Duplex Stainless Steel Market Worth 3.40 Billion USD by 2021

23 May 2017

The report "Duplex Stainless Steel Market by Grade (Duplex, Lean Duplex, Super Duplex), Product Form (Tubes, Pumps & Valves, Fittings & Flanges, Welding Wires), End-Use Industry (Oil & Gas, Desalination, Chemical, Pulp & Paper), Region - Global Forecast to 2021" published by MarketsandMarkets™, the market is projected to grow from USD 2.70 Billion in 2016 to USD 3.40 Billion by 2021, at a CAGR of 4.7% from 2016 to 2021.

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The growing demand for duplex stainless steel from various end-use industries, including the growing construction and oil & gas industries, and rising cost of raw materials used to manufacture stainless are among the factors driving the growth of the duplex stainless steel market, globally.

Based on product form, the tubes segment is estimated to lead the Duplex Stainless Steel Market during the forecast period.

Based on product form, the tubes segment dominated the Duplex Stainless Steel Market in 2016. This dominance can be attributed to the rising demand for tubes, mainly from the oil & gas and chemical & petrochemical industry. Duplex stainless steel is extensively used in these industries because of its high resistance to pitting and crevice corrosion, stress corrosion cracking in chloride bearing environments, sulfide stress corrosion, very high mechanical strength, and high energy absorption, low coefficient of thermal expansion, and good workability and weldability. Duplex stainless steel based tubes are mainly used in offshore oil & gas exploration and production, heat exchangers in chemical industry, and in hydraulic and instrumentation applications in marine industry.

Duplex stainless steel is widely used in the oil & gas industry.

Based on end-use industry, the oil & gas industry segment dominated the Duplex Stainless Steel Market in 2016. Over the past few decades, corrosive conditions in the oil & gas industry have steadily grown in severity. The offshore oil industry continually pushes oil exploration to greater depths, which leads to higher pressure conditions and harsher environments. To adapt to these difficult environments, and to safeguard against the high cost of component failure, it has become critical to ensure that the right alloys are used. As the depth for exploration increases, piping becomes heavier. The superior mechanical strength of duplex stainless steel helps create lighter pipes. Duplex stainless steel is used in process piping systems, separators, scrubbers, pumps, manifolds, Christmas tree components, and flowlines and pipelines transporting corrosive oils and gas.

Asia-Pacific is the largest market for duplex stainless steel

Asia-Pacific is the most promising market for duplex stainless steels and is projected to remain the same in the coming years as well. Continuously increasing production of the manufacturing sector to cater domestic requirements for high-quality products and rising number of export activities in the region are the factors leading to an increased demand for duplex stainless steel in the region. Moreover, increasing population and growing number of end-use industries in the Asia-Pacific region have also led to innovations and developments in the field of duplex stainless steel, thereby fueling the growth of the Asia-Pacific duplex stainless steel market.

Key players in the Duplex Stainless Steel Market Outokumpu Oyj (Finland), Tata Steel (India), Jindal Steel (India), ArcelorMittal S.A. (Luxembourg), POSCO Group (South Korea), Acerinox S.A. (Spain), Sandvik Materials Technology AB (Sweden), Allegheny Technologies Incorporated (U.S.), Daido Steel Co., Ltd. (Japan), Nippon Yakin Kogyo Co Ltd. (Japan), AK Steel Holding Corporation (U.S.), Carpenter Technology Corporation (U.S.), ThyssenKrupp AG (Germany), and Voestalpine AG (Austria), among others.

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