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 Ste...