Duplex Stainless Steel Market was calculated at $ 4.51 billion in 2021 and is determined to reach $ 6.83 billion by 2026, at an annual rate of 6.3% between 2022 and 2027.
Among the nuances, the segment of 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 steels 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.
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.
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 industries 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 steels 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.
Increased value of raw materials used to produce duplex stainless steel hampers the overall market expansion.
The expansion of end-user industries in emerging countries is likely to propel the global market expansion.
Duplex stainless steel can only be used at limited temperatures, and this factor is expected to challenge this market expansion in future.
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
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.)
Duplex Stainless Steel Market segmentation as per the research report until 2027.
Duplex Stainless Steel Market - By Type:
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:
Tubes segment is expected to lead the market as they are used in most of the 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:
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:
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.
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Grade
5.1.1 Introduction
5.1.2 Super Duplex
5.1.3 Lean Duplex
5.1.4 Duplex
5.1.5 Y-o-Y Growth Analysis, By Grade
5.1.6 Market Attractiveness Analysis, By Grade
5.1.7 Market Share Analysis, By Grade
5.2 Product
5.2.1 Introduction
5.2.2 Pumps & Valves
5.2.3 Fittings and FLanges
5.2.4 Tubes
5.2.5 Welding Wires
5.2.5 Y-o-Y Growth Analysis, By Product
5.2.6 Market Attractiveness Analysis, By Product
5.2.7 Market Share Analysis, By Product
5.3 End-Use Industry
5.3.1 Introduction
5.3.2 Chemical
5.3.3 Oil & Gas
5.3.4 Desalination
5.3.5 Pulp and Paper
5.3.6 Other End-Use Industrys
5.3.7 Y-o-Y Growth Analysis, By End-Use Industry
5.3.8 Market Attractiveness Analysis, By End-Use Industry
5.3.9 Market Share Analysis, By End-Use Industry
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By Product
6.1.3.3 By Type
6.1.3.4 By Application
6.1.3.5 By Indication
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By Product
6.1.4.3 By Type
6.1.4.4 By Application
6.1.4.5 By Indication
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By Product
6.1.5.3 By Type
6.1.5.4 By Application
6.1.5.5 By Indication
6.2 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.3 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.4 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 Australia
6.3.6 South Korea
6.5 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.6 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Tata Steel
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Jindal Steel
8.3 Nippon Yakin Kogyo Co Ltd.
8.4 Daido Steel Co., Ltd.
8.5 POSCO Group
8.6 ThyssenKrupp AG
8.7 ArcelorMittal S.A.
8.8 Acerinox S.A.
8.9 Sandvik Materials Technology AB
8.10 Allegheny Technologies Incorporated
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
Global Duplex Stainless Steel Market By Region, From 2022 - 2027( USD Billion )
Global Duplex Stainless Steel Market By Grade, From 2022 - 2027( USD Billion )
Global Super Duplex Market By Region, From 2022 - 2027( USD Billion )
Global Lean Duplex Market By Region, From 2022 - 2027( USD Billion )
Global Duplex Market By Region, From 2022 - 2027( USD Billion )
Global Duplex Stainless Steel Market By Product , From 2022 - 2027( USD Billion )
Global Pumps & Valves Market By Region, From 2022 - 2027( USD Billion )
Global Fittings & Flanges Market By Region, From 2022 - 2027( USD Billion )
Global Tubes Market By Region, From 2022 - 2027( USD Billion )
Global Welding Wires Market By Region, From 2022 - 2027( USD Billion )
Global Duplex Stainless Steel Market By End-Use Industry, From 2022 - 2027( USD Billion )
Global Chemical Market By Region, From 2022 - 2027( USD Billion )
Global Oil & Gas Market By Region, From 2022 - 2027( USD Billion )
Global Desalination Market By Region, From 2022 - 2027( USD Billion )
Global Pulp & Paper Market By Region, From 2022 - 2027( USD Billion )
North America Duplex Stainless Steel Market By Grade, From 2022 - 2027( USD Billion )
North America Super Duplex Market By Region, From 2022 - 2027( USD Billion )
North America Lean Duplex Market By Region, From 2022 - 2027( USD Billion )
North America Duplex Market By Region, From 2022 - 2027( USD Billion )
North America Duplex Stainless Steel Market By Product , From 2022 - 2027( USD Billion )
North America Pumps & Valves Market By Region, From 2022 - 2027( USD Billion )
North America Fittings & Flanges Market By Region, From 2022 - 2027( USD Billion )
North America Tubes Market By Region, From 2022 - 2027( USD Billion )
North America Welding Wires Market By Region, From 2022 - 2027( USD Billion )
North America Duplex Stainless Steel Market By End-Use Industry, From 2022 - 2027( USD Billion )
North America Chemical Market By Region, From 2022 - 2027( USD Billion )
North America Oil & Gas Market By Region, From 2022 - 2027( USD Billion )
North America Desalination Market By Region, From 2022 - 2027( USD Billion )
North America Pulp & Paper Market By Region, From 2022 - 2027( USD Billion )
United States Duplex Stainless Steel Market By Grade, From 2022 - 2027( USD Billion )
United States Duplex Stainless Steel Market By Product , From 2022 - 2027( USD Billion )
United States Duplex Stainless Steel Market By End-Use Industry, From 2022 - 2027( USD Billion )
Canada Duplex Stainless Steel Market By Grade, From 2022 - 2027( USD Billion )
Canada Duplex Stainless Steel Market By Product , From 2022 - 2027( USD Billion )
Canada Duplex Stainless Steel Market By End-Use Industry, From 2022 - 2027( USD Billion )
Europe Duplex Stainless Steel Market By Grade, From 2022 - 2027( USD Billion )
Europe Super Duplex Market By Region, From 2022 - 2027( USD Billion )
Europe Lean Duplex Market By Region, From 2022 - 2027( USD Billion )
Europe Duplex Market By Region, From 2022 - 2027( USD Billion )
Europe Duplex Stainless Steel Market By Product , From 2022 - 2027( USD Billion )
Europe Pumps & Valves Market By Region, From 2022 - 2027( USD Billion )
Europe Fittings & Flanges Market By Region, From 2022 - 2027( USD Billion )
Europe Tubes Market By Region, From 2022 - 2027( USD Billion )
Europe Welding Wires Market By Region, From 2022 - 2027( USD Billion )
Europe Duplex Stainless Steel Market By End-Use Industry, From 2022 - 2027( USD Billion )
Europe Chemical Market By Region, From 2022 - 2027( USD Billion )
Europe Oil & Gas Market By Region, From 2022 - 2027( USD Billion )
Europe Desalination Market By Region, From 2022 - 2027( USD Billion )
Europe Pulp & Paper Market By Region, From 2022 - 2027( USD Billion )
U.K. Duplex Stainless Steel Market By Grade, From 2022 - 2027( USD Billion )
U.K. Duplex Stainless Steel Market By Product , From 2022 - 2027( USD Billion )
U.K. Duplex Stainless Steel Market By End-Use Industry, From 2022 - 2027( USD Billion )
Germany Duplex Stainless Steel Market By Grade, From 2022 - 2027( USD Billion )
Germany Duplex Stainless Steel Market By Product , From 2022 - 2027( USD Billion )
Germany Duplex Stainless Steel Market By End-Use Industry, From 2022 - 2027( USD Billion )
France Duplex Stainless Steel Market By Grade, From 2022 - 2027( USD Billion )
France Duplex Stainless Steel Market By Product , From 2022 - 2027( USD Billion )
France Duplex Stainless Steel Market By End-Use Industry, From 2022 - 2027( USD Billion )
Italy Duplex Stainless Steel Market By Grade, From 2022 - 2027( USD Billion )
Italy Duplex Stainless Steel Market By Product , From 2022 - 2027( USD Billion )
Italy Duplex Stainless Steel Market By End-Use Industry, From 2022 - 2027( USD Billion )
Spain Duplex Stainless Steel Market By Grade, From 2022 - 2027( USD Billion )
Spain Duplex Stainless Steel Market By Product , From 2022 - 2027( USD Billion )
Spain Duplex Stainless Steel Market By End-Use Industry, From 2022 - 2027( USD Billion )
Asia Pacific Duplex Stainless Steel Market By Grade, From 2022 - 2027( USD Billion )
Asia Pacific Super Duplex Market By Region, From 2022 - 2027( USD Billion )
Asia Pacific Lean Duplex Market By Region, From 2022 - 2027( USD Billion )
Asia Pacific Duplex Market By Region, From 2022 - 2027( USD Billion )
Asia Pacific Duplex Stainless Steel Market By Product , From 2022 - 2027( USD Billion )
Asia Pacific Pumps & Valves Market By Region, From 2022 - 2027( USD Billion )
Asia Pacific Fittings & Flanges Market By Region, From 2022 - 2027( USD Billion )
Asia Pacific Tubes Market By Region, From 2022 - 2027( USD Billion )
Asia Pacific Welding Wires Market By Region, From 2022 - 2027( USD Billion )
Asia Pacific Duplex Stainless Steel Market By End-Use Industry, From 2022 - 2027( USD Billion )
Asia Pacific Chemical Market By Region, From 2022 - 2027( USD Billion )
Asia Pacific Oil & Gas Market By Region, From 2022 - 2027( USD Billion )
Asia Pacific Desalination Market By Region, From 2022 - 2027( USD Billion )
Asia Pacific Pulp & Paper Market By Region, From 2022 - 2027( USD Billion )
Japan Duplex Stainless Steel Market By Grade, From 2022 - 2027( USD Billion )
Japan Duplex Stainless Steel Market By Product , From 2022 - 2027( USD Billion )
Japan Duplex Stainless Steel Market By End-Use Industry, From 2022 - 2027( USD Billion )
China Duplex Stainless Steel Market By Grade, From 2022 - 2027( USD Billion )
China Duplex Stainless Steel Market By Product , From 2022 - 2027( USD Billion )
China Duplex Stainless Steel Market By End-Use Industry, From 2022 - 2027( USD Billion )
India Duplex Stainless Steel Market By Grade, From 2022 - 2027( USD Billion )
India Duplex Stainless Steel Market By Product , From 2022 - 2027( USD Billion )
India Duplex Stainless Steel Market By End-Use Industry, From 2022 - 2027( USD Billion )
Australia Duplex Stainless Steel Market By Grade, From 2022 - 2027( USD Billion )
Australia Duplex Stainless Steel Market By Product , From 2022 - 2027( USD Billion )
Australia Duplex Stainless Steel Market By End-Use Industry, From 2022 - 2027( USD Billion )
South Korea Duplex Stainless Steel Market By Grade, From 2022 - 2027( USD Billion )
South Korea Duplex Stainless Steel Market By Product , From 2022 - 2027( USD Billion )
South Korea Duplex Stainless Steel Market By End-Use Industry, From 2022 - 2027( USD Billion )
Latin America Duplex Stainless Steel Market By Grade, From 2022 - 2027( USD Billion )
Latin America Super Duplex Market By Region, From 2022 - 2027( USD Billion )
Latin America Lean Duplex Market By Region, From 2022 - 2027( USD Billion )
Latin America Duplex Market By Region, From 2022 - 2027( USD Billion )
Latin America Duplex Stainless Steel Market By Product , From 2022 - 2027( USD Billion )
Latin America Pumps & Valves Market By Region, From 2022 - 2027( USD Billion )
Latin America Fittings & Flanges Market By Region, From 2022 - 2027( USD Billion )
Latin America Tubes Market By Region, From 2022 - 2027( USD Billion )
Latin America Welding Wires Market By Region, From 2022 - 2027( USD Billion )
Latin America Duplex Stainless Steel Market By End-Use Industry, From 2022 - 2027( USD Billion )
Latin America Chemical Market By Region, From 2022 - 2027( USD Billion )
Latin America Oil & Gas Market By Region, From 2022 - 2027( USD Billion )
Latin America Desalination Market By Region, From 2022 - 2027( USD Billion )
Latin America Pulp & Paper Market By Region, From 2022 - 2027( USD Billion )
Brazil Duplex Stainless Steel Market By Grade, From 2022 - 2027( USD Billion )
Brazil Duplex Stainless Steel Market By Product , From 2022 - 2027( USD Billion )
Brazil Duplex Stainless Steel Market By End-Use Industry, From 2022 - 2027( USD Billion )
Argentina Duplex Stainless Steel Market By Grade, From 2022 - 2027( USD Billion )
Argentina Duplex Stainless Steel Market By Product , From 2022 - 2027( USD Billion )
Argentina Duplex Stainless Steel Market By End-Use Industry, From 2022 - 2027( USD Billion )
Mexico Duplex Stainless Steel Market By Grade, From 2022 - 2027( USD Billion )
Mexico Duplex Stainless Steel Market By Product , From 2022 - 2027( USD Billion )
Mexico Duplex Stainless Steel Market By End-Use Industry, From 2022 - 2027( USD Billion )
Rest of Latin America Duplex Stainless Steel Market By Grade, From 2022 - 2027( USD Billion )
Rest of Latin America Duplex Stainless Steel Market By Product , From 2022 - 2027( USD Billion )
Rest of Latin America Duplex Stainless Steel Market By End-Use Industry, From 2022 - 2027( USD Billion )
Middle East and Africa Duplex Stainless Steel Market By Grade, From 2022 - 2027( USD Billion )
Middle East and Africa Super Duplex Market By Region, From 2022 - 2027( USD Billion )
Middle East and Africa Lean Duplex Market By Region, From 2022 - 2027( USD Billion )
Middle East and Africa Duplex Market By Region, From 2022 - 2027( USD Billion )
Middle East and Africa Duplex Stainless Steel Market By Product , From 2022 - 2027( USD Billion )
Middle East and Africa Pumps & Valves Market By Region, From 2022 - 2027( USD Billion )
Middle East and Africa Fittings & Flanges Market By Region, From 2022 - 2027( USD Billion )
Middle East and Africa Tubes Market By Region, From 2022 - 2027( USD Billion )
Middle East and Africa Welding Wires Market By Region, From 2022 - 2027( USD Billion )
Middle East and Africa Duplex Stainless Steel Market By End-Use Industry, From 2022 - 2027( USD Billion )
Middle East and Africa Chemical Market By Region, From 2022 - 2027( USD Billion )
Middle East and Africa Oil & Gas Market By Region, From 2022 - 2027( USD Billion )
Middle East and Africa Desalination Market By Region, From 2022 - 2027( USD Billion )
Middle East and Africa Pulp & Paper Market By Region, From 2022 - 2027( USD Billion )
Middle East Duplex Stainless Steel Market By Grade, From 2022 - 2027( USD Billion )
Middle East Duplex Stainless Steel Market By Product , From 2022 - 2027( USD Billion )
Middle East Duplex Stainless Steel Market By End-Use Industry, From 2022 - 2027( USD Billion )
Africa Duplex Stainless Steel Market By Grade, From 2022 - 2027( USD Billion )
Africa Duplex Stainless Steel Market By Product , From 2022 - 2027( USD Billion )
Africa Duplex Stainless Steel Market By End-Use Industry, From 2022 - 2027( USD Billion )
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