Asia-Pacific to Lead Global Duplex Stainless Steel Market through 2024
Growing population coupled with expanding oil & gas
industry to drive global duplex stainless steel market through 2024
According to TechSci Research report, “Global Duplex
Stainless Steel Market By Grade, By Product Form, By End Use Industry, By
Region, Competition, Forecast & Opportunities, 2024”, global duplex
stainless steel market is projected to reach $ 3.6 billion by 2024, on the back
of factors such as competitive price and great corrosion resistance offered by
duplex stainless steel. Moreover, strong demand for duplex stainless steel from
pulp & paper, chemical, oil & gas and construction industries is expected
to aid market growth during forecast period.
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In
terms of grade, global duplex stainless steel market has been categorized into duplex,
lean duplex, and super & hyper duplex. Among the grades, the super &
hyper duplex category is anticipated to witness the fastest growth in coming
years. Super & hyper duplex stainless steel is widely used in the oil &
gas exploration activities due to its ability to handle high pressure
situations and its extreme corrosive nature. In terms of product form, global
duplex stainless steel market has been segmented into tubes, pumps &
valves, fittings & flanges, welding wires, rebar & mesh and others.
Among the product forms, tubes accounted for the largest market share in 2018,
owing to growing usage of duplex stainless steel based tubes in heat exchangers
in chemical industry, offshore oil & gas exploration and production, and in
hydraulic and instrumentation applications in marine industry.
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Asia-Pacific dominated global duplex stainless steel market in 2018 and is
expected to maintain its leading market position during the forecast period as
well, on account of growing export activities in the region. Among the Asian countries,
China is anticipated to account for a significant portion of the duplex
stainless steel market. Chinese government policies are aimed at rationalizing the
capacity of stainless steel plants in the region, which in turn, are likely to have
a positive effect on the duplex stainless steel industry dynamics during the
forecast period.
“Increasing
demand for duplex stainless steel from the construction industry, in addition
to growing steel industry and rising offshore spending are likely to drive the
duplex stainless steel market, globally, over the course of next five years.”, said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
“Global
Duplex Stainless Steel Market By Grade, By Product Form, By End Use Industry,
By Region, Competition, Forecast & Opportunities, 2024” has evaluated
the future growth potential of global duplex stainless steel market and
provides statistics and information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in global duplex stainless steel market.
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