Duplex stainless steel market worth $3.4 billion by 2021

The growing demand for duplex stainless steel from various end-use industries, including the growing construction and oil and gas industries, and rising cost of raw materials used to manufacture stainless are among the factors driving the growth of the global duplex stainless steel market. The market is projected to grow from $2.70 billion in 2016 to $3.4 Billion by 2021, at a CAGR of 4.7 percent from 2016 to 2021.

Based on product form, the tubes segment, which dominated the market in 2016, is estimated to lead the market during the forecast period. This dominance can be attributed to the rising demand for tubes, mainly from the oil and gas and chemical and petrochemical industries.

Asia-Pacific is the most promising market for duplex stainless steels and is projected to remain the same in the coming years as well. Continuously increasing production by the manufacturing sector to meet domestic requirements for high-quality products and the rising number of export activities in the region are leading to an increased demand for duplex stainless steel. Moreover, the region’s increasing population and growing number of end-use industries have led to innovations and developments in the field of duplex stainless steel, thereby fueling the growth.