Product Code: 69446
The Global Duplex Stainless Steel Market is projected to register a CAGR of over 5% during the forecast period (2021-2026).
Due to the COVID-19 pandemic, the building sector has stalled, making market growth for duplex stainless steel more difficult in 2020. Building development in various regions is expected to experience a period of low growth over the next two years, owing to the current outbreak's economic slowdown. The commercial building sector, in particular, has seen a significant drop in recent years. Over 65% of companies in the construction ecosystem have been severely affected by the prolonged construction inactivity thus having a negative impact on the market studied.
- In the medium term, increasing applications for corrosion resistance and growing demand from the oil and gas industry are expected to drive market growth.
- However, duplex stainless steel can only be used under limited temperatures, and this factor is expected to hinder the market growth.
- Asia-Pacific region is expected to dominate the market with the largest consumption from countries, such as India and China.
Key Market Trends
Growing Demand from Construction Industry
- Duplex stainless steel finds major applications in the construction industry. It is used as a construction design material because of its unique characteristics, such as higher strength than carbon steel and higher corrosive resistance, as compared to austenitic stainless steels.
- The most common building and construction applications for duplexes have been spectacular pedestrian bridges like The Helix bridge in Singapore, San Diego's Harbor Drive Bridge, and the new Lusail Pedestrian Bridges in Qatar.
- Other applications have included handrails in corrosive locations like the Canary Islands and the Four Freedoms Park in New York. High strength tension bars and spiders are being used in low profile glass curtain wall structural supports.
- Overall, rising infrastructure construction is expected to drive the demand for duplex stainless steel through the years to come.
- China approved 26 infrastructure projects with a total expected investment of USD 142 billion in 2019. In 2020, the country was accelerating the development of new infrastructure to hedge against the impact of the novel coronavirus outbreak and spur the economy amid mounting downside pressure. In 2021, China's top 5 infrastructure projects was set to cost USD 131 billion.
- In India, the Government of India is strongly focused on infrastructure development to boost economic growth and is aiming for 100 smart cities. The country has a requirement of investment worth USD 777.73 billion in infrastructure by 2022 to have sustainable development in the country.
- Overall, all such developments in infrastructure across the world is expected to drive the market through the years to come
Asia-Pacific Region to Dominate the Market
- Asia-Pacific is expected to dominate the global market owing to the highly developed construction, coupled with the continuous investments done in the region.
- China hosts a vast construction sector. The developments in the infrastructure, commercial and residential sectors in the past two years have supported the construction sector's growth at large, both in terms of volume and value.
- Currently, China has numerous airport construction projects, which are either in the development or planning stage. These include Beijing Capital International Airport, Chengdu Shuangliu International Airport, Guangzhou Baiyun International Airport, etc. Additionally, the government rolled out massive construction plans for the movement of 250 million people to its new megacities, over the next 10 years.
- India is a growing economy and holds great potential for future market opportunities. The oil and gas industry is rising steadily in India. As of 2020, the Indian Minister of Petroleum and Natural Gas and Steel reviewed pipeline projects worth approximately INR 8,000 crore. Moreover, Indian Oil decided to implement a 1,450 km long natural gas pipeline project in southern India with a project cost of INR 6,025 crore. This project will require approximately 1.65 lakh metric ton steel pipes that can be potentially manufactured in India.
- India ranks sixth in the world in chemicals sales and contributes 3% to global chemical industry. According to Indian Brand Equity Foundation (IBEF), the chemicals industry stood at USD 178 billion in 2019, and is expected to reach USD 304 billion by 2025 registering a CAGR of 9.3%. The demand for chemicals is expected to expand by 9% per annum by 2025. This is expected to increase the manufacturing capabilities from the chemicals industry and the demand for duplex stainless steel for manufacturing chemical processing plants.
- All these factors, are expected to significantly affect the market growth in the region during the forecast period.
The global duplex stainless steel market is fragmented in nature with many players competing in the market. Some of the major companies are Thyssenkrupp AG, Voestalpine AG, Arcelormittal SA, AK Steel Holding, and Daido Steel Co. Ltd, among others.
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TABLE OF CONTENTS
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Drivers
- 4.1.1 Increasing Applications for Corrosion Resistance
- 4.1.2 Growing Demand from the Oil and Gas Industries
- 4.2 Restraints
- 4.2.1 Limited Heat Resistance
- 4.2.2 Unfavorable Conditions Arising Due to COVID-19 Outbreak
- 4.3 Industry Value Chain Analysis
- 4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5 MARKET SEGMENTATION
- 5.1 Type
- 5.1.1 Lean Duplex Stainless Steel
- 5.1.2 Duplex Stainless Steel
- 5.1.3 Super Duplex Stainless Steel
- 5.2 End-user Industry
- 5.2.1 Oil and Gas
- 5.2.2 Construction
- 5.2.3 Paper and Pulp
- 5.2.4 Chemical Processing
- 5.2.5 Other End-user Industries
- 5.3 Geography
- 5.3.1 Asia-Pacific
- 18.104.22.168 China
- 22.214.171.124 India
- 126.96.36.199 Japan
- 188.8.131.52 South Korea
- 184.108.40.206 Rest of Asia-Pacific
- 5.3.2 North America
- 220.127.116.11 United States
- 18.104.22.168 Canada
- 22.214.171.124 Mexico
- 5.3.3 Europe
- 126.96.36.199 Germany
- 188.8.131.52 United Kingdom
- 184.108.40.206 France
- 220.127.116.11 Italy
- 18.104.22.168 Rest of Europe
- 5.3.4 South America
- 22.214.171.124 Brazil
- 126.96.36.199 Argentina
- 188.8.131.52 Rest of South America
- 5.3.5 Middle-East and Africa
- 184.108.40.206 Saudi Arabia
- 220.127.116.11 South Africa
- 18.104.22.168 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%) Analysis**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
- 6.4 Company Profiles
- 6.4.1 AK Steel Holding
- 6.4.2 Arcelormittal SA
- 6.4.3 Daido Steel Co. Ltd
- 6.4.4 Jindal Steel and Power
- 6.4.5 Nippon Yakin Kogyo Co. Ltd
- 6.4.6 Outokumpu
- 6.4.7 POSCO
- 6.4.8 SeAH Steel Corporation
- 6.4.9 Thyssenkrupp AG
- 6.4.10 Voestalpine AG
7 MARKET OPPORTUNITIES AND FUTURE TRENDS