Duplex stainless steel market to Exhibit a Remarkable CAGR of 4.47% ,Size, Share, Trends, Key Drivers, Demand, Opportunity Analysis and Competitive Outlook

Data Bridge Market Research analyses that the duplex stainless steel market will witness a CAGR of 4.47% for the forecast period of 2021-2028.

Market Overview

Duplex stainless steel is stronger than regular steel. Duplex stainless steel offers greater resistance to corrosion and high mechanical strength. Duplex stainless steel is a combination of both ferritic and the austenitic grades, thus possessing greater properties.

Duplex Stainless Steel Market Analysis and Size

Duplex stainless steel is more robust than regular steel. Duplex stainless steel offers greater resistance to corrosion and high mechanical strength. Duplex stainless steel is a combination of both ferritic and austenitic grades, thus possessing greater properties. The growth and expansion of the various end-user verticals is the root cause fuelling the development of the duplex stainless steel market.

Advantageous properties offered by duplex stainless steel are another factor responsible for propelling growth in the duplex stainless steel market value. Rising demand for duplex stainless steel by the building and construction industry owing to the rising urbanization and growth in construction activities, especially in the developing economies, will further accelerate the market growth rate. Rising industrialization will also directly and positively impact the demand for recycled glass globally. However, fluctuations in the prices of raw materials will pose a significant challenge to the growth of the duplex stainless steel market. Duplex stainless steel can only be used at limited temperatures, and this will further hamper the duplex stainless steel market growth rate.

Data Bridge Market Research analyses that the duplex stainless steel market, which was USD 3.5 billion in 2022, would rocket up to USD 4.47 billion by 2030 and is expected to undergo a CAGR of 3.2% during the forecast period. "Oil and Gas" dominates the duplex stainless steel market's end-user industry segment due to improved corrosion and stress resistance.

In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

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