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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
6.4% |
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Base Year Market Size (2023) |
USD 4.47 Billion |
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Forecast Year Market Size (2036) |
USD 9.95 Billion |
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Regional Scope |
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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:
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Grade |
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Product Form |
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End-Use Industry |
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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.
Author Credits: Smruti Ranjan, Rajrani Baghel
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