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The duplex stainless steel pipe market size is forecast to increase by USD 177.34 million, at a CAGR of 4.89% between 2023 and 2028. The growth rate of the market depends on several factors, such as the rising industrialization in APAC, the increasing application of duplex stainless steel products in the oil and gas industry, and the corrosion resistance and excellent mechanical properties.
The report offers extensive research analysis on the Duplex Stainless Steel Pipe Market, with a categorization based on Application, including oil and gas, chemical and petrochemical, desalination and water treatment, paper and pulp, and others. It further segments the market by Type, encompassing duplex, lean duplex, and super duplex. Additionally, the report provides Region segmentation, covering APAC, Europe, North America, the Middle East and Africa, and South America. Market size, historical data (2018-2022), and future projections are presented in terms of value (in USD million) for all the mentioned segments.
Duplex Stainless Steel Pipe Market Forecast 2024-2028
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Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the duplex stainless steel pipe market growth during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
There is an increasing use of duplex stainless steel pipes in the oil and gas industry for various applications, including exploration, refining, and transportation. In addition, pipes used in the oil and gas industry should be mechanically strong and thermally stable. Furthermore, these pipes work under harsh environmental and chemical conditions.
Moreover, these pipes should offer impact resistance and low permeation to hydrocarbon and methane. In addition, as duplex stainless steel pipes have all these properties, they are suitable for applications in the oil and gas industry. Furthermore, with advances in manufacturing processes and technological innovations, duplex stainless steel pipes are commonly used in deepwater drilling and exploration processes due to their high-pressure crack resistance to natural gas and its contaminants. Hence, such factors are driving the market growth during the forecast period.
The growing demand for public infrastructure in emerging markets including Brazil, Russia, India, China, South Africa, and the countries of the Cooperation Council for the Arab States of the Gulf is one of the prime factors for market growth. In addition, China and India, which are the two most populous countries, are the fastest-growing economies. Furthermore, an increase in population and rapid developments have influenced governments to invest substantially in infrastructure developments.
Moreover, duplex stainless steel pipes are widely used in the construction of bridges, wherever corrosion and saline conditions generate the need for high load-bearing strength. For example, Stonecutters Bridge in Hong Kong and Helix Bridge in Singapore are made using duplex grade 2205 stainless steel. Furthermore, this steel provides nighttime illumination by reflecting lights that are programmed to enhance the design. Hence, such factors are driving the market growth during the forecast period.
Several events like geopolitical tensions, natural disasters, trade disputes, and unexpected incidents including the COVID-19 pandemic can severely impact the entire supply chain, from raw material sourcing to manufacturing and distribution. In addition, the duplex stainless steel pipe market heavily relies on a complex global supply chain for raw materials, including nickel, chromium, and molybdenum, essential for alloying.
Moreover, disruptions in the supply of these raw materials due to geopolitical uncertainties or mining challenges in specific regions can lead to price volatility and scarcity, affecting production costs and overall material availability. In addition, transportation and logistics disruptions, including port closures, shipping delays, or restrictions on international trade, can impede the timely delivery of duplex stainless steel pipes to end-users. Hence, such factors are hindering the market growth during the forecast period.
The oil and gas segment is estimated to witness significant growth during the forecast period. The offshore oil industry continues to encourage oil exploration, which results in high-pressure conditions and harsh environments. In addition, the use of advanced technologies has increased the total capacity of domestic reservoirs, which has raised the life expectancy of subterranean wells and the concentration of corrosive agents in these wells. Furthermore, to adapt to these harsh environmental conditions and safely prevent the high cost of component failure, it is necessary to ensure that the right alloys are used in the oil and gas industry.
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The oil and gas segment was the largest segment and was valued at USD 240.11 million in 2018. Moreover, this creates an excellent application opportunity for duplex stainless steel products in this industry. In addition, duplex stainless steel provides excellent resistance to various corrosive media such as carbon dioxide (CO2), hydrogen sulfide (H2S), and chlorides, which are commonly found in both onshore and offshore environments. Furthermore, the high intensity of duplex stainless steel is particularly beneficial in dealing with high-pressure levels. In addition, an increase in the exploration of oil fields at deeper depths in recent years has created a demand for long pipes. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
Based on the type, the segment is classified into duplex, lean duplex, and super duplex. The duplex segment will account for the largest share of this segment. In the global duplex stainless steel pipe market, various grades of duplex stainless steel are employed, each providing distinct properties suited for specific applications. For instance, standard duplex stainless steels typically include grades such as 2205 (S31803 or S32205). In addition, these types of duplex steel exhibit a balanced microstructure of austenite and ferrite, providing good corrosion resistance and mechanical strength. Furthermore, they are commonly used in industries such as chemical processing, pulp and paper, and oil and gas due to their versatility and cost-effectiveness. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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APAC is estimated to contribute 51% to the growth by 2028. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the duplex stainless steel pipe market growth analysis during the forecast period. The rising demand for duplex stainless steel pipe in end-user industries such as oil and gas is fuelling the market growth in APAC. In addition, the growth of the duplex stainless steel pipe market in APAC is driven by the construction, transmission, and distribution sectors. For example, the Make in India campaign aims to install a 700-gigawatt power capacity in India by 2030. Moreover, this will create a demand for duplex stainless steel products for the power sector. Furthermore, countries such as Indonesia, Myanmar, and Vietnam are expected to invest in grid improvement and grid expansion programs in the coming years. Hence, such factors are driving the market growth in APAC during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ArcelorMittal SA: The company offers duplex stainless steel pipes such as ACX 930, ACX 940, and ACX 900 for petrochemical industries.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Acerinox SA, JFE Holdings Inc., Metline Industries, Outokumpu Oyj, POSCO holdings Inc., Sandvik AB, Carpenter Technology Corp., thyssenkrupp AG, Tubacex SA, Allegheny Technologies Inc., Aperam SA, Continental Steel and Tube Co., Daido Steel Co. Ltd., Tata Steel Ltd., Jindal Steel and Power Ltd., JSW Group, Nippon Steel Corp., Rolled Alloys Inc., and CENTRAVIS PRODUCTION Ukraine PJSC
Technavio duplex stainless steel pipe market research report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The duplex stainless steel pipe market analysis and report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Duplex Stainless Steel Pipe Market Scope |
|
Report Coverage |
Details |
Page number |
180 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.89% |
Market Growth 2024-2028 |
USD 177.34 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.27 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 51% |
Key countries |
US, China, Japan, India, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ArcelorMittal SA, Acerinox SA, JFE Holdings Inc., Metline Industries, Outokumpu Oyj, POSCO holdings Inc., Sandvik AB, Carpenter Technology Corp., thyssenkrupp AG, Tubacex SA, Allegheny Technologies Inc., Aperam SA, Continental Steel and Tube Co., Daido Steel Co. Ltd., Tata Steel Ltd., Jindal Steel and Power Ltd., JSW Group, Nippon Steel Corp., Rolled Alloys Inc., and CENTRAVIS PRODUCTION Ukraine PJSC |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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