Asia-Pacific to Lead Global Duplex Stainless Steel Market through 2024

Growing population coupled with expanding oil & gas industry to drive global duplex stainless steel market through 2024 

According to TechSci Research report, “Global Duplex Stainless Steel Market By Grade, By Product Form, By End Use Industry, By Region, Competition, Forecast & Opportunities, 2024”, global duplex stainless steel market is projected to reach $ 3.6 billion by 2024, on the back of factors such as competitive price and great corrosion resistance offered by duplex stainless steel. Moreover, strong demand for duplex stainless steel from pulp & paper, chemical, oil & gas and construction industries is expected to aid market growth during forecast period.

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In terms of grade, global duplex stainless steel market has been categorized into duplex, lean duplex, and super & hyper duplex. Among the grades, the super & hyper duplex category is anticipated to witness the fastest growth in coming years. Super & hyper duplex stainless steel is widely used in the oil & gas exploration activities due to its ability to handle high pressure situations and its extreme corrosive nature. In terms of product form, global duplex stainless steel market has been segmented into tubes, pumps & valves, fittings & flanges, welding wires, rebar & mesh and others. Among the product forms, tubes accounted for the largest market share in 2018, owing to growing usage of duplex stainless steel based tubes in heat exchangers in chemical industry, offshore oil & gas exploration and production, and in hydraulic and instrumentation applications in marine industry.

Asia-Pacific dominated global duplex stainless steel market in 2018 and is expected to maintain its leading market position during the forecast period as well, on account of growing export activities in the region. Among the Asian countries, China is anticipated to account for a significant portion of the duplex stainless steel market. Chinese government policies are aimed at rationalizing the capacity of stainless steel plants in the region, which in turn, are likely to have a positive effect on the duplex stainless steel industry dynamics during the forecast period.

“Increasing demand for duplex stainless steel from the construction industry, in addition to growing steel industry and rising offshore spending are likely to drive the duplex stainless steel market, globally, over the course of next five years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Duplex Stainless Steel Market By Grade, By Product Form, By End Use Industry, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global duplex stainless steel market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global duplex stainless steel market.

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