Duplex Stainless Steel Market Size & Share, by Grade (Duplex, Lean Duplex, Super Duplex); Product Form (Welding Wires, Pumps & Valves, Fittings & Flanges, Others); by End-Use Industry (Oil & Gas, Pulp & Paper, Chemical, Desalination, Others) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 4928
  • Published Date: Nov 29, 2023
  • Report Format: PDF, PPT
  1. An Outline of the Global Duplex Stainless-Steel Market
    1. Market Definition
    2. Market Segmentation
    3. Product Overview
  2. Assumptions and Abbreviations
  3. Research Methodology & Approach
    1. Research Process
    2. Primary Research
      1. Manufacturers
      2. End Users
    3. Secondary Research
    4. Market Size Estimation
  4. Summary of the Report for Key Decision Makers
  5. Forces of Market Constituents
    1. Factors/Drivers Impacting the Growth of the Market
    2. Market Trends for Better Business Practices
  6. Key Market Opportunities for Business Growth
  7. Major Roadblocks for the Market Growth
  8. Decarbonization Strategy and Carbon Credit Benefits for Market Players
    1. Global Government Decarbonization Plans/Goals by Each Country under 2015 Agreement Agreed by 200 Countries
    2. Measures taken by Countries to Reduce Carbon Footprints
    3. Carbon Credits and Subsidy Plans/Benefits Rolled out by the Government for Market Players
    4. Effective Ways to Harness Carbon-Credits and Impact on Profit Margins
    5. Demand Impact on the Companies Opting for Carbon Credits
  9. Government Regulation
  10. Industry Risk Analysis
    1. Demand risk analysis
    2. Supply risk analysis
  11. Global Economic Outlook: Challenges for Global Recovery and its Impact on Global Duplex Stainless-Steel Market
    1. Ukraine-Russia crisis
    2. Potential US economic slowdown
    3. Impact of recession on global economy
  12. Impact of recession on Global Economy
  13. Industry Supply Chain Analysis
  14. Competitive Model: A Detailed Inside View for Investors
    1. Company Market Share (2023)
    2. Competitive Benchmarking
      1. NIPPON STEEL Stainless Steel Corporation
        1. Detailed Overview
        2. Assessment of key offerings
        3. Analysis of growth strategies
        4. Exhaustive analysis on key financial indicators
        5. Recent developments and strategies
      2. Industeel
      3. Jindal Stainless
      4. Daido Steel Co., Ltd.
      5. Thyssenkrupp AG
      6. Shandong Linxu Materials Co., Ltd.
      7. Sandvik AB
      8. Acerinox
      9. POSCO
      10. Penn Stainless
      11. Other Major Players
  15. Global Duplex Stainless-Steel Market Outlook
    1. Market Overview
    2. Market Revenue by Value (USD Million), Volume (Thousand Tons)
      1. Global Duplex Stainless-Steel Market Segmentation Analysis (2023-2036)
        1. By Grade
          1. Duplex, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
          2. Lean Duplex, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
          3. Super Duplex, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
      2. Global Duplex Stainless-Steel Market Segmentation Analysis (2023-2036)
        1. By Product Form
          1. Welding Wires, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
          2. Pumps & Valves, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
          3. Fittings & Flanges, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
          4. Others, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
      3. Global Duplex Stainless-Steel Market Segmentation Analysis (2023-2036)
        1. By End-Use Industry
          1. Oil & Gas, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
          2. Pulp & Paper, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
          3. Chemical, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
          4. Desalination, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
          5. Others, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
  16. Global Duplex Stainless-Steel Market, By Region, 2023-2036
    1. North America, 2023-2036F (USD Million & Thousand Tons)
    2. Europe, 2023-2036F (USD Million & Thousand Tons)
    3. Asia Pacific, 2023-2036F (USD Million & Thousand Tons)
    4. Latin America, 2023-2036F (USD Million & Thousand Tons)
    5. Middle East and Africa, 2023-2036F (USD Million & Thousand Tons)
  17. North America Duplex Stainless-Steel Market Demand Outlook & Projections, 2023-2036
    1. Market Overview
    2. Market Revenue by Value (USD Million), Volume (Thousand Tons)
      1. North America Duplex Stainless-Steel Market Segmentation Analysis (2023-2036)
        1. By Grade
          1. Duplex, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
          2. Lean Duplex, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
          3. Super Duplex, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
      2. North America Duplex Stainless-Steel Market Segmentation Analysis (2023-2036)
        1. By Product Form
          1. Welding Wires, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
          2. Pumps & Valves, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
          3. Fittings & Flanges, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
          4. Others, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
      3. North America Duplex Stainless-Steel Market Segmentation Analysis (2023-2036)
        1. By End-Use Industry
          1. Oil & Gas, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
          2. Pulp & Paper, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
          3. Chemical, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
          4. Desalination, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
          5. Others, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
      4. North America Duplex Stainless-Steel Market, By Country, 2023-2036
        1. US, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
        2. Canada, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
  18. Europe Duplex Stainless-Steel Market Demand Outlook & Projections, 2023-2036
    1. Market Overview
    2. Market Revenue by Value (USD Million), Volume (Thousand Tons)
      1. Europe Duplex Stainless-Steel Market Segmentation Analysis (2023-2036)
        1. By Grade
      2. Europe Duplex Stainless-Steel Market Segmentation Analysis (2023-2036)
        1. By Product Form
      3. Europe Duplex Stainless-Steel Market Segmentation Analysis (2023-2036)
        1. By End-Use Industry
      4. Europe Duplex Stainless-Steel Market, By Country, 2023-2036
        1. UK, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
        2. Germany, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
        3. France, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
        4. Italy, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
        5. Spain, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
        6. Russia, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
        7. NORDIC, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
        8. Rest of Europe, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
  19. Asia Pacific Duplex Stainless-Steel Market Demand Outlook & Projections, 2023-2036
    1. Market Overview
    2. Market Revenue by Value (USD Million), Volume (Thousand Tons)
      1. Asia Pacific Duplex Stainless-Steel Market Segmentation Analysis (2023-2036)
        1. By Grade
      2. Asia Pacific Duplex Stainless-Steel Market Segmentation Analysis (2023-2036)
        1. By Product Form
      3. Asia Pacific Duplex Stainless-Steel Market Segmentation Analysis (2023-2036)
        1. By End-Use Industry
      4. Asia Pacific Duplex Stainless-Steel Market, By Country, 2023-2036
        1. China, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
        2. India, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
        3. Japan, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
        4. Indonesia, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
        5. Malaysia, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
        6. Australia, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
        7. Rest of Asia Pacific, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
  20. Latin America Duplex Stainless-Steel Market Demand Outlook & Projections, 2023-2036
    1. Market Overview
    2. Market Revenue by Value (USD Million), Volume (Thousand Tons)
      1. Latin America Duplex Stainless-Steel Market Segmentation Analysis (2023-2036)
        1. By Grade
      2. Latin America Duplex Stainless-Steel Market Segmentation Analysis (2023-2036)
        1. By Product Form
      3. Latin America Duplex Stainless-Steel Market Segmentation Analysis (2023-2036)
        1. By End-Use Industry
      4. Latin America Duplex Stainless-Steel Market, By Country
        1. Argentina, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
        2. Mexico, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
        3. Rest of Latin America, 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
  21. Middle East & Africa Duplex Stainless-Steel Market Demand Outlook & Projections, 2023-2036
    1. Market Overview
    2. Market Revenue by Value (USD Million), Volume (Thousand Tons)
      1. Middle East & Africa Duplex Stainless-Steel Market Segmentation Analysis (2023-2036)
        1. By Grade
      2. Middle East & Africa Duplex Stainless-Steel Market Segmentation Analysis (2023-2036)
        1. By Product Form
      3. Middle East & Africa Duplex Stainless-Steel Market Segmentation Analysis (2023-2036)
        1. By End-Use Industry
      4. Middle East & Africa Duplex Stainless-Steel Market, By Country
        1. GCC, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
        2. Israel, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
        3. South Africa, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
        4. North Africa, Market 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F
        5. Rest of Middle East & Africa, 2023-2036F Value (USD Million), Volume (Thousand Tons), CAGR, 2023-2036F

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Duplex Stainless Steel Market size is expected to reach USD 9.95 Billion by the end of 2036, expanding around 6.4% CAGR during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of duplex stainless steel was USD 4.47 billion. This market is predicted to grow on account of growing demand for oil & gas. Based on estimations, the need for crude oil worldwide was about 98 million barrels per day in 2022 and is expected to rise to over 100 million barrels per day in 2023. Consequently, the demand for the market is also increasing.

Moreover, there has been a surge in various offshore exploration activities owing to the depletion of resources from on-shore reservoirs. Global offshore drilling is projected to increase by about 13%, with increases anticipated in all regions. However, in offshore drilling the risk of carbon steel getting corroded increases. Moreover, the main factor contributing to drill pipe failures, which raise drilling costs considerably, is corrosion in its different forms. Hence, due to its extremely high internal corrosion rate, duplex stainless steel outperformed regular carbon steel in sweet, wet, and acidic environments.


Duplex Stainless Steel Market
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Duplex Stainless Steel Sector: Growth Drivers and Challenges

Growth Drivers

  • Surge in Construction Activities- There were projected to be 794,431 built-up areas (BUAs) around the globe in 2016. In addition, it's estimated that by 2050, over 2 million new buildings will be built. Hence, the duplex stainless steel market demand for duplex stainless steel is estimated to rise. Construction comprises the building of roads, bridges, buildings, and associated equipment such as swimming pools and heating furnaces. Duplex stainless steel is employed in a variety of construction applications, including fundamental and decorative tubes, masonry wall ties, anchors, reinforcing bars, bridge support components, tunneling equipment, swimming pool equipment, water supply lines and fittings, façade and interior cladding, lifts, wire mesh, extrusions, street furniture (benches, lampposts, handrails) and residential and commercial chimney linings.
  • Rise in Utilization of Duplex Stainless Steel in Paper & Pulp Industry- The pulp and paper sector is one of the major users of stainless steel. Duplex stainless steels provide a number of benefits that neatly align with the specifications of modern pulp and paper mills. In a state of tension, pitting, fatigue, and abrasion duplex stainless steel plays a crucial role of resistivity. Furthermore, duplex stainless steels possess a strength that is about double that of austenitic steels, which could lead to significant weight reductions in the material. Environmental considerations have influenced the methods and procedures used in pulping nowadays. Due to a few changes that have rendered working conditions more challenging, mild steel digesters are no longer functional. Owing to these higher compound concentrations and operating temperatures, there is no doubt that the market for corrosion-resistant duplex stainless steel, which is used in pulp and paper mills, has grown.
  • Growth in Maritime Activity - Stainless steel is used extensively in the maritime sector. Duplex stainless steel is employed in everything from ships themselves to LNG tanks, chemical tankers, and cargo containers that they convey. It offers the ability to resist corrosion as well as the yield strength required to withstand even the harshest marine environments. Duplex stainless steel has even been employed in the construction of new scrubbing tools.

Challenges

  • Lack of Availability of Raw Material - The key raw material (CRM) list includes a number of elements needed for the manufacturing of iron-based alloys, duplex stainless steel, and stainless steel. Among the elements that make up the various grades of duplex stainless steel is chromium (Cr), which is crucial for maintaining the material's resistance to corrosion in a range of settings and applications. However, the lack of availability of these raw materials in the duplex stainless steel market is also hindering.
  •  Not Applicable in Very Low/High Temperature - Duplex stainless steel provides the best option for corrosion resistance, strength, and affordability in many applications. These metals do have two major drawbacks, though. First off, they are not suggested to be employed below about 49 degrees Celsius owing to their reduced impact hardness at extremely low temperatures. Similarly, to, their usage is restricted in applications that are greater than 249 degrees Celsius since prolonged exposure may cause harmful intermetallic phases to occur.
  • Price of Duplex Stainless Steel in High

Duplex Stainless Steel Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

6.4%

Base Year Market Size (2023)

USD 4.47 Billion

Forecast Year Market Size (2036)

USD 9.95 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Duplex Stainless Steel Segmentation

Grade (Duplex, Lean Duplex, Super Duplex)

The duplex segment in the duplex stainless steel market is set to capture the highest revenue of USD 4.56 Billion by the end of 2036, up from a revenue of USD 2.04 Billion in the year 2023. However, the lean duplex segment is set to grow at the highest CAGR of 6.7% over the forecast period. Relative to 304/L and 316/L, lean duplex are intended to substitute them in more applications and usually have a PRE number of less than 30, in addition to fewer expensive and more volatile alloying components including nickel and molybdenum. Moreover, lean duplex stainless steels offer a wide range of uses in the oil and gas sector owing to their excellent strength and favorable corrosion properties. Additionally, they have been used in a range of subsea applications, including downhole chemical injection tubing, flexible flowlines, subsea manifolds, and umbilical tubing. They are additionally utilized in topside applications including cable trays, ladders, supports for pipes, racks for pipes, exchangers for heat, separation units, blast and firewalls, and pipe insulation wraps.

Product Form (Welding Wires, Pumps & Valves, Fittings & Flanges, Others)

Duplex stainless steel market from the welding wires segment is estimated to garner the largest revenue of USD 3.39 Billion by the end of 2036, which is the highest as compared to revenue of USD 1.58 Billion in the year 2023. The chemical composition of a stainless steel welding wire is a mixture of austenite and ferrite, with ferrite and ferrite being present in approximately equal percentages in each grade. It offers exceptional corrosion resistance, a two-phase property, and excellent mechanical properties. Hence, it could be greatly observed when deployed in desalination plants. Nearly two-thirds of the globe's population, or four billion people, live in regions with acute water scarcity for at least one month of the year. Moreover, as early as 2025, half of the global population may reside in regions experiencing a shortage of water. Hence, the need for desalination is growing which might further boost the duplex stainless steel market growth.  

Our in-depth analysis of the global market includes the following segments:

          Grade

  • Duplex
  • Lean Duplex
  • Super Duplex

          Product Form

  • Welding Wires
  • Pumps & Valves
  • Fittings & Flanges
  • Others

          End-Use Industry

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

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Duplex Stainless Steel Industry - Regional Synopsis

APAC Market Forecast

The Asia Pacific duplex stainless steel market is poised to surpass USD 5.43 Billion by the end of 2036, growing at the highest CAGR of 6.7% over the projected period. This growth of the market in this region is set to be influenced by rising production of chemicals which is further increasing demand for tanks in this region. Duplex stainless steels entail a high yield strength and remarkable durability against deterioration, making them ideal to be utilized as tanker linings. These attributes foresee the need for duplex stainless steel in the locality. As a result, increasing transportation of cargo is also increasing demand for the market in this region. For instance, Asia accounted for 42% of exports and 64% of imports in 2021, making it the most significant maritime cargo handling hub in the globe.

North American Market Analysis

The North America duplex stainless steel market size is expected to record significant growth during the forecast period. The major element influencing the market growth in this region is the rising demand for energy which is further dominating the need for petroleum-based products. Moreover, the focus of many research projects has shifted to evaluating the corrosion resistance of duplex steels. Several computer research methodologies were employed to enable the discovery of prospective applications. They are also working on improvising this steel which is why the duplex stainless steel market in this region is flourishing.

Research Nester
Duplex Stainless Steel Market Size
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Companies Dominating the Duplex Stainless Steel Landscape

top-features-companies
    • NIPPON STEEL Stainless Steel Corporation
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Industeel
    • Jindal Stainless
    • Daido Steel Co., Ltd.
    • Thyssenkrupp AG
    • Shandong Linxu Materials Co., Ltd.
    • Sandvik AB
    • Acerinox
    • POSCO
    • Penn Stainless

In-the-news

In The News

  • June 30, 2021: Sandvik AB has successfully 3D printed components made of super-duplex stainless steel, going where no other manufacturer has gone before. The innovation gives offshore industrial segments new and interesting options.
  • January 26, 2023: Acerinox plans to invest USD 244 million in its US-based stainless steel facility. With this growth, North American Stainless (NAS), the primary all-inclusive stainless steel manufacturer in the US, will see products with higher added values solidify their place in the market. With a special focus on growing those with more added value, including BA (Bright Annealing) and steels with unique compositions, the new equipment envisaged with this USD 244 million investment will be used to increase the volume of flat goods.

Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 4928
  • Published Date: Nov 29, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major factors driving the growth of the market are surge in construction activities, rise in utilization of duplex stainless steel in paper & pulp industry, and growth in maritime activity.

The market size of duplex stainless steel is anticipated to attain a CAGR of 6.4% over the forecast period, i.e., 2024-2036.

The major players in the market are NIPPON STEEL Stainless Steel Corporation, Industeel , Jindal Stainless , Daido Steel Co., Ltd., and others.

The welding wires segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Duplex Stainless Steel Market Report Scope
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