Large steel factory warehouse

The global duplex stainless steel market will reach around US $6.5 billion in 2025 and rise to US $9.2 billion by 2032. It will grow at a compound annual growth rate (CAGR) of 5.1 per cent between 2025 and 2032. Research by WMR suggests that the market is growing fast as industries choose it for its strength and corrosion resistance. Oil and gas, chemical processing, and shipping companies are driving strong demand.

Producers plan to raise capacity by 12 per cent each year. They are responding to growing demand, especially from the oil and gas sector, which used nearly 30 per cent of total production in 2024. Prices are climbing as supply chains remain tight and raw material costs rise. Duplex stainless steel prices jumped by eight per cent in 2024, pushing manufacturers to improve sourcing and manage inventories better.

Imports are increasing fast, mainly from Asia-Pacific countries. North America recorded a 15 per cent rise in duplex stainless steel imports in 2024, showing how global trade patterns are shifting. Producers are also improving efficiency through lean manufacturing techniques. These practices helped them cut production costs by nearly 20 per cent over the last few years.

Several major companies are leading the market, including Outokumpu, Aperam, Thyssenkrupp AG, Sandvik Materials Technology, and Jindal Stainless Steel. Baosteel, POSCO, Nippon Steel, and ArcelorMittal are expanding their presence too. Outokumpu grew its market share by 5 per cent after it acquired a key competitor in 2024. Aperam’s partnerships with Asian distributors lifted its regional sales by 10 per cent.

Strong growth drivers are shaping the market. The oil and gas sector is expanding by nearly seven per cent every year. Construction demand is growing by five per cent as emerging economies invest in new infrastructure. Governments are tightening corrosion standards, and manufacturers are meeting these rules with advanced materials. New technologies also help producers boost their output by 15 per cent.

Sustainability now drives innovation. Producers are using more recycled materials and greener manufacturing methods. Companies also offer tailored products to meet customer needs and stay competitive.

Opportunities remain high in oil and gas, especially offshore projects. The chemical processing sector is seeking stronger, more durable materials. India and China continue to invest heavily in industry and infrastructure, creating more demand for duplex stainless steel across Asia-Pacific.