Duplex Stainless Steel Market Analysis

Grade (Duplex, Lean Duplex, Super Duplex)

The duplex segment in the duplex stainless steel market is set to capture the highest revenue of USD 4.56 Billion by the end of 2036, up from a revenue of USD 2.04 Billion in the year 2023. However, the lean duplex segment is set to grow at the highest CAGR of 6.7% over the forecast period. Relative to 304/L and 316/L, lean duplex are intended to substitute them in more applications and usually have a PRE number of less than 30, in addition to fewer expensive and more volatile alloying components including nickel and molybdenum. Moreover, lean duplex stainless steels offer a wide range of uses in the oil and gas sector owing to their excellent strength and favorable corrosion properties. Additionally, they have been used in a range of subsea applications, including downhole chemical injection tubing, flexible flowlines, subsea manifolds, and umbilical tubing. They are additionally utilized in topside applications including cable trays, ladders, supports for pipes, racks for pipes, exchangers for heat, separation units, blast and firewalls, and pipe insulation wraps.

Product Form (Welding Wires, Pumps & Valves, Fittings & Flanges, Others)

Duplex stainless steel market from the welding wires segment is estimated to garner the largest revenue of USD 3.39 Billion by the end of 2036, which is the highest as compared to revenue of USD 1.58 Billion in the year 2023. The chemical composition of a stainless steel welding wire is a mixture of austenite and ferrite, with ferrite and ferrite being present in approximately equal percentages in each grade. It offers exceptional corrosion resistance, a two-phase property, and excellent mechanical properties. Hence, it could be greatly observed when deployed in desalination plants. Nearly two-thirds of the globe's population, or four billion people, live in regions with acute water scarcity for at least one month of the year. Moreover, as early as 2025, half of the global population may reside in regions experiencing a shortage of water. Hence, the need for desalination is growing which might further boost the duplex stainless steel market growth.  

Our in-depth analysis of the global market includes the following segments: