The market for duplex stainless steel is expected to register a CAGR of nearly 5% globally during the forecast period. Increasing applications for corrosion resistance and growing demand from the oil and gas industry are driving the market growth. Duplex stainless steel can only be used under limited temperatures, and this factor is expected to hinder the market growth.
Key Market Trends
Growing Demand for Corrosive Resistance Applications
- Duplex Stainless Steel (SS) is a microstructure that contains ferritic and austenitic stainless steel, and it has been majorly used for corrosive resistance applications. Duplex Stainless Steel (SS) finds its application in oil and gas, chemical, pulp and paper industries, among others.
- Large construction projects, such as bridges, wind turbines, and storage tanks need to last long without any effect of corrosion. So, many companies are preferring Duplex SS in major construction projects for better quality.
- Corrosion can reduce strength and decrease surface properties and resistance to fluids. Overall, it decreases the mechanical and chemical properties of certain materials.
- Oil and chemical processing, shipbuilding, offshore industries have been consuming duplex SS in their applications, such as pipes, valves, ship walls, evaporators, heat exchangers, and decks.
- Increasing architectural bridges, growing chemical industries, and rising need for erosion and corrosion resistance in developed regions are expected to drive the market for duplex stainless steel through the years to come.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific is expected to dominate the global market owing to the highly developed construction, coupled with the continuous investments done in the region to advance the petrochemical sector through the years.
- The construction industry has been using duplex stainless steel in various applications such as bridges, large construction decks, film evaporators, and outside architectural pipes.
- According to the National Bureau of Statistics of China and The Ministry Of Trade and Industry, Singapore, the construction sector in China and Singapore has been witnessing decent growth in recent years.
- The growing need for such corrosive resistance materials, increasing demand for longlasting structures and components, and continuous growth in industrialization rate are expected to drive the market for duplex SS in the Asia-Pacific region.
The global duplex stainless steel market is fragmented in nature with many players competing in the market. Some of the major companies are Thyssenkrupp AG, Voestalpine AG, Arcelormittal SA, AK Steel Holding, and Daido Steel Co. Ltd, among others.
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