The World Duplex Stainless Steel Market accounted for USD 2.80 billion in 2019 and is estimated to grow at a CAGR of 4.7% during the forecast period of 2019 to 2024. Duplex stainless steel is twice as strong as the ferric stainless steel and regular austenitic steels. Duplex stainless steel offers high resistance to corrosion and high mechanical strength, ensuring more uptime than the carbon steels and the conventional steels. Presently, the duplex stainless steel market is growing due to factors like low cost and excellent corrosion resistance. Duplex stainless steel is majorly employed in industries such as paper, construction, chemical, and oil & gas.
Market drivers and restraints:
The rising population of the world is causing enormous strain on the existing infrastructure. Countries like China have steadily built entire cities over the past few years. In the environment, all the construction materials are facing a growing demand. Fluctuating oil prices owing to the reintroduction of sanctions of Iran and conflicts in the Middle East are also a challenge facing the market.
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Report segmented as:
- pumps and valves
- fittings & flanges rebar & mesh
- welding wires
By end use:
- oil and gas industry
- Desalination industry
- chemical industry
- pulp and paper industry
- construction industry
- lean duplex
- super duplex
Based on geography, the global duplex stainless steel market is segmented into North America, South America, Europe, Asia-Pacific, and Middle East & Africa. Owing to the rise in infrastructure activity in the Asia Pacific, and the presence of a substantial manufacturing sector this region is the biggest market for duplex steel and is also expected to grow the fastest during the analysis period.
Important market players:
Some of the key players operating in the duplex stainless steel market are AK Steel Corporation, Acerinox, ATI, 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, Jindal Steel & Power Ltd, Daido Steel Co. Ltd., Nippon Yakin Kogyo Co. Ltd., AK Steel Holding Corporation, ThyssenKrupp AG, Voestalpine AG, Carpenter Technology Corporation, Ambica Steels ltd., Valbruna Stainless Inc., Foroni S.P.A., Erasteel and many more.
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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for a better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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