Duplex Stainless Steel Market - Global Forecast To 2021

17/05/2019

The duplex stainless steel market is projected to reach USD 3.40 billion by 2021, at a CAGR of 4.7% between 2016 and 2021. The growing demand for duplex stainless steel from end-use industries has led to significant developments in the duplex stainless steel market. Duplex stainless steel is largely used in oil & gas, chemical, and desalination industries to manufacture tubes, pipes, heat exchangers, wire, and pumps & valves, among others, owing to its cost effectivity and properties such as high corrosion resistance, high strength, low weight, and so on.

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Key players in the duplex stainless steel 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. Some of these companies are involved in the production of duplex stainless steel grades, while others are engaged in the manufacturing of products such as tubes, vessels, wires, and so on for end users.

Substantial investments have been made towards expansions, agreements, and mergers in the past few years by key companies such as Outokumpu Oyj (Finland), ArcelorMittal S.A. (Luxembourg), POSCO Group (South Korea), Acerinox S.A. (Spain), Jindal Steel (India), Nippon Yakin Kogyo Co Ltd. (Japan) and so on. Among these, Outokumpu Oyj and ArcelorMittal S.A. have adopted the majority strategies to grow in the duplex stainless steel market. Both companies have been mostly focusing on agreements and are expanding their business in newer geographies.

Outokumpu Oyj has been focusing on agreements and mergers & acquisitions as a part of its growth strategy for the duplex stainless steel market. In April 2016, Outokumpu made an agreement with Böllinghaus Steel (Germany), according to which Böllinghaus will distribute the cold drawn and hot rolled bars of Outokumpu in hexagons, squares, and flats forms in Europe, APAC, and Latin America. The agreement with Böllinghaus Steel will help Outokumpu grow its business and serve the customers and applications enabled by the Böllinghaus Steel extensive customer relationship. The company is also focusing on mergers & acquisitions. In January 2012, Outokumpu and ThyssenKrupp merged their stainless steel business to offer extensive products range to their customers. This will help both companies attain a greater share in the stainless steel market by using their expertise and wide customer base.

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In October 2016, ArcelorMittal S.A. (Luxembourg) signed an agreement with Votorantim S.A. (Brazil), under which Votorantim Siderurgia will work as a subsidiary of ArcelorMittal Brasil S.A. The agreement will help ArcelorMittal to increase its crude steel capacity to 5.6 million tonnes and annual rolling capacity to 5.4 million tonnes. These strategies will help the companies expand their market reach to new geographic locations and also increase their shares in the duplex stainless steel market