Global Duplex Stainless Steel Market (2023 Edition): Analysis By Grade (Standard, Lean Duplex, Super), Product Form, End User Industry, By Region, By Country: Market Insights and Forecast (2019-2029)
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What is Duplex and Super Duplex Stainless Steel?
Duplex is a family of stainless-steel grades that contain a mix of austenitic (γ) and ferritic (α) phases. While the ferritic phase provides the strengthening, the austenitic lattice enables ductility and toughness. It’s this two-phase structure that gives duplex stainless steels an elevated yield strength. In fact, duplex stainless steels are nearly twice as strong as austenitic grades.
This mixed structure also means duplex have good resistance to both stress corrosion cracking and intergranular corrosion while maintaining a sufficient level of ductility.
Furthermore, duplex’s low nickel content and high strength enable the use of thinner sections, bringing significant cost benefits to the end user.
Global Duplex Stainless Steel Market Overview
The Global Duplex Stainless Steel Market showcased growth at a CAGR of 4.43% during 2019-2022. The market was valued at USD 3223.13 Million in 2022 which is expected to reach USD 9101.07 Million in 2029. The rising population, as well as the growing urbanization, are driving up the Duplex Stainless Steel Market. Due high scale urbanization and increasing global demand for construction and infrastructure projects which is increase the demand for the Duplex and Super Duplex Stainless Steel globally.
The Global Duplex Stainless Steel Market is expected to grow in the forecast period and register a market value of USD 9101.07 Million in 2029 at a CAGR of 17.25% during the forecast period. Duplex and Super Duplex Stainless Steel is a versatile stainless-steel grade whose product are used by various industry to enhance their product quality and durability. The surge in global demand for duplex grade steel is driven by its superior corrosion resistance, high strength, toughness, cost-effectiveness, and increasing adoption in key industrial sectors. As the world continues to prioritize durability, sustainability, and operational efficiency, duplex stainless steels are poised to play a crucial role in meeting the diverse needs of a wide range of applications.
The demand for duplex and super stainless steel has been driven by several factors, including its superior properties compared to other types of stainless steel and carbon steel. It is particularly favoured in industries where corrosion resistance and strength are critical requirements. Additionally, the growth in offshore oil and gas exploration and production activities has also contributed to the increased demand for duplex steel due to its ability to withstand harsh environments.
Rising Demand for Duplex and Super Duplex Stainless Steel due to Rapid Infrastructure Development
Infrastructure development involves the construction of various structures such as bridges, tunnels, dams, roads, and buildings. Super Duplex and Duplex stainless steel are widely used in the construction industry due to their high strength, corrosion resistance, and durability. These materials are used in critical structural elements, reinforcement bars, facades, roofing, and other components, ensuring the longevity and safety of infrastructure projects.
China, the infrastructure projects in development or execution as of May 2022 were worth over USD 5 trillion dollars. The United States and India were the following countries in the list, with around USD 2 trillion dollars’ worth of infrastructure projects. Duplex and super duplex stainless steels possess higher strength compared to traditional stainless steels. Their increased strength enables the construction of lighter structures without compromising durability. Due to which its demand is increasing in construction of bridges, building and elevated roads.
Technical Expertise and Fabrication Challenges in Production
Duplex stainless steels are characterized by a balanced ferrite-austenite microstructure which gives them high strength and superior corrosion resistance. While not as popular as austenitic stainless steel, they are used across a range of applications in the petroleum, marine, and nuclear power generation industries. This balanced ferrite/austenite microstructure is obtained in the wrought condition primarily through a series of highly controlled processing steps.
Since the duplex stainless-steel compositions were originally designed for wrought processing routes, these complex thermal histories make it difficult to obtain the balanced ferrite/austenite microstructure and impact the resulting microstructure and properties. The closest corollary to the microstructures observed in additively manufactured duplex stainless steels are the fusion zone microstructures in autogenously welded duplex stainless steel. These structures are mainly ferritic with low levels of austenite, consisting primarily as grain boundary and Widmanstätten austenite interspersed with low levels of intragranular austenite.
Thus, this makes the production of duplex and super duplex stainless steel more complex and convoluted as comparison to other steel product like ferrite and austenite steel, which demotivate manufacturer to produce super duplex and duplex stainless steel.
Segment-Wise Insights
The Tubes Duplex and Super Duplex Stainless Steel segment accounts for USD 1150.63 million in 2022.
Duplex Stainless-Steel tubes offer good corrosion resistance in harsh environments, as well as excellent strength and durability, making them well-suited for demanding applications where reliability is critical. Additionally, duplex tubes can be fabricated into a variety of shapes and sizes, enabling them to meet the specific requirements of different applications.
The demand for duplex stainless-steel tubes is increasing globally due to their superior properties over traditional austenitic and ferritic stainless steels. Duplex stainless-steel tubes offer a combination of high strength, excellent corrosion resistance, and good weldability, making them ideal for use in applications that require high performance and durability.
In the oil and gas sector, duplex stainless steel tubes are also used in subsea pipelines, offshore platforms, and other critical infrastructure components that require exceptional resistance to corrosive environments, which is one of the key catalyst for the demand of the Super Duplex and Duplex Stainless Steel Tubes.
The Oil and Gas Industry shows fastest growth in Duplex Stainless Steel Market.
Duplex stainless steel is in high demand in the oil and gas industry for several reasons. One of the primary reasons is its excellent resistance to corrosion and erosion, which makes it an ideal material for use in aggressive environments such as offshore drilling platforms and subsea pipelines. Another key advantage of duplex steel in the oil and gas industry is its ability to resist stress corrosion cracking (SCC), a common problem in pipelines and other equipment.
One of the primary drivers of this demand is the growing demand for oil and gas exploration and production. Duplex stainless steel is commonly used in offshore platforms, subsea pipelines, and other critical applications within the oil and gas industry due to its ability to withstand harsh operating conditions and corrosive environments.
In addition, the increasing adoption of advanced technologies such as horizontal drilling and hydraulic fracturing has further fuelled the demand for duplex stainless steel.
Regional Insights
According to Azoth Analytics Estimates, the Asia Pacific accounts for the largest revenue share in 2022. Duplex Grade Steel has witnessed a substantial surge in demand across the Asia Pacific region in recent years. This rise can be attributed to various factors, including rapid infrastructure development, expanding oil and gas industry, robust manufacturing sector, increasing focus on renewable energy, and growing awareness of the benefits offered by this exceptional steel variant.
In addition, Asia Pacific Duplex and Super Duplex grade Stainless Steel Market growth is driven by the rise in demand for stainless steel products in several end-use industries including chemical/petrochemical products, consumer goods, heavy and vehicle transportation, medical items, energy sector. The huge production of Super Duplex and Duplex stainless steel, research and development activities based on this product, growth of construction activities, and technological advancement are key driving factors for the Asia Pacific market growth.
Competitive Landscape
Global Duplex Stainless Steel Market is fragmented with the top 10 leading companies accounting for a significant revenue share in the year 2022. Leading companies and brands in the market are executing different strategies and partnerships to strengthen their foothold and increase their competitiveness and product offerings in the market.
Outokumpu Oyj, Arcelor Mittal, Aperam S.A. are among the leading companies in the Global Duplex Stainless Steel Market.
Leading companies in the Global Duplex Stainless Steel Market include:
Outokumpu Oyj
Acerinox S.A.
Aperam S.A.
Jindal Stainless
Nippon Steel Corporation
Arcelor Mittal
ThyssenKrupp Group
Daido Steel Co. Ltd.
Carpenter Technology Corporation
Langley Alloys Ltd.
Recent Developments in the Global Duplex Stainless Steel Market
Segmentations in the Report
By Grade
By Product Form
By End User Industry
By Region
Frequently Asked Questions:
What is the expected market value of the Global Duplex Stainless Steel Market in 2029?
Global Duplex Stainless Steel Market is expected to be valued at USD 9101.07 Million in 2029.
At what growth rate is Global Duplex Stainless Steel Market expected to grow in the forecast period?
During 2024-2029, Global Duplex Stainless Steel Market is expected to grow at a CAGR of 17.25%.
Which Region dominates the Global Duplex Stainless Steel Market?
Asia Pacific contributes the largest revenue share in the Global Duplex Stainless Steel Market and is expected to continue in the forecast period as well.
Which are the leading companies in the Global Duplex Stainless Steel Market?
The leading companies in Global Duplex Stainless Steel Market are Outokumpu Oyj, Acerinox S.A., Aperam S.A., Jindal Stainless, Nippon Steel Corporation, Arcelor Mittal, ThyssenKrupp Group, Dido Steel Co. Ltd., Carpenter Technology Corporation and Langley Alloys Ltd.
At what rate will China’s Global Duplex Stainless Steel Market Grow?
During 2024-2029, China’s Global Duplex Stainless Steel Market is expected to grow at a CAGR of 18.27%.
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