Oil & Gas Fuels Demand for Duplex Stainless Steel and Global Market to Reach $6 billion by 2030

Industry Experts, Inc., has released its latest report, on Duplex Stainless Steel market, which projects the demand for the same to reach US$6 billion by 2030 from an estimated US$4.4 billion in 2024 at a CAGR of 5.4% between the two years.

Some of the factors instrumental in driving demand for Duplex Stainless Steel include its widespread use in the oil & gas industry in the form of pipes & tubes. Comprising an almost equal proportion of austenitic and ferritic steels makes this variety of stainless steel very strong and highly resistant to corrosion, owing to which its application across various important end-use sectors has been growing rapidly.  The construction & infrastructure industry is another major consumer of Duplex Stainless Steels, as they are ideal for making bridges and other infrastructure projects. Apart from this, the chemical processing industry, subject to extreme operating environments, also makes extensive use of Duplex Stainless Steels.

Asia-Pacific leads the demand for Duplex Stainless Steel worldwide and is also likely to be the fastest growing region. The development of industries and commercial enterprises in Asia-Pacific over the past few years has been quite impressive, owing to which the demand for resources to support this growth has to be supplemented adequately. The number of oil & gas projects underway in countries, such as China, India, Australia and South Korea, other than its use in various infrastructure projects, give ample evidence of the increasing demand for Duplex Stainless Steel in the region.

The report studies the Duplex Stainless Steel market across all major regions including North America (The United States, Canada and Mexico), Europe (France, Germany, Italy, Russia, Spain, The United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea and Rest of Asia-Pacific), South America (Argentina, Brazil and Rest of South America) and Middle East & Africa.

The market for major grades of Duplex Stainless Steel analyzed in this report includes Lean Duplex Stainless Steel, Standard Duplex Stainless Steel and Super Duplex Stainless Steel. The study also examines the market for Duplex Stainless Steel by form, comprising Fittings & Flanges, Pipes & Tubes, Pumps & Valves, Rebar & Mesh and Welding Wires & Consumables, among other forms that include Bars & Rods and Plates. With regard to end-use sector, the global market for Duplex Stainless Steel has been categorized into Chemical Processing, Construction & Infrastructure, Desalination, Oil & Gas and Pulp & Paper, apart from other end-use sectors, comprising Automotive & Transportation, Marine & Shipbuilding and Water Management.

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