Duplex Stainless Steel Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market is Segmented by Type (Lean Duplex Stainless Steel, Duplex Stainless Steel, and Super Duplex Stainless Steel), End-user Industry (Oil and Gas, Construction, Paper and Pulp, Chemical Processing, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecasts for Duplex Stainless Steel in revenue (USD Million) for all the above segments.

Market Snapshot

Duplex Stainless Steel Market - Market SummaryMarket Overview
Study Period: 2016 - 2026
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >5 %

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Market Overview

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.

Scope of the Report

Duplex stainless steels get their name from their two-phase microstructure, which consists of ferritic and austenitic stainless steel grains. The duplex structure gives this family of stainless steels a unique combination of desirable properties, including resilience, hardness, and ductility, as well as corrosion resistance and affordability. The market is segmented on the basis of type, end-user industry, and geography. By type, the market is segmented into Lean Duplex Stainless Steel, Duplex Stainless Steel, and Super Duplex Stainless Steel. By end-user industry, the market is segmented into Oil and Gas, Construction, Paper and Pulp, Chemical Processing, and Other End-user Industries. The report also covers the market size and forecasts for the Duplex Stainless Steel Market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD Million).

Lean Duplex Stainless Steel
Duplex Stainless Steel
Super Duplex Stainless Steel
End-user Industry
Oil and Gas
Paper and Pulp
Chemical Processing
Other End-user Industries
South Korea
Rest of Asia-Pacific
North America
United States
United Kingdom
Rest of Europe
South America
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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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
Duplex Stainless Steel Market Key Trends

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.
Duplex Stainless Steel Market Growth Rate

Competitive Landscape

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.

Recent Developments

  • In July 2020, SAIL has announced that the company has developed the capability to produce Super Duplex Stainless Steel in SS 32205 grade at its Salem Steel Plant (SSP) based in Tamilnadu, India. Owing to its high corrosion resistance and high strength, this grade finds in application in various corrosion-prone sectors, such as chemical processing equipment manufacturing, oil and gas exploration equipment, and others. Thereby, the product development is likely to significantly increase the company's duplex stainless steel business.
  • In April 2021, Sandvik AB and its part subsidiary BEAMIT have co-launched super-duplex stainless steel for metal 3D printing. The product offers good corrosion resistance and good mechanical strength.
  • In July 2021, Jindal Stainless Ltd. has awarded a contract to Primetals Technologies to extend its melt shop in Jajpur and Odisha of India with a new production line. The order was comprised of a new ladle furnace, AOD converter, continuous casting machine, and related dedusting facilities. Additionally, the site will process Duplex Stainless Steel Grades, thereby is likely to enahnce the company's Duplex Stainless Steel business.

Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Drivers

      1. 4.1.1 Increasing Applications for Corrosion Resistance

      2. 4.1.2 Growing Demand from the Oil and Gas Industries

    2. 4.2 Restraints

      1. 4.2.1 Limited Heat Resistance

      2. 4.2.2 Unfavorable Conditions Arising Due to COVID-19 Outbreak

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition


    1. 5.1 Type

      1. 5.1.1 Lean Duplex Stainless Steel

      2. 5.1.2 Duplex Stainless Steel

      3. 5.1.3 Super Duplex Stainless Steel

    2. 5.2 End-user Industry

      1. 5.2.1 Oil and Gas

      2. 5.2.2 Construction

      3. 5.2.3 Paper and Pulp

      4. 5.2.4 Chemical Processing

      5. 5.2.5 Other End-user Industries

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. Rest of Asia-Pacific

      2. 5.3.2 North America

        1. United States

        2. Canada

        3. Mexico

      3. 5.3.3 Europe

        1. Germany

        2. United Kingdom

        3. France

        4. Italy

        5. Rest of Europe

      4. 5.3.4 South America

        1. Brazil

        2. Argentina

        3. Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. Saudi Arabia

        2. South Africa

        3. Rest of Middle-East and Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 AK Steel Holding

      2. 6.4.2 Arcelormittal SA

      3. 6.4.3 Daido Steel Co. Ltd

      4. 6.4.4 Jindal Stainless Ltd.

      5. 6.4.5 Nippon Yakin Kogyo Co. Ltd

      6. 6.4.6 Outokumpu

      7. 6.4.7 POSCO

      8. 6.4.8 SAIL

      9. 6.4.9 Sandvik AB

      10. 6.4.10 SeAH Steel Corporation

      11. 6.4.11 Thyssenkrupp AG

      12. 6.4.12 Voestalpine AG

    5. *List Not Exhaustive

**Subject to Availability

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Frequently Asked Questions

The Duplex Stainless Steel Market market is studied from 2016 - 2026.

The Duplex Stainless Steel Market is growing at a CAGR of >5% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

Thyssenkrupp AG, Voestalpine AG, AK Steel Holding, Daido Steel Co., Ltd, Arcelormittal SA are the major companies operating in Duplex Stainless Steel Market.

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