PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1164910
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1164910
The Duplex Stainless Steel Market size was valued at USD 3,107.1 Million in 2021, expanding at a CAGR of 5.1% from 2022 to 2028.
The Duplex Stainless Steel got its name from its two-phase microstructure, which is composed of 50% austenite and 50% ferrite. The physical attributes of duplex stainless steel are a blend of ferritic and austenitic grades. Duplex stainless steels are exceptionally corrosion resistant, with great mechanical strength and weldability.
Market Dynamics:
Due to the strong corrosion resistance features of duplex stainless steel, there will be a considerable increase in construction projects upcoming in the oil and gas industry. China, for example, intends to increase Turkmen exports via the 1,000-kilometer Central Asia-China gas pipeline Line D, which is planned to be completed in 2022. Furthermore, the Nam Con Son 2 gas pipeline project in Vietnam is an ongoing pipeline project that entails the construction of a 202-mile offshore gas pipeline and approximately 24 miles of onshore gas pipelines to extract and transport gas from Vietnamese gas fields. Because of the large number of forthcoming oil and gas projects including the building of oil and gas onshore and offshore pipelines, there will be a greater risk of corrosion, which will drive up demand for duplex stainless steel throughout the projection period.
Bridge construction projects are increasing, which will fuel the expansion of the duplex stainless steel market. Bridges and tie bars are the most common applications for lean duplex grades in the building and construction industry. For example, the Zhuhai-Macau bridge in Hong Kong's Zhuhai is part of a 31-mile-long network of three cable-stayed bridges that wrap around a 4-mile undersea tunnel and three artificial islands. The bridge was built with almost 10000 tonnes of duplex stainless steel. Increased building of bridges made of duplex stainless steel will drive demand for the duplex stainless steel market during the projected period.
COVID-19 Impact:
The pandemic of COVID-19 has had a negative influence on the duplex stainless steel market. This is because the oil and gas business was one of the worst-affected industries during COVID-19 owing to the pandemic. Several global pipeline projects have been delayed as a result of shutdown limitations established in key countries such as the United States, India, and others. According to the International Energy Agency (IEA), oil demand fell by 25% in April and natural gas consumption fell by 4%, representing one of the worst contractions in the energy industry. Many oil and gas firms suffered as a result of this. For example, Prime Exploration & Production Limited (PEPL), a Nigerian oil and gas company, reduced its overall capital expenditure by 41% in 2020 compared to 2019. Due to the COVID-19 situation, this reduction included the suspension of infilling and drilling activities associated with the Preowei oil field development project. Due to such oil and gas project halts during covid, which included halts in the pipeline and exploratory good projects, there was less demand for ferrous alloys like duplex stainless steel, negatively impacting the duplex stainless steel market.
Geography Insights:
In the year 2021, the Asia Pacific region is predicted to increase by more than 5%, making it the largest and fastest-growing region in the duplex stainless steel market. This is owing to a surge in upcoming oil and gas projects in countries like China, India, Australia, and Korea, which will raise demand for duplex stainless steel for oil and gas equipment such as pipelines and tubings due to their superior corrosion resistance features. The Amadeus Basin to Moomba Gas Pipeline (AMGP) in Australia, for example, is one of the important oil pipeline projects, with a pipeline length of 590 miles, up to 16-inch in diameter, and a free-flow capacity of 124TJ per day.
Recent Development:
In July 2021, Primetals Technologies has been given a contract by Jindal Stainless Ltd. to add a new manufacturing line to the melt shops in India's Jajpur and Odisha. A new ladle furnace, an AOD converter, a continuous casting machine, and associated dedusting facilities were included in the order. The plant will also process different grades of duplex stainless steel, which is projected to increase the company's duplex stainless steel business.
In April 2021, Super-duplex stainless steel for metal 3D printing has been co-launched by Sandvik AB and its partial subsidiary BEAMIT. The product has strong mechanical strength and good corrosion resistance.
Key features of the study:
This proposed research study on the Duplex Stainless Steel market provides market size (US$ Million), compound annual growth rate (CAGR %) and forecast estimation (2022-2028), considering 2021 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains an attractive investment proposition matrix for the Duplex Stainless Steel market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain the Duplex Stainless Steel market
The impact of COVID-19 on the Duplex Stainless Steel market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight into the Duplex Stainless Steel market post-COVID will also be covered.
To give the users of this report a comprehensive view of the Duplex Stainless Steel market, we have also included a competitive landscape and key innovator analysis for the Duplex Stainless Steel market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand the financial information and strategic initiatives of players operating in the Duplex Stainless Steel market.
In addition, the report also unveils the important acquisitions & mergers, collaborations & joint ventures, new launches, research & development, and regional expansion of major participants involved in the market on global as well as regional levels.
The global Duplex Stainless Steel market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL DUPLEX STAINLESS STEEL MARKET KEY PLAYERS
Arcelormittal SA
AK Steel Holding
Daido Steel Co. Ltd
Jindal Stainless Ltd.
Nippon Yakin Kogyo Co. Ltd
Outokumpu
POSCO
SAIL
Sandvik AB
SeAH Steel Corporation
Thyssenkrupp AG
Voestalpine AG
GLOBAL DUPLEX STAINLESS STEEL MARKET, BY TYPE
Lean Duplex Stainless Steel
Duplex Stainless Steel
Super Duplex Stainless Steel
GLOBAL DUPLEX STAINLESS STEEL MARKET, BY INDUSTRY VERTICAL
Oil and Gas
Construction
Paper and Pulp
Chemical Processing
Others
GLOBAL DUPLEX STAINLESS STEEL MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA