The size of Ship Plate Market was registered at USD 33 billion in the year 2018 and is anticipated to cross USD 38 billion by 2025. Between the period 2019-2025, the market is expected to register a CAGR of 3%.

increase in number of new cruise ship orders will drive Europe ship plate industry size. The region’s shipbuilding industry is renowned for construction of complex vessels like cruise ships, ferries, yachts, and dredgers. It also boasts of a strong position in building submarines and other naval vessels. The region has secured significant number of shipbuilding orders in past couple of years.

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In 2019, European cruise firm Riviera River Cruises announced plans to launch its sixth all-suite ship by 2020. In 2018, privately owned European operator MSC Cruises had announced orders for four ultra-luxury cruise ships worth over €2 billion euros (US $2.3 billion), with the first among these expected to go operational by spring 2023. With growing investments and cruise firm expansion, the Europe ship plate market size is anticipated to record momentous growth over the forecast period.

Increased demand for long distance freight shipping will foster global shipbuilding industry, thereby driving ship plate market trends. The shipbuilding industry continually requires large quantities of structural steel plates primarily to build ship’s hull, main deck and sides. The product is designed to offer enhanced features like high tensile strength, corrosion resistance, reduced ship weight and lower cost maintenance. It also provides good welding performance, processing performance and high surface quality.

Based on the product spectrum, ship plate market comprises two segments namely carbon steel and stainless-steel plates. Modern cargo tanks are mainly constructed using stainless steel plates owing to their superior mechanical properties and considerable corrosion resistance. Stainless steel differs significantly from standard carbon steel, primarily owing to the presence of chromium which reduces surface corrosion and unlike carbon steel doesn’t get easily rust when exposed to air and moisture in sea.

With rapid development in the marine industry, ship plate industry will witness exponential growth over coming years. Ship building industry trends such as demand for new, more environmentally friendly ships will further bolster ship plate industry size. Moreover, rise in ship renovation and modification activities will augment product demand, fostering ship plate market growth.

Asia Pacific will secure about 90% of the global ship plate market share over the forecast period. Factors like increasing shipbuilding activities, availability of shipbuilding infrastructure and supportive government investment will drive regional ship plate industry growth. Moreover, presence of shipbuilding conglomerates like China Shipbuilding Industry Corp., Mitsubishi Heavy Industries, Hyundai Heavy Industries, China State Shipbuilding Corp. and Samsung Heavy Industries will support ship plate industry expansion.

Credible reports cite that Asia’s shipbuilding industry share is rapidly expanding, with China, Korea, and Japan accounting for over 85% of global production. Technological advancements in the shipping industry is estimated to propel market size. For example, in 2019, China unveiled the world’s first intelligent Very Large Crude Carrier (VLCC) with a capacity of over 2.257 million barrels, trends that are likely to drive ship plates demand.

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Some Point from Table of Contents:

Data Tables

TABLE 1 Ship plate industry 360° synopsis, 2014 – 2025

TABLE 2 Global ship plate market estimates & forecast (Kilo Tons) (USD Million), 2014 – 2025

TABLE 3 Global ship plate industry volume estimates & forecast by product, (Kilo Tons), 2014 – 2025

TABLE 4 Global ship plate industry revenue estimates & forecast by product, (USD Million), 2014 – 2025

TABLE 5 Global carbon steel ship plate industry volume estimates & forecast by application, (Kilo Tons), 2014 – 2025

TABLE 6 Global carbon steel ship plate industry revenue estimates & forecast by application, (USD Million), 2014 – 2025

TABLE 7 Global stainless-steel ship plate industy volume estimates & forecast by application, (Kilo Tons), 2014 – 2025

TABLE 8 Global stainless-steel ship plate industry revenue estimates & forecast by application, (USD Million), 2014 – 2025

TABLE 9 Global ship plate industry volume estimates & forecast by application, (Kilo Tons), 2014 – 2025

TABLE 10 Global ship plate industry revenue estimates & forecast by application, (USD Million), 2014 – 2025

TABLE 11 Global ship plate industry volume estimates & forecast by region, (Kilo Tons), 2014 – 2025

TABLE 12 Global ship plate industry revenue estimates & forecast by region, (USD Million), 2014 – 2025

TABLE 13 List of key manufacturers/supplier

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