Increasing Use in Different Industry Verticals to Prompt Growth of Duplex Stainless Steel Market
Market Synopsis:
The popularity of duplex stainless steel over conventional stainless steel is on the rise owing to its double strength. An increase in demand is observed over the next couple of years. This report suggests that the global duplex stainless steel market is likely to scale at a moderate CAGR during the forecast period. It is also anticipated to develop applications across core industries such as manufacturing, oil & gas, industrial automation, etc. This, in turn, is presumed to catalyze expansion of the duplex stainless steel market in the nearby future.
The product offers excellent resistance to corrosion. It also exhibits high mechanical strength, which is anticipated to increase its utilities in different industry verticals in the years to come, which is expected to favor the revenue generation for the participants of the duplex stainless steel market in the forthcoming years.
The growth of the end-user industries such as construction, oil & gas is likely to motivate the duplex stainless steel market in the foreseeable future. In addition, the rising use of the product in the shipbuilding industry is presumed to play a crucial role in the proliferation of the duplex stainless steel market in the coming years. Also, the product is relatively cheaper than other materials. Also, it exhibits faster yielding. These factors are poised to lead the growth of the duplex stainless steel market over the review period.
Major players in the global Duplex Stainless Steel market include:
AK Steel Holding Corporation
Tata Steel
ThyssenKrupp AG
Carpenter Technology Corporation
Allegheny Technologies Incorporated
Sandvik Materials Technology AB
ArcelorMittal S.A.
Outokumpu Oyj
Daido Steel Co., Ltd.
Nippon Yakin Kogyo Co Ltd
POSCO Group
Jindal Steel
Voestalpine AG
Acerinox S.A
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Market Segmentation:
Based on type, the global duplex stainless steel market has been segmented into 0-1 inch, 1-2 inch, 2-3 inch, 3-4 inch, and >4 inches.
On the basis of application, the duplex stainless steel market has been divided into grade-wise applications and special application to structures.
Regional Analysis:
Regionally, the global duplex stainless steel market covers Europe, Southeast Asia, the Middle East, and Africa, Central and South America, and others. These regions are further assessed on a country-level basis. Apart from these, the prime country-level regions identified in the analysis of the duplex stainless steel market are the United States, China, Japan, and India. Asia Pacific is a prominent regional segment of the global market. It is likely to maintain its prominent position through the forecast period. The region is a huge producer of steel. It is poised to witness an increasing production level of duplex steel. This, in turn, is expected to accelerate revenue growth for the duplex stainless steel market in the nearby future. In addition, the catalyzing growth of end-user industries is poised to drive the growth rate of the duplexstainless steel market in the region over the next few years.
Industry News:
In October 2019, Morgan Engineering has invested a sum of USD 5 Mn in Alliance steel plants, based out of the United States, for expansion.
In October 2019, India Metal One Steel Plate Processing Pvt Ltd., also known as (IMOP), has invested INR 80 Cr in Sri City, India, for the expansion of the production capacity of the stainless steel plant.
Continued…..
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