Duplex Stainless Steel Market Growth Analysis | 2023-2028

Market Insights

The duplex stainless steel market was estimated at USD 2.96 billion in 2022 and is likely to grow at a CAGR of 5.09% during 2023-2028 to reach USD 4 billion in 2028.

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Market Dynamics

Introduction

Duplex stainless steel is a part of the steel family itself. It is named duplex because its structure is made up of two phases and these are ferrite and austenite. Duplex stainless steel is available in different product forms such as tubes, pumps & valves, fittings & flanges, welding wires, rebar & mash, and others. Oil and Gas, Desalination, Pulp & Paper, Chemical, and Construction are some of the industries where duplex stainless steel is used.

Market Drivers

The increasing demand for duplex stainless steel from various end-use industries and its extensive use in oil & gas exploration activities is driving the market globally.

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Key Players

Some of the duplex stainless steel manufacturers are:

• Outokumpu OYJ,
• Tata Steel,
• Arcelormittal S.A.,
• Nippon Steel & Sumikin Stainless Steel Corporation,
• Sandvik Materials Technology AB,
• Posco Group,
• Acerinox S.A.,
• Allegheny Technologies Incorporated,
• Indal Steel & Power Ltd.

Note: The above list does not necessarily include all the top players in the market.

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Segments Analysis

By Grade Type

Based on the grade type, the market is segmented as duplex, lean duplex, and super duplex. The super duplex segment is estimated to register the highest growth in the coming five years. Owing to its properties such as its ability to manage corrosive and high-pressure situations, it is extensively used in oil & gas exploration activities, which in turn, drives the growth of this segment.

By End-Use Industry Type

Based on the end-use industry type, the market is segmented as oil & gas, desalination, chemical, pulp & paper, construction, and others. The oil & gas segment dominated the market in 2022. The growth is attributed to the increasing oil & gas exploration activities and the use of duplex stainless steel in various end-use industries.

Regional Insights

In terms of regions, Asia-Pacific was the largest market for duplex stainless steel in 2022. Asia-Pacific is also expected to lead its dominance in the coming five years. China and India are the growth engines of the region. The market is sustained by the increasing use of duplex stainless steel in various end-use industries. North America and Europe are also expected to offer considerable growth opportunities during the forecast period.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects duplex stainless steel market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market Trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Market Segmentation

This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The duplex stainless steel market is segmented into the following categories:

By Grade Type

• Duplex
• Lean Duplex
• Super Duplex

By Product Form Type

• Tubes
• Pumps & Valves
• Fittings & Flanges
• Welding Wires
• Rebar & Mesh
• Others

By End-Use Industry Type

• Oil & Gas Industry
• Desalination Industry
• Pulp & Paper Industry
• Chemical Industry
• Construction Industry
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the product form types by end-use industry type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.