlook, By Fittings & Flanges (2020-2028) ($MN)
- Table 25 North America Duplex Stainless Steel Market Outlook, By Welding Wires (2020-2028) ($MN)
- Table 26 North America Duplex Stainless Steel Market Outlook, By Tubes (2020-2028) ($MN)
- Table 27 North America Duplex Stainless Steel Market Outlook, By End User (2020-2028) ($MN)
- Table 28 North America Duplex Stainless Steel Market Outlook, By Construction (2020-2028) ($MN)
- Table 29 North America Duplex Stainless Steel Market Outlook, By Pulp & Paper (2020-2028) ($MN)
- Table 30 North America Duplex Stainless Steel Market Outlook, By Oil & Gas (2020-2028) ($MN)
- Table 31 North America Duplex Stainless Steel Market Outlook, By Desalination (2020-2028) ($MN)
- Table 32 North America Duplex Stainless Steel Market Outlook, By Chemical Processing (2020-2028) ($MN)
- Table 33 Europe Duplex Stainless Steel Market Outlook, By Country (2020-2028) ($MN)
- Table 34 Europe Duplex Stainless Steel Market Outlook, By Grade (2020-2028) ($MN)
- Table 35 Europe Duplex Stainless Steel Market Outlook, By Lean Duplex (2020-2028) ($MN)
- Table 36 Europe Duplex Stainless Steel Market Outlook, By Duplex (2020-2028) ($MN)
- Table 37 Europe Duplex Stainless Steel Market Outlook, By Super Duplex (2020-2028) ($MN)
- Table 38 Europe Duplex Stainless Steel Market Outlook, By Product (2020-2028) ($MN)
- Table 39 Europe Duplex Stainless Steel Market Outlook, By Pumps & Valves (2020-2028) ($MN)
- Table 40 Europe Duplex Stainless Steel Market Outlook, By Fittings & Flanges (2020-2028) ($MN)
- Table 41 Europe Duplex Stainless Steel Market Outlook, By Welding Wires (2020-2028) ($MN)
- Table 42 Europe Duplex Stainless Steel Market Outlook, By Tubes (2020-2028) ($MN)
- Table 43 Europe Duplex Stainless Steel Market Outlook, By End User (2020-2028) ($MN)
- Table 44 Europe Duplex Stainless Steel Market Outlook, By Construction (2020-2028) ($MN)
- Table 45 Europe Duplex Stainless Steel Market Outlook, By Pulp & Paper (2020-2028) ($MN)
- Table 46 Europe Duplex Stainless Steel Market Outlook, By Oil & Gas (2020-2028) ($MN)
- Table 47 Europe Duplex Stainless Steel Market Outlook, By Desalination (2020-2028) ($MN)
- Table 48 Europe Duplex Stainless Steel Market Outlook, By Chemical Processing (2020-2028) ($MN)
- Table 49 Asia Pacific Duplex Stainless Steel Market Outlook, By Country (2020-2028) ($MN)
- Table 50 Asia Pacific Duplex Stainless Steel Market Outlook, By Grade (2020-2028) ($MN)
- Table 51 Asia Pacific Duplex Stainless Steel Market Outlook, By Lean Duplex (2020-2028) ($MN)
- Table 52 Asia Pacific Duplex Stainless Steel Market Outlook, By Duplex (2020-2028) ($MN)
- Table 53 Asia Pacific Duplex Stainless Steel Market Outlook, By Super Duplex (2020-2028) ($MN)
- Table 54 Asia Pacific Duplex Stainless Steel Market Outlook, By Product (2020-2028) ($MN)
- Table 55 Asia Pacific Duplex Stainless Steel Market Outlook, By Pumps & Valves (2020-2028) ($MN)
- Table 56 Asia Pacific Duplex Stainless Steel Market Outlook, By Fittings & Flanges (2020-2028) ($MN)
- Table 57 Asia Pacific Duplex Stainless Steel Market Outlook, By Welding Wires (2020-2028) ($MN)
- Table 58 Asia Pacific Duplex Stainless Steel Market Outlook, By Tubes (2020-2028) ($MN)
- Table 59 Asia Pacific Duplex Stainless Steel Market Outlook, By End User (2020-2028) ($MN)
- Table 60 Asia Pacific Duplex Stainless Steel Market Outlook, By Construction (2020-2028) ($MN)
- Table 61 Asia Pacific Duplex Stainless Steel Market Outlook, By Pulp & Paper (2020-2028) ($MN)
- Table 62 Asia Pacific Duplex Stainless Steel Market Outlook, By Oil & Gas (2020-2028) ($MN)
- Table 63 Asia Pacific Duplex Stainless Steel Market Outlook, By Desalination (2020-2028) ($MN)
- Table 64 Asia Pacific Duplex Stainless Steel Market Outlook, By Chemical Processing (2020-2028) ($MN)
- Table 65 South America Duplex Stainless Steel Market Outlook, By Country (2020-2028) ($MN)
- Table 66 South America Duplex Stainless Steel Market Outlook, By Grade (2020-2028) ($MN)
- Table 67 South America Duplex Stainless Steel Market Outlook, By Lean Duplex (2020-2028) ($MN)
- Table 68 South America Duplex Stainless Steel Market Outlook, By Duplex (2020-2028) ($MN)
- Table 69 South America Duplex Stainless Steel Market Outlook, By Super Duplex (2020-2028) ($MN)
- Table 70 South America Duplex Stainless Steel Market Outlook, By Product (2020-2028) ($MN)
- Table 71 South America Duplex Stainless Steel Market Outlook, By Pumps & Valves (2020-2028) ($MN)
- Table 72 South America Duplex Stainless Steel Market Outlook, By Fittings & Flanges (2020-2028) ($MN)
- Table 73 South America Duplex Stainless Steel Market Outlook, By Welding Wires (2020-2028) ($MN)
- Table 74 South America Duplex Stainless Steel Market Outlook, By Tubes (2020-2028) ($MN)
- Table 75 South America Duplex Stainless Steel Market Outlook, By End User (2020-2028) ($MN)
- Table 76 South America Duplex Stainless Steel Market Outlook, By Construction (2020-2028) ($MN)
- Table 77 South America Duplex Stainless Steel Market Outlook, By Pulp & Paper (2020-2028) ($MN)
- Table 78 South America Duplex Stainless Steel Market Outlook, By Oil & Gas (2020-2028) ($MN)
- Table 79 South America Duplex Stainless Steel Market Outlook, By Desalination (2020-2028) ($MN)
- Table 80 South America Duplex Stainless Steel Market Outlook, By Chemical Processing (2020-2028) ($MN)
- Table 81 Middle East & Africa Duplex Stainless Steel Market Outlook, By Country (2020-2028) ($MN)
- Table 82 Middle East & Africa Duplex Stainless Steel Market Outlook, By Grade (2020-2028) ($MN)
- Table 83 Middle East & Africa Duplex Stainless Steel Market Outlook, By Lean Duplex (2020-2028) ($MN)
- Table 84 Middle East & Africa Duplex Stainless Steel Market Outlook, By Duplex (2020-2028) ($MN)
- Table 85 Middle East & Africa Duplex Stainless Steel Market Outlook, By Super Duplex (2020-2028) ($MN)
- Table 86 Middle East & Africa Duplex Stainless Steel Market Outlook, By Product (2020-2028) ($MN)
- Table 87 Middle East & Africa Duplex Stainless Steel Market Outlook, By Pumps & Valves (2020-2028) ($MN)
- Table 88 Middle East & Africa Duplex Stainless Steel Market Outlook, By Fittings & Flanges (2020-2028) ($MN)
- Table 89 Middle East & Africa Duplex Stainless Steel Market Outlook, By Welding Wires (2020-2028) ($MN)
- Table 90 Middle East & Africa Duplex Stainless Steel Market Outlook, By Tubes (2020-2028) ($MN)
- Table 91 Middle East & Africa Duplex Stainless Steel Market Outlook, By End User (2020-2028) ($MN)
- Table 92 Middle East & Africa Duplex Stainless Steel Market Outlook, By Construction (2020-2028) ($MN)
- Table 93 Middle East & Africa Duplex Stainless Steel Market Outlook, By Pulp & Paper (2020-2028) ($MN)
- Table 94 Middle East & Africa Duplex Stainless Steel Market Outlook, By Oil & Gas (2020-2028) ($MN)
- Table 95 Middle East & Africa Duplex Stainless Steel Market Outlook, By Desalination (2020-2028) ($MN)
- Table 96 Middle East & Africa Duplex Stainless Steel Market Outlook, By Chemical Processing (2020-2028) ($MN)
