Duplex Stainless Steel Market Growth or Demand Increase or Decrease for what contains:
Increasing demand for the global duplex stainless steel market from a variety of end-use industries, including the expanding construction and oil and gas industries, as well as rising raw material costs, are among the reasons driving market expansion.
The corrosion resistance, tensile strength, and durability of the worldwide duplex stainless steel market. Duplex stainless steel is twice as strong as ferric stainless steel and standard austenitic steels. Duplex stainless steel provides superior corrosion resistance and mechanical strength, ensuring greater uptime than carbon steels and conventional steels. In addition, market demand is expanding.
Duplex Stainless Steel Market CAGR Estimation:
Duplex Stainless Steel Market was valued US$ 3.51 Bn in 2023 and is expected to reach US$ 4.96 Bn by 2030, at CAGR of 5.05% during forecast period.
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Duplex Stainless Steel Market Segmentation:
by Grade
Duplex
Lean Duplex
Super Duplex
by End Use Industry
Oil & Gas Industry
Desalination Industry
Chemical Industry
Pulp & Paper
Construction Industry
Others
Based on end-use industry segment, the oil and gas industry segment is expected to have the highest market share throughout the projection period. Corrosive conditions in the oil and gas industry have become increasingly severe during the last few decades. The offshore oil sector consistently drives oil exploration to greater depths, resulting in higher pressure conditions and harsher surroundings. Various grades of worldwide duplex stainless steel market are employed in the oil and gas industry because to its superior corrosion and stress resistance.
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Duplex Stainless Steel Market: Which Regions are Experiencing Growth or Increased Demand?
In terms of region, The Asia-Pacific duplex stainless steel market is estimated to grow at the highest CAGR during forecast period. 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. To meet this increasing demand, top manufacturers from the U.S. and Europe are now focusing on the Asia-Pacific region to expand their businesses. Furthermore, top market players of steels are also headquartered in this region.
The global duplex stainless steel market is extremely fragmented, with the presence of a large number of players across different regions. M & A, expansions, new product launches, partnerships, joint ventures and agreements are the various growth strategies implemented by major companies operating in the global duplex stainless steel market.
Duplex Stainless Steel Market Scope and Methodology:
- The duplex stainless steel market includes segments based on grade (Duplex, Lean Duplex, Super Duplex), end-use industry (Oil & Gas, Desalination, Chemical, Pulp & Paper, Construction, Others), and product form (Tubes, Pumps & Valves, Fittings & Flanges, Welding Wires, Rebar & Mesh, Others).
- Regions covered: North America, Europe, Asia Pacific, Middle East & Africa, South America.
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Duplex Stainless Steel Market Key Players:
1. Outokumpu OYJ
2. Tata Steel
3. Arcelormittal S.A.
4. Nippon Steel & Sumikin Stainless Steel Corporation
5. Sandvik Materials Technology AB
6. Posco Group
7. Acerinox S.A.
8. Allegheny Technologies Incorporated
9. Jindal Steel & Power Ltd
10. Daido Steel Co. Ltd.
11. Nippon Yakin Kogyo Co. Ltd.
12. AK Steel Holding Corporation
13. Thyssenkrupp AG
14. Voestalpine AG
15. Carpenter Technology Corporation
16. Sandmeyer Steel Company
17. Rolled Alloys Inc.
18. Valbruna Stainless Inc.
19. Cogne Acciai Speciali Spa
20. H. Butting GmbH & Co. Kg
21. Foroni S.P.A.
22. Erasteel
23. Taiyuan Iron and Steel (Group) Co., Ltd. (Tisco)
24. Ambica Steels
25. Sanyo Special Steel Co. Ltd
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Key questions answered in the Duplex Stainless Steel Market are:
• What is Duplex Stainless Steel?
• What is the growth rate of the Duplex Stainless Steel Market?
• Which are the factors expected to drive the Duplex Stainless Steel market growth?
• What are the different segments of the Duplex Stainless Steel Market?
• What growth strategies are the players considering to increase their presence in Duplex Stainless Steel?
• What are the upcoming industry applications and trends for the Duplex Stainless Steel Market?
• What are the recent industry trends that can be implemented to generate additional revenue streams for the Duplex Stainless Steel Market?
• What major challenges could the Duplex Stainless Steel Market face in the future?
• What segments are covered in the Duplex Stainless Steel Market?
• Who are the leading companies and what are their portfolios in Duplex Stainless Steel Market?
• What segments are covered in the Duplex Stainless Steel Market?
• Who are the key players in the Duplex Stainless Steel market?
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