Duplex Stainless Steel Market Share

APAC Market Forecast

The Asia Pacific duplex stainless steel market share is poised to reach 54% by 2037. This growth of the market in this region is set to be influenced by rising production of chemicals which is further increasing demand for tanks in this region. Duplex stainless steels entail a high yield strength and remarkable durability against deterioration, making them ideal to be utilized as tanker linings. These attributes foresee the need for duplex stainless steel in the locality. As a result, increasing transportation of cargo is also increasing demand for the market in this region. For instance, Asia accounted for 42% of exports and 64% of imports in 2021, making it the most significant maritime cargo handling hub in the globe.

North American Market Analysis

The North America duplex stainless steel market size is expected to record significant growth during the forecast period. The major element influencing the market growth in this region is the rising demand for energy which is further dominating the need for petroleum-based products. Moreover, the focus of many research projects has shifted to evaluating the corrosion resistance of duplex steels. Several computer research methodologies were employed to enable the discovery of prospective applications. They are also working on improvising this steel which is why the duplex stainless steel market in this region is flourishing.