Rising Demand for Sustainable Materials Drives Growth in Duplex Stainless Steel Market: A Comprehensive Study
According to Data Bridge Market Research, the duplex
stainless steel market is expected to grow at a CAGR of 4.47% during the
forecast period of 2021-2028. The growth is mainly attributed to several
factors such as increasing urbanization and modernization leading to growth in
construction activities, rising demand for duplex stainless steel from various
end-user verticals due to its properties like corrosion resistance, tensile
strength, and durability, and the increasing focus on sustainable industrial manufacturing
processes. These factors are driving the growth of the duplex stainless steel
market.
Market Insights and Scope
Duplex stainless steel is characterized by its high
strength, improved corrosion resistance and mechanical properties, due to its
unique combination of ferritic and austenitic grades. The growth of various
end-user industries is the key driver for the growth of the duplex stainless
steel market. Additionally, the advantageous properties of duplex stainless
steel contribute to the increasing demand and market value. The building and
construction industry, particularly in developing economies, is also driving
the demand for duplex stainless steel due to the increase in urbanization and
construction activities. The market is also expected to grow due to rising
industrialization. The global demand for recycled glass will benefit from this
growth.
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