LONDON--(BUSINESS WIRE)--The new duplex stainless steel pipe market research from Technavio indicates Negative growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the Rising Industrialization in APAC,” says a senior analyst for the Industrials industry at Technavio.
A rapid increase in industrialization and economic growth in countries such as China, India, and Japan are rising the demand for stainless steel products, such as duplex stainless steel pipe, in this region. Steady economic development in China, India, Japan, Australia, and New Zealand has boosted industrial growth in APAC in the last few years. The demand for duplex stainless steel pipes is primarily driven by the oil and gas, construction machinery, and paper and pulp manufacturing sectors. High chloride corrosion resistance and resistance to stress corrosion cracking (SCC) make duplex stainless steel ideal for oil and gas piping. Therefore, duplex stainless steel products are widely used in the production of pipe linings, heat exchangers, and pipeline systems onshore and offshore. These products are also used in the uphole piping system, as they help in reducing the weight of materials. The rising number of exploration activities in APAC is expected to drive the growth of the market for duplex stainless steel pipes in the region.
As the markets recover Technavio expects the duplex stainless steel pipe market size to grow by USD 38.21 million during the period 2020-2024.
Duplex Stainless Steel Pipe Market Segment Highlights for 2020
- The duplex stainless steel pipe market is expected to post a year-over-year growth rate of -6.37%.
- The severity of corrosion in the oil and gas industry is high. The offshore oil industry continues to push oil exploration deeper, which leads to high-pressure conditions and harsh environments.
- Additionally, 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.
- To adapt to these harsh environmental conditions and safely prevent the high cost of component failure, it is necessary to ensure that right alloys are used in the oil and gas industry. This creates an excellent application opportunity for duplex stainless steel products in this industry.
- Market growth in this segment will be slower than the growth of the market in the chemical and petrochemical, desalination and water treatment, and paper and pulp segment.
- 51% of the growth will originate from the APAC region.
- Factors such as massive investments in construction industries will significantly drive duplex stainless steel pipe market growth in this region over the forecast period.
- China and Japan are the key markets for the duplex stainless steel pipe in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The duplex stainless steel pipe market size is expected to accelerate at a CAGR of almost 2% during the forecast period.
- The duplex stainless steel pipe market is segmented by Application (Oil and gas, Chemical and petrochemical, Desalination and water treatment, Paper and pulp, and Others) and Geography (APAC, Europe, North America, MEA, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Acerinox SA, ArcelorMittal SA, H. Butting GmbH & Co. KG, JFE Holdings Inc., Outokumpu Oyj, POSCO Group, Sandvik AB, Tata Steel Ltd., thyssenkrupp AG, and TUBACEX SA
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