Duplex Stainless Steel Market Size
| Study Period | 2018 - 2028 |
| Base Year For Estimation | 2022 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Duplex Stainless Steel Market Analysis
The Global Duplex Stainless Steel Market is projected to register a CAGR of over 5% during the forecast period.
Due to the COVID-19 pandemic, the building sector stalled, making market growth for duplex stainless steel more difficult in 2020. However, the upsurge in the construction industry propelled the demand for duplex stainless steel.
- In the medium term, increasing applications for corrosion resistance and growing demand from the oil and gas industry are expected to drive market growth.
- However, duplex stainless steel can only be used under limited temperatures, which is expected to hinder market growth.
- The growing demand for duplex stainless steel in new oilfield facilities is expected to offer growth opportunities to the industry.
- Asia-Pacific region is expected to dominate the market with the largest consumption from countries such as India and China.
Duplex Stainless Steel Market Trends
This section covers the major market trends shaping the Duplex Stainless Steel Market according to our research experts:
Growing Demand from Construction Industry
- Duplex stainless steel finds major applications in the construction industry. It is used as a construction design material because of its unique characteristics, such as higher strength than carbon steel and higher corrosive resistance than austenitic stainless steel.
- The most common building and construction applications for duplexes have been spectacular pedestrian bridges like The Helix bridge in Singapore, San Diego's Harbor Drive Bridge, and the new Lusail Pedestrian Bridges in Qatar.
- Other applications have included handrails in corrosive locations like the Canary Islands and the Four Freedoms Park in New York. High-strength tension bars and spiders are used in low-profile glass curtain wall structural supports.
- Overall, rising infrastructure construction is expected to drive the demand for duplex stainless steel through the years to come.
- China is one of the largest construction markets in the world. The construction industry value in China amounted to around USD 1,117 billion in 2021. The Chinese government mainly focuses on improving the infrastructure in small and medium-sized cities. Beijing is making CNY 6.8 trillion (USD 1 trillion) of government funds available for construction projects.
- A total of 102 mega-projects are included in Beijing's 2021-25 development plan. The China government initiated a 1,629 km line from Sichuan province in the southwest to the Tibetan capital Lhasa, climbing more than 3,000 m through earthquake-prone terrain and glaciers. Construction on the project, a planned investment of CNY 319.8 billion (USD 50.6 billion), started at the end of 2020 and is expected to be completed by 2025.
- Moreover, as per China's Ministry of Water Resources, CNY 703.6 billion (USD 98 billion) was invested in water-conservancy infrastructure projects in 2022, an increase of 63.9%5 in 2021. Construction of more than 19,000 water-conservancy projects began, of which 31 were considered "major" projects.
- In India, the Government of India strongly focuses on infrastructure development to boost economic growth and aims for 100 smart cities. According to the World Bank report, India will need to invest USD 840 billion over the next 15 years into urban infrastructure to meet the needs of its fast-growing urban population.
- Additionally, to enhance the country's infrastructure sector, the Indian government allocated INR 10 lakh crore (USD 130.57 billion) in 2022. These include the allocated budget of INR 134,015 crore (USD 17.24 billion) to the National Highways Authority of India (NHAI), an outlay of INR 60,000 crore (USD 7.72 billion) for the Ministry of Road Transport and Highways, INR 76,549 crore (USD 9.85 billion) to the Ministry of Housing and Urban Affairs among others.
- Overall, all such developments in infrastructure across the world are expected to drive the market 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.
- China hosts a vast construction sector. The developments in the infrastructure, commercial, and residential sectors in the past two years have supported the construction sector's growth at large, both in terms of volume and value.
- Currently, China includes numerous airport construction projects in the development or planning stage. These include Beijing Capital International Airport, Chengdu Shuangliu International Airport, Guangzhou Baiyun International Airport, etc. Additionally, the government rolled out massive construction plans to move 250 million people to its new megacities over the next ten years.
- India is a growing economy and holds great potential for future market opportunities. The oil and gas industry is rising steadily in India. Prime Minister Mr. Narendra Modi declared in February 2021 that the government intends to spend INR 7.5 trillion (~USD 100 billion) on oil and gas infrastructure over the following five years. A network of almost 35,000 km of natural gas pipelines is permitted throughout the nation to establish a national gas grid.
- India ranks sixth in the world in chemical sales and contributes 3% to the global chemical industry. According to the Indian Brand Equity Foundation (IBEF), under the Union Budget 2022-23, the government allocated INR 209 crores (USD 27.43 million) to the department of chemicals and petrochemicals. The demand for chemicals is expected to expand by 9% per annum by 2025. It is expected to increase the manufacturing capabilities of the chemicals industry and the demand for duplex stainless steel for manufacturing chemical processing plants.
- All these factors are expected to significantly affect the market growth in the region during the forecast period.
Duplex Stainless Steel Industry Overview
The global duplex stainless steel market is fragmented, with many players competing. Some major companies are Thyssenkrupp AG, voestalpine A.G., ArcelorMittal S.A., POSCO, and Daido Steel Co. Ltd, among others (not in any particular order).
Duplex Stainless Steel Market Leaders
Thyssenkrupp AG
Voestalpine AG
Daido Steel Co., Ltd
ArcelorMittal S.A.
POSCO
*Disclaimer: Major Players sorted in no particular order
Duplex Stainless Steel Market News
- December 2022: Thyssenkrupp Materials Services acquired the data analysis and data science company Westphalia DataLab GmbH. With the purchase, the largest mill-independent materials distributor and service provider in the western world expects to strengthen its expertise in digital supply chain services and accelerate the development of concrete solutions.
- September 2022: ThyssenKrupp Materials Services is continuing its expansion in North America and is planning a new site for the Materials de Mexico division in San Luis Potosí. In the central Mexican city, the company is investing around USD 37 million in a service center that will support the future viability of the automotive supply industry, which is growing strongly in this region.
- January 2022: Adani Group and POSCO have signed an agreement to explore opportunities, including setting up an integrated steel mill in the western state of Gujarat, India. The non-binding MoU intends to further collaborate at the group business level in various industries, such as renewable energy, hydrogen, and logistics, in response to carbon reduction requirements.
Duplex Stainless Steel Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Applications for Corrosion Resistance
4.1.2 Growing Demand from the Oil and Gas Industries
4.2 Restraints
4.2.1 Limited Heat Resistance
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Type
5.1.1 Lean Duplex Stainless Steel
5.1.2 Duplex Stainless Steel
5.1.3 Super Duplex Stainless Steel
5.2 End-user Industry
5.2.1 Oil and Gas
5.2.2 Construction
5.2.3 Paper and Pulp
5.2.4 Chemical Processing
5.2.5 Other End-user Industries
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 France
5.3.3.4 Italy
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 AK Steel Holding (Cleveland-Cliffs Inc.)
6.4.2 ArcelorMittal S.A.
6.4.3 Daido Steel Co. Ltd
6.4.4 Jindal Stainless Ltd.
6.4.5 Nippon Yakin Kogyo Co. Ltd
6.4.6 Outokumpu
6.4.7 POSCO
6.4.8 SAIL
6.4.9 Sandvik AB
6.4.10 SeAH Steel Corporation
6.4.11 Thyssenkrupp AG
6.4.12 Voestalpine AG
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Demand for Duplex Stainless Steel in New Oilfield Facilities
Duplex Stainless Steel Industry Segmentation
The two-phase microstructure of ferritic and austenitic stainless steel grains makes up duplex stainless steel. The duplex structure gives this family of stainless steels a unique combination of desirable properties, including resilience, hardness, and flexibility, as well as corrosion resistance and affordability. The market is segmented based on type, end-user industry, and geography. By type, the market is segmented into lean duplex stainless steel, duplex stainless steel, and super duplex stainless steel. By end-user industry, the market is segmented into oil and gas, construction, paper and pulp, chemical processing, and other end-user Industries. The report also covers the market size and forecasts for the duplex stainless steel market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD million).
| Type | |
| Lean Duplex Stainless Steel | |
| Duplex Stainless Steel | |
| Super Duplex Stainless Steel |
| End-user Industry | |
| Oil and Gas | |
| Construction | |
| Paper and Pulp | |
| Chemical Processing | |
| Other End-user Industries |
| Geography | |||||||
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Duplex Stainless Steel Market Research FAQs
What is the current Duplex Stainless Steel Market size?
The Duplex Stainless Steel Market is projected to register a CAGR of greater than 5% during the forecast period (2023-2028).
Who are the key players in Duplex Stainless Steel Market?
Thyssenkrupp AG, Voestalpine AG, Daido Steel Co., Ltd, ArcelorMittal S.A. and POSCO are the major companies operating in the Duplex Stainless Steel Market.
Which is the fastest growing region in Duplex Stainless Steel Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Duplex Stainless Steel Market?
In 2023, the Asia Pacific accounts for the largest market share in the Duplex Stainless Steel Market.
Duplex Stainless Steel Industry Report
Statistics for the 2023 Duplex Stainless Steel market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Duplex Stainless Steel analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
