New York, Aug. 10, 2023 (GLOBE NEWSWIRE) -- The global duplex stainless steel market size is predicted to grow at a CAGR of over ~7.7% from 2023 to 2035. The market is projected to garner a revenue of USD 11.1 billion by the end of 2035, up from a revenue of ~USD 4.5 billion in the year 2022. The growth of the market is attributed to the increasing potential of discovering new oil fields. In addition, duplex stainless steel contains specialties such as work-hardened, non-magnetic steel that plays an important role in the detection of new gases and gas sources. From January to November 2021, global oil and gas discoveries reportedly totaled more than 4.5 billion barrels of oil equivalent.
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Duplex stainless steels are austenitic and ferritic steels with a two-phase microstructure. The mechanical properties of duplex stainless steel are determined by the proportions of the ferrite and austenite forming components in the composition. Besides iron, the main alloying elements of the most popular grade 2205 are chromium (21-23%), nickel (4.5-6.5%) and molybdenum (2.5-3).5%). The main advantages of duplex stainless steel include high toughness and ductility, improved strength, high corrosion resistance and others.
Duplex Stainless Steel Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- The oil & gas segment to garner the highest growth
- Market in North America to grow at a highest rate
Increasing Offshore Spending across the Globe to Boost Market Growth
By the end of 2025, offshore exploration and production worldwide is expected to reach more than USD 290 billion. Duplex stainless steel is most preferred for structural components in offshore structures due to the need for light weight and low maintenance materials. Therefore, the increasing development of offshore is increasing the market demand for duplex stainless steel. Therefore, the market growth is expected to increase until the end of 2035. According to the reported data, China produced more than 120 million tons of paper and board in 2021. Due to the properties of duplex stainless steel, it is increasingly used in modern pulp and paper mills for machinery and equipment. Therefore, the increased production and demand for paper and board increases the demand for duplex stainless steel.
Duplex stainless steel is used in the construction of storage tanks, shipping containers, and other structures. In addition, it is used to move large objects such as machines, concrete blocks and even passengers in elevators. Therefore, demand for duplex stainless steel is increasing due to increased investment in construction activities, which is expected to fuel the market expansion. By the end of 2035, global spending on the construction industry is expected to exceed USD 19 trillion.
Duplex Stainless Steel Market: Regional Overview
The global duplex stainless steel market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding Focus on Renewable Energy to Drive the Market Growth in Asia Pacific Region
The duplex stainless steel market in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. Duplex stainless steel is widely used in various industries, including oil and gas, chemical processing, pulp and paper, and construction. The growing industrial activities and infrastructure development in the Asia Pacific region have driven the demand for duplex stainless steel. The Asia Pacific region is experiencing rapid urbanization and infrastructure development, leading to increased demand for construction materials. Duplex stainless steel is favored for its high strength, corrosion resistance, and durability, making it suitable for structural applications in buildings, bridges, and offshore structures.
The infrastructure boom in countries like China, India, and Southeast Asian nations has contributed to the growth of the duplex stainless steel market. The Asia Pacific region is increasingly adopting renewable energy sources such as wind and solar power. Duplex stainless steel is utilized in renewable energy infrastructure, including wind turbine components, solar panel frames, and offshore wind farm structures, due to its strength and corrosion resistance. The emphasis on renewable energy projects has contributed to the demand for duplex stainless steel.
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Growing Oil and Gas Industry to Propel the Growth in the North America Region
The North America duplex stainless steel market is estimated to garner the highest CAGR by the end of 2035. The North American region, particularly the United States, has seen a significant expansion in the oil and gas industry, including shale gas exploration and production. Duplex stainless steel is widely used in the oil and gas sector due to its excellent corrosion resistance and high strength. According to the U.S. Energy Information Administration, the United States was the world's largest producer of petroleum and natural gas hydrocarbons in 2020.
The North American region has experienced robust infrastructure development and construction activities, driving the demand for duplex stainless steel. The construction sector, including commercial buildings, bridges, and transportation infrastructure, extensively uses duplex stainless steel due to its structural strength and corrosion resistance. The chemical and petrochemical industries in North America have undergone significant growth, driven by factors such as industrialization, increasing demand for chemicals, and shale gas development. Duplex stainless steel is widely used in chemical processing equipment and pipelines due to its corrosion resistance and resistance to aggressive chemicals.
Duplex Stainless Steel, Segmentation by End Use Industry
- Oil & Gas
- Pulp & Paper
- Chemical
- Desalination
- Others
Amongst these segments, the oil & gas segment is anticipated to hold the largest share over the forecast period. The global energy demand is expected to grow by 50% by 2050, driven by population growth and economic development. This will create a need for new sources of energy, including oil and gas. Unconventional resources, such as shale gas and tight oil, are becoming increasingly important as conventional resources become depleted. These resources are more difficult to extract, but they offer the potential for significant growth in oil and gas production.
Natural gas is a cleaner-burning fuel than oil or coal, and it is becoming increasingly popular as a source of power generation and heating. The global demand for natural gas is expected to grow by 40% by 2050. The oil and gas industry are investing in new technologies to improve the efficiency and sustainability of its operations. These technologies include hydraulic fracturing, horizontal drilling, and carbon capture and storage. These are just a few of the factors that are driving growth in the oil and gas segment. The industry is facing some challenges, such as the rise of renewable energy and the need to reduce greenhouse gas emissions. However, the long-term outlook for the industry is positive, as global energy demand is expected to continue to grow.
Duplex Stainless Steel, Segmentation by Grade
- Lean Duplex Stainless Steel
- Duplex Stainless Steel
- Super Duplex Stainless Steel
Amongst these segments, the super duplex stainless steel segment is anticipated to hold a significant share over the forecast period. Super duplex stainless steel is a high-performance material that is well-suited for use in the oil and gas industry. It is resistant to corrosion and high temperatures, making it ideal for use in applications such as offshore platforms, pipelines, and drilling rigs. The growing demand for oil and gas is expected to drive growth in the super duplex stainless steel segment. Super duplex stainless steel is also used in a variety of other industries, such as chemical processing, power generation, and marine engineering.
The increasing use of super duplex stainless steel in these industries is expected to further drive growth in the segment. There have been significant technical advancements in the production of super duplex stainless steel in recent years. These advancements have made the material more affordable and easier to use, which has led to increased demand.
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Duplex Stainless Steel, Segmentation by Product Form
- Welding Wires
- Pumps & Valves
- Fittings & Flanges
- Others
Few of the well-known market leaders in the global duplex stainless steel market that are profiled by Research Nester are Tata Sons Private Limited, ArcelorMittal, POSCO Group, Jindal Steel & Power Limited, Daido Steel Co., Ltd., Thyssenkrupp AG, Sandvik AB, Penn Stainless, Voestalpine AG., and other key market players.
Recent Development in the Market
- Thyssenkrupp AG announced that it had awarded a multi-billion dollar order to the SMS Group for a direct reduction plant. This will be one of the largest industrial decarbonization projects in the world.
- ArcelorMittal announced a US$36 million investment in Boston Metal. This is the XCarb Innovation Fund's largest single investment to date.
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