“Duplex stainless steel market is projected to reach USD 3.40 billion by 2021”
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. Factors such as cost efficiency, higher corrosion resistance properties, and growing demand from the oil & gas industry are driving the duplex stainless steel market. Rising demand for duplex stainless steel from Europe and Asia-Pacific regions is also expected to drive the market growth. The major restraint for the duplex stainless steel market is the rising cost of raw materials used to manufacture duplex stainless steel.
“The super duplex segment is expected to witness the highest growth from 2016 to 2021”
Based on grade, the super duplex segment is expected to witness the highest growth in the duplex stainless steel market, amongst other grades such as lean duplex and standard duplex. The growth of this segment can be attributed to the fact that super duplex stainless steel is a highly alloyed stainless steel designed for use in aggressive environments. It is designed to handle extreme environments, such as highly corrosive conditions and pressures encountered at great depths in new oil and gas fields. The growing oil and gas exploration around the world is one of the main reasons for the growth of the super duplex stainless steel market.
“The oil & gas segment estimated to be the largest segment of the duplex stainless steel market”
Based on end-use industry, the duplex stainless steel market has been segmented into oil & gas, chemical, desalination, pulp & paper, and construction, among others. The oil & gas segment is estimated to be the largest segment from 2016-2021, due to increasing of duplex stainless steel based products in oil & gas exploration and production activities. The growing oil & gas exploration around the world is significantly boosting the demand for duplex stainless steel in the oil & gas industry.
“The market in Asia-Pacific projected to grow witness highest growth during the forecast period”
The Asia-Pacific duplex stainless steel market is anticipated to witness the highest growth between 2016 and 2026. The region is a major consumer of duplex stainless steel, which are used in varied end-use industries, such as oil & gas, automotive, chemical process industry, power industry, and marine industry, 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.
Breakdown of profile of primary participants:
- By Company Type: Tier 1 – 17%, Tier 2 – 33%, and Tier 3 – 50%
- By Designation: C Level – 20%, Director Level – 30%, and Others – 50%
- By Region: North America – 13%, Europe – 27%, Asia-Pacific – 40%, and Others –20%
Major companies profiled in this report include Outokumpu Oyj (Finland), Tata Steel (India), Jindal Steel (India), ArcelorMittal S.A. (Luxembourg), POSCO Group (South Korea), Acerinox S.A. (Spain), Sandvik Materials Technology AB (Sweden), Allegheny Technologies Incorporated (U.S.), Daido Steel Co., Ltd. (Japan), Nippon Yakin Kogyo Co Ltd. (Japan), AK Steel Holding Corporation (U.S.), Carpenter Technology Corporation (U.S.), ThyssenKrupp AG (Germany), and Voestalpine AG (Austria), among others.
This report offers an overview of the market trends, drivers, and challenges with respect to the duplex stainless steel market. It also provides a detailed overview of the market across five regions, namely, Asia-Pacific, Europe, North America, Middle East & Africa, and South America. The report categorizes the duplex stainless steel market based on grade, product form, end-use industry, and region. A detailed analysis of leading players, along with key growth strategies adopted by them, is also covered in the report.
Reasons To Buy the report
This report covers the following key aspects:
- What will be the market size by 2021 and what will be the growth rate?
- What are the key market trends?
- What are the factors expected to drive the growth of the market?
- What are the challenges that impact market growth?
- Who are the key players in this market?
- Global report covers key regions, such as North America, Europe, and Asia-Pacific, including major countries in these regions, such as the U.S., China, India, Belgium, and Germany