Duplex Stainless-steel Market is to Touch $5.46 Billion by 2030; Rising demand for duplex stainless steel by the building and construction industry owing to the rising urbanization and growth in construction activities, especially in the developing e

The Duplex Stainless Steel Market size is estimated to reach $5.46 billion by 2030, growing at a CAGR of 4.4% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Duplex Stainless Steel Market – By Product Type: (Lean Duplex Stainless Steel, Duplex Stainless Steel, Super Duplex Stainless Steel),. By End-Use Industry: (Oil And Gas Industry (Piping and Tubing, Exploratory wells, Heat exchangers, Others), Chemical Processing Industry (Storage Pressure Vessels, Tanks, Piping, Others), Pulp and Paper Industry (Bleaching Equipment, Digesters, Stock-Handling Systems, And Others), Construction Industry, Desalination Industry, And Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”

Rising industrialization will also directly and positively impact the demand for duplex stainless-steel globally. However, fluctuations in the prices of raw materials will pose a significant challenge to the growth of the duplex stainless-steel market. Duplex stainless steel can only be used at limited temperatures, and this will further hamper the duplex stainless steel market growth rate. 

The Asia Pacific is the largest and the fastest-growing region in the duplex stainless-steel market in the year 2023 is expected to grow by over 4.6% during the forecast period. This is because of the increase in oil and gas projects upcoming in countries like China, India, Australia, Korea, and others which will boost the demand for duplex stainless steels for oil and gas equipment like pipelines and tubings due to their excellent corrosion resistance properties. For instance, The Amadeus Basin to Moomba Gas Pipeline (AMGP), Australia is one of the key oil pipeline projects with a pipeline constructed length of 590 miles, up to 16-inch in diameter with a free-flow capacity of 124TJ per day is expected to begin construction in 2024. Additionally, the Barossa gas field project in northern Australia is presently under construction stage involving six subsea production wells, in-field facilities, and a gas export pipeline tied into the Bayu-Undan to Darwin pipeline system that supplies gas to Darwin LNG.

The Duplex Stainless Steel market is witnessing strong growth, particularly in the oil and gas industry, due to its superior resistance to corrosion and its ability to withstand harsh environments. Duplex stainless steel is increasingly used in offshore drilling platforms, pipelines, and refineries, where materials are exposed to high-pressure and corrosive conditions. The rising global demand for energy, coupled with a focus on expanding energy infrastructure in developing regions, is driving the adoption of advanced materials like duplex stainless steel. Its durability and low maintenance requirements make it an attractive choice, helping companies reduce long-term operational costs. As investments in energy infrastructure, including deepwater and shale gas projects, increase, the market for duplex stainless steel is expected to grow steadily over the coming years.

Duplex Stainless Steel is gaining traction in the chemical and petrochemical industries due to its ability to withstand extreme conditions, such as exposure to aggressive chemicals, high temperatures, and high pressures. Its enhanced mechanical properties, including high tensile strength and resistance to stress corrosion cracking, make it suitable for use in critical equipment like heat exchangers, reactors, and storage tanks. With chemical manufacturers increasingly seeking materials that offer longer life cycles and can handle more aggressive production processes, duplex stainless steel is becoming a preferred choice.

Key companies profiled in the Duplex Stainless Steel Market are Tata Steel, Posco Group, Outokumpu OYJ, Acerinox S.A. and others.