Duplex Stainless Steel Pipes Market Size, Share, Growth, and Industry Growth, By Type (Lean Duplex, Standard Duplex, Super Duplex, Hyper Duplex), By Application (Offshore Oil and Gas, Chemical Process, Tankers/Shipbuilding, Water Treatment, Pulp & Paper, Air Pollution Control, Architecture, Building & Construction, and Others), Regional Forecast To 2031

Updated On: 22 April 2024

Duplex Stainless Steel Pipes Market REPORT OVERVIEW

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The global duplex stainless steel pipes market size was USD 503.4 million in 2022 and is projected to touch USD 634.2 million by 2031, at a CAGR of 2.6% during the forecast period.

The sudden spike in CAGR is attributed to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Primarily, two types of metals are used to make duplex stainless steel, i.e., austenite and ferrite. Duplex stainless steel pipe has improved strength over austenitic stainless steel and corrosion resistance. They are characterized by high chromium, molybdenum, and lower nickel contents than austenitic stainless steel. When combined, both these metals result in a metallurgical structure that is highly resistant to corrosion. Combining these metals is beneficial as austenite and ferrite have unique properties that work together to resist corrosion and avoid damage to the stainless steel product.

Duplex stainless steel pipes are highly in demand in heavy industries such as oil and gas, nuclear, and chemical processing. The advantage of using duplex stainless steel is that they have massive heat and corrosion resistance. Duplex stainless steel is affordable, but they also possess better weldability properties compared to austenite steel. The duplex stainless steel pipes market has seen exponential growth in demand after the pandemic, garnering enormous profits for the industry.

COVID-19 Impact: Pandemic-Induced Halt on Production Impeded Market Growth

As industries return to pre-pandemic levels, the duplex stainless steel pipes market is seeing an uptick in its manufacturing. COVID-19 disrupted the supply chain of duplex stainless steel, as production halted during the initial months of lockdowns in developing countries such as China and India. The disruption affected the profit margin of investors and companies, thus, impeding the market growth over the last two years.

LATEST TRENDS

"Post-Pandemic Industrialization and Manufacturing Demand to Augment Market Growth"

With COVID-19 disrupting supply chains for two years, industrial production and demand levels are back to the pre-pandemic levels. The duplex stainless steel market is likely to experience unprecedented demands as developing countries in Asia Pacific ramp up their production scales to catch up with the supply chain disruptions. The western nations may look to diversify their investment options, with the Asia Pacific emerging as a potential player in the market.

Duplex Stainless Steel Pipes Market Segmentation

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• By Type Analysis

Based on type, the market is compartmentalized into Lean Duplex, Standard Duplex, Super Duplex, and Hyper Duplex.

Standard Duplex is the top part of the type segment.

• By Application Analysis

Based on the applications, the market is subdivided into Offshore Oil and Gas, Chemical Process, Tankers/Shipbuilding, Water Treatment, Pulp & Paper, Air Pollution Control, Architecture, Building & Construction, and others.

Chemical Process is the top part of the application segment.

DRIVING FACTORS

"Improved Production Capacities to Increase Product Manufacturing "

The technological innovations and improved production capacity of the duplex stainless steel pipes market will increase the manufacturing process in many places and improve product quality. Europe will lead the market growth, as most manufacturing giants are based in Germany and Sweden. With the pandemic receding, the market will see many new players emerge in the industry, apart from countries such as China and India.

"Multiple Advantages of the Product at Affordable Pricing to Stir Market Growth"

Duplex stainless steel pipes market growth will augment as stainless steel has several advantages in its use, such as corrosion and heat resistance, strength and toughness, weldability, and most importantly, reasonable cost. The market will see progress as companies bank on these features, which will allow investors to choose from an array of options in the market. The market growth will increase as most companies try to sell the product at discounts due to improvement in production, thus, increasing profits. 

RESTRAINING FACTORS

"Exposure to Extreme Temperatures May Cause Obstacles, Affecting Transportation "

Duplex stainless steel can become brittle when it is exposed to extreme temperatures. Hence, this may cause obstacles in freight and transportation of bulk orders. Additional arrangements would have to be made to ensure that the material is intact, which would drive up the product cost, affecting the profit margins of investors and companies. Hence, these factors should be considered when deciding on buying or purchasing duplex stainless steel pipes. 

Duplex Stainless Steel Pipes Market REGIONAL INSIGHTS

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"Asia Pacific to Dominate the Market Share Owing to Improved Production and Demand"

Chinese companies are set to dominate the duplex stainless steel pipes market share in the Asia Pacific region. As China's manufacturing and production capacities improve by the day, the world's global factory will lead the market as demand for duplex stainless steel pipes increases, making it one of the most prominent players in the market. With demand returning to the pre-pandemic levels, Western investors may look at diversification options with affordable pricing. The Asia Pacific market will lead the bandwagon as countries such as China and India display improved production capacities.  

KEY INDUSTRY PLAYERS

The report analyzes different market players in the industry. The information is published after proper research, analysis of trends, key developments, the introduction of new initiatives, and technological developments and innovations. Other aspects of the report include a study on the companies, regions, automation, technological developments, and the impact of newly emerging industries along with their risks. The facts in the report may be subject to change, given the situation of market players from time to time.

List of Market Players Profiled

• Outokumpu (Finland)
• Sandvik (Sweden)
• Butting (Germany)
• ArcelorMittal (Luxembourg)
• ThyssenKrupp (Germany)
• NSSMC (Japan)
• POSCO (South Korea)
• Tata Steel (India)
• JFE (Japan)
• PSP (India)
• Tenaris (Luxembourg)
• Tubacex (India)
• Metline Industries (India)
• Baosteel (China)
• TISCO (India)

INDUSTRY DEVELOPMENT

June 2022: the Sweden Sandvik stainless steel pipe manufacturing company is on its path to acquiring Frezite, a Portugal-based PCD manufacturing company. The strategic move aims to expand Sandvik's aluminum-based products to gain strength in Europe and South America. It will improve the company's position as a manufacturer of advanced and lightweight materials.  

REPORT COVERAGE

The report examines elements affecting the demand and supply sides and estimates dynamic market forces for the forecast period. The report offers drivers, restraints, and future trends. After evaluating governmental, financial, and technical market factors, the report provides exhaustive PEST and SWOT analysis for regions. The research is subject to alteration if the key players and probable analysis of market dynamics change. The information is an approximate estimate of the factors mentioned, taken into consideration after thorough research.