Research Nester assesses the growth and market size of the global duplex stainless steel market which is anticipated to be on account of the growing importance of duplex stainless steel in the transportation sector and the offshore exploration fields.

New York – June 2, 2023 - Research Nester’s recent market research analysis on “Duplex Stainless Steel Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitor’s analysis and a detailed overview of the global duplex stainless steel market in terms of market segmentation by grade, product form, end-use industry, and by region.

Augmenting Discovery of New Oil Fields to Promote Global Market Share of Duplex Stainless Steel

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The global duplex stainless steel market is estimated to grow majorly on account of the growing explorations to discover new potential oil fields worldwide. As this steel plays an important role in the detection of new gas and gas sources it is widely demanded for detection and exploration purposes. All these factors are anticipated to boost the duplex stainless steel market growth in the upcoming years. Duplex stainless steels are ferritic steels and austenitic with a two-phase microstructure. The advantages of this steel include high toughness & ductility, improved strength, high corrosion resistance, and others.

Some of the major growth factors and challenges that are associated with the growth of the global duplex stainless steel market are:

Growth Drivers:

- Prospering End-Use Industries
- Growing Adoption in Pulp & Paper Mills
Challenges:

The limited production of duplex stainless steel and the rising concern about the fluctuation in the prices of raw materials used for the manufacturing of duplex stainless steel are some of the major factors anticipated to hamper the global market size of duplex stainless steel.

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By end-use industry, the global duplex stainless steel market is segmented into oil & gas, pulp & paper, chemical, desalination, and others. The oil & gas segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The rise in oil and gas exploration activities worldwide and the rising demand for duplex stainless steel from offshore oil and gas exploration are expected to provide opportunities for the growth of the segment in the market.

Moreover, by grade, the global duplex stainless steel market is also segmented into lean, duplex, and super duplex stainless steel, out of which the super duplex stainless steel segment is anticipated to achieve the highest growth rate by the year 2035. The exemplary features of super stainless steel that make it suitable for many end-use industries are anticipated to create numerous opportunities for the growth of the segment in the coming years.

By region, the North American duplex stainless steel market is to generate the highest revenue by the end of 2035. This growth is anticipated by the growing demand for duplex stainless steel in various end-use industries such as automotive together with the expanding production of cars. As per findings, China produced more than 4 million commercial vehicles in 2021.

The duplex stainless steel market in the North American region is estimated to be the second-largest growth market by the end of 2035. The expansion of the regional market is backed mostly by the region's rapid development of infrastructure, an increase in construction investment, demand for innovative transportation equipment, and the surging trade of steel in the North American region over the forecast period.

Further, the European market amongst the market in all the other regions is anticipated to hold a majority of the share by the end of 2035 owing to the growing construction, the oil industry, and other industries in the European region.

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This report also provides the existing competitive scenario of some of the key players of the global duplex stainless steel market which includes company profiling of Nippon Steel Corporation, Tata Sons Private Limited, ArcelorMittal, POSCO Group, Jindal Steel & Power Limited, Daido Steel Co., Ltd., Thyssenkrupp AG, Sandvik AB, Penn Stainless, Voestalpine AG, and others.

Access our detailed report at: https://www.researchnester.com/reports/duplex-stainless-steel-market/4928

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