Duplex Stainless Steel Market Is Projected To Reach USD 3.40 Billion By 2021

22/05/2019

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.Growing demand for duplex stainless steel from various industries, including oil & gas, chemical, pulp & paper, construction, and energy, is driving the growth of the duplex stainless steel market globally.Based on product form, the rebars & mesh segment is projected to grow at the highest rate during the forecast period. In construction sector, duplex stainless steel rebar acts as an important building material used along with concrete to bear the loads and pressure connected with bending, compression, and tensile in reinforce concrete construction. Corrosion of long steel products, especially reinforcing bars, is the major cause of damage and failure in concrete structures.

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For prevention of rebar against corrosion in projects such as bridge decks, sewage treatment, parking structures, marine structures, chemical plants, and others, use of alternative, more corrosion-resistant reinforcing materials is advisable. The duplex stainless steel based rebar helps in prevention of corrosion and is one of the growing applications of duplex stainless steel. Developing countries, such as Russia, Brazil, India, China, and South Africa are witnessing huge investments in construction and infrastructure developments and the demand for duplex stainless steel would always continue from the construction industries.

Based on grade, the super duplex stainless steel segment is estimated to lead the duplex stainless steel market during the forecast period. Super duplex stainless steel is a highly alloyed stainless steel designed for use in aggressive environments. High strength, toughness, and excellent corrosion resistance in a wide range of organic and inorganic acids make super duplex stainless steel a preferred duplex steel grade for a variety of industries. It is designed to handle extreme environments, such as the highly corrosive conditions and pressures encountered at great depths in new oil and gas fields.Some applications of super duplex stainless steel include oil & gas industry equipment, offshore platforms, heat exchangers, process and service water systems, firefighting systems, injection and ballast water systems, chemical process industries, and heat exchangers. In addition, vessels, piping, and desalination plants are also among the application areas for super duplex stainless steel. The growing oil & gas exploration around the world is one of the main reasons for the growth of the super duplex stainless steel market.

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The duplex stainless steel market in the Asia-Pacific region is projected to grow at the highest CAGR during the forecast period. The growth of the Asia-Pacific duplex stainless steel market can be attributed to the growth of varied end-use industries including metal, automotive, construction, industrial engineering, energy, oil & gas, and desalination industries, among others in the region. The Asia-Pacific region has evolved as a manufacturing hub, and several foreign companies are planning to enter into the Asia-Pacific region in the coming years.

Initiatives taken by the various governments for the inflow of foreign investments into the region to support domestic manufacturing sectors will also help drive industrial growth within this region during the forecast period. Moreover, increasing population and growing number of end-use industries in the Asia-Pacific region have also led to innovations and developments in the field of duplex stainless steel, thereby fueling the growth of the Asia-Pacific duplex stainless steel market.