Duplex Stainless Steel Market Size

Duplex Stainless Steel Market size was over USD 3.76 billion in 2024 and is projected to reach USD 5.81 billion by the end of 2037, growing at around 3.4% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of duplex stainless steel is evaluated at USD 3.86 billion.

This market is predicted to grow on account of growing demand for oil & gas. Based on estimations, the need for crude oil worldwide was about 98 million barrels per day in 2022 and is expected to rise to over 100 million barrels per day in 2023. Consequently, the demand for the market is also increasing.

Moreover, there has been a surge in various offshore exploration activities owing to the depletion of resources from on-shore reservoirs. Global offshore drilling is projected to increase by about 13%, with increases anticipated in all regions. However, in offshore drilling the risk of carbon steel getting corroded increases. Moreover, the main factor contributing to drill pipe failures, which raise drilling costs considerably, is corrosion in its different forms. Hence, due to its extremely high internal corrosion rate, duplex stainless steel outperformed regular carbon steel in sweet, wet, and acidic environments.