The duplex stainless steel market was valued at USD 2.70 Billion in 2016 and is projected to reach USD 3.40 Billion by 2021, at a CAGR of 4.7% between 2016 and 2021
Increasing demand for duplex stainless steel from various end-use industries, such as oil & gas, chemical, desalination, pulp & paper, construction, and energy is expected to drive the demand for duplex stainless steel during the forecast period.
Among grades, the super duplex segment is projected to grow at the highest CAGR during the forecast period. Super duplex stainless steels are designed to handle extreme corrosive and high pressure situations, and for this reason, this grade is widely used in the oil & gas exploration activities. The growing oil & gas exploration activities are expected to drive the growth of this segment in the forecast period.
Among product forms, the tubes segment accounted for the largest share of the duplex stainless steel market in 2016, in terms of value. The growth of this segment can be attributed to the growing use of duplex stainless steel based tubes in offshore oil & gas exploration and production, heat exchangers in chemical industry, and in hydraulic and instrumentation applications in marine industry.
Based on end-use industry, the oil & gas industry segment led the duplex stainless steel market in 2016. The growth of the oil & gas industry segment can be attributed to the increasing oil & gas exploration activities around the world. Over the past few decades, corrosive conditions in the oil & gas Industry have steadily grown in severity. The offshore oil industry continually pushes oil exploration to greater depths, which leads to higher pressure conditions and harsher environments. Various grades of duplex stainless steel are used in oil & gas industry for their improved corrosion and stress resistance.
The Asia-Pacific region was the largest market for duplex stainless steel in 2016. The region is a major consumer of duplex stainless steel, which are used in varied end-use industries, such as automotive, food, chemical process, and energy, among others. The demand for duplex stainless steel is increasing in various countries, such as Japan, China, India, and South Korea, among others, of the Asia-Pacific region. To meet this growing demand, top manufacturers from the U.S. and Europe are now focusing on the Asia-Pacific region to expand their businesses. Moreover, top market players of steels are also headquartered in this region. The Asia-Pacific duplex stainless steel market is projected to grow at the highest CAGR between 2016 and 2021.
There are certain factors that might hinder the growth of the duplex stainless steel market during the forecast period, includes the rising raw materials prices used to manufacture duplex stainless steel.
Key Topics Covered:
1 Introduction 2 Research Methodology 3 Premium Insights 4 Executive Summary 5 Market Overview 6 Duplex Stainless Steel Market, By Grade 7 Duplex Stainless Steel Market, By Product Form 8 Duplex Stainless Steel Market, By End-Use Industry 9 Regional Analysis 10 Competitive Landscape
11 Company Profiles
- AK Steel Holding Corporation - Acerinox S.A. - Allegheny Technologies Incorporated - Ambica Steels - Arcelormittal S.A. - Carpenter Technology Corporation - Cogne Acciai Speciali Spa - Daido Steel Co. Ltd. - Erasteel - Foroni S.P.A. - H. Butting GmbH & Co. Kg - Jindal Steel & Power Ltd - Nippon Steel & Sumikin Stainless Steel Corporation - Nippon Yakin Kogyo Co. Ltd. - Other Key Players in the Value Chain - Outokumpu OYJ - Posco Group - Rolled Alloys Inc. - Sandmeyer Steel Company - Sandvik Materials Technology AB - Sanyo Special Steel Co. Ltd. - Taiyuan Iron and Steel (Group) Co., Ltd. (Tisco) - Tata Steel - Thyssenkrupp AG - Valbruna Stainless Inc. - Voestalpine AG