DUPLEX STAINLESS STEEL MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 Duplex stainless steel finds major applications in the construction industry. It is used as a construction design material because of its unique characteristics, such as higher strength than carbon steel and higher corrosive resistance than austenitic stainless steel.

The most common building and construction applications for duplexes have been spectacular pedestrian bridges like The Helix bridge in Singapore, San Diego's Harbor Drive Bridge, and the new Lusail Pedestrian Bridges in Qatar.

Other applications have included handrails in corrosive locations like the Canary Islands and the Four Freedoms Park in New York. High-strength tension bars and spiders are used in low-profile glass curtain wall structural supports.

Overall, rising infrastructure construction is expected to drive the demand for duplex stainless steel through the years to come.

China is one of the largest construction markets in the world. The construction industry value in China amounted to around USD 1,117 billion in 2021. The Chinese government mainly focuses on improving the infrastructure in small and medium-sized cities. Beijing is making CNY 6.8 trillion (USD 1 trillion) of government funds available for construction projects.

A total of 102 mega-projects are included in Beijing's 2021-25 development plan. The China government initiated a 1,629 km line from Sichuan province in the southwest to the Tibetan capital Lhasa, climbing more than 3,000 m through earthquake-prone terrain and glaciers. Construction on the project, a planned investment of CNY 319.8 billion (USD 50.6 billion), started at the end of 2020 and is expected to be completed by 2025.

Moreover, as per China's Ministry of Water Resources, CNY 703.6 billion (USD 98 billion) was invested in water-conservancy infrastructure projects in 2022, an increase of 63.9%5 in 2021. Construction of more than 19,000 water-conservancy projects began, of which 31 were considered "major" projects.

In India, the Government of India strongly focuses on infrastructure development to boost economic growth and aims for 100 smart cities. According to the World Bank report, India will need to invest USD 840 billion over the next 15 years into urban infrastructure to meet the needs of its fast-growing urban population.

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