United States high alloy Duplex Stainless Steel market size was valued at USD 100.9 million in 2022, which is expected to grow to USD 218.02 million in 2030 with a CAGR of 10.1% during the forecast period between 2023 and 2030. The material’s exceptional corrosion resistance is one of the main factors, making it perfect for applications in harsh environments like offshore oil and gas platforms, chemical processing facilities, and marine settings. Given its suitability for various crucial components in offshore installations, expanding offshore oil and gas exploration and production activities significantly drives high alloy duplex stainless steel demand. Similarly, the chemical processing sector needs materials that can withstand harsh chemical environments. Due to its corrosion and crevice corrosion resistance, duplex stainless steel is a popular option for many applications in this industry.
Moreover, environmental regulations by the United States Environmental protection agency helps the market growth due to stringent regulations that encourage businesses to use products that have less of an impact on the environment and emit fewer emissions. High alloy duplex stainless steel is to witness increasing demand in line with the country’s sustainability goals due to its durability and long-life cycle.
Aging Infrastructure
Demand for high-performance materials like high alloy duplex stainless steel is growing because of expanding infrastructure projects, specifically bridges. High alloy duplex stainless steel is suitable for renovating infrastructures due to its strength, durability, and corrosion resistance. Additionally, outdated infrastructure in developed economies needs to be renovated and replaced. Due to its durability and resistance to corrosion, high alloy duplex stainless steel is a popular material for upgrading existing infrastructure, promoting market expansion.
For instance, during the first quarter of 2023, several construction projects of bridges commenced, namely, Jupiter Federal Bridge Replacement, North first Avenue Bridge, Clayton Riverwalk Neuse Greenway Bridge Replacements and Cottonwood Creek Bridge Replacement. This rise in construction with high requirements of corrosion resistance and high tensile strength drives the demand for high alloy duplex stainless steel.
Expanding Chemical Sector
Materials that can withstand aggressive chemical environments are essential to the chemical processing industry. High alloy duplex stainless steel is the material of choice for applications like reactors, heat exchangers, and storage tanks due to its corrosion resistance. Additionally, its toughness and lengthy life cycle properties, coupled with its inclination towards eco-friendly materials, are further expected to strengthen the demand for high alloy duplex stainless steel in the United States market.
For instance, to expand their chemical plant in the United States BASF has invested USD 780 million. According to the company, this expansion will enable BASF to satisfy the rising demand for its products in North America’s construction, appliance, transportation, automotive, and other industries. Thus, the expansion and construction of chemical plants are expected to raise the demand for high alloy duplex stainless steel during the forecast period.
Impact of COVID-19
The COVID-19 pandemic disrupted supply chains in the United States, which weakened the manufacturing and distribution of high alloy duplex stainless steel. Due to factory closures and transportation restrictions throughout the country, there were delays in the stainless-steel supply chain and inventory shortages. Demand fell across many industries, including construction, automotive, and aerospace, because of lockouts and economic slowdowns, which hurt the market for stainless steel, including high-alloy duplex stainless steel. Due to changes in supply, demand dynamics and economic uncertainty, the output of the high alloy duplex stainless steel market in the United States decreased by 20.3% during 2020 compared to the previous year, according to the international stainless-steel forum (ISSF).
Impact of Russia-Ukraine War
The conflict between Russia and Ukraine have negatively impacted the United States’ high alloy duplex stainless steel because Russia was a significant supplier of raw nickel to the United States, Russia held 15% of the world’s nickel exports of nickel before the war. Due to the ongoing conflict, the United States imposed import bans, which tightened the stainless-steel supply situation in the country, leading to an increase in production costs, which weakened procurement activity. However, due to increased investments in defense projects in the United States due to the war and geopolitical unrest, the country witnessed a demand rise for high alloy duplex stainless steel.
United States High Alloy Duplex Stainless Steel Market: Report Scope
The United States High Alloy Duplex Stainless Steel Market Assessment, Opportunities and Forecast, 2016-2030F, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative & quantitative assessment of the current state of high alloy duplex stainless steel market in the United States, industry dynamics and challenges. The report includes market size, segmental shares, growth trends, COVID-19 and Russia-Ukraine war impact, opportunities and forecast between 2023 and 2030. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
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