Ship Plate Market: Industry Growth, Key Insights & Regional Trend To 2025
Global Ship Plate Market is anticipated to depict a CAGR of 3% through 2025, having recorded a valuation of USD 33 billion in 2018. By 2025, the market is expected to hit a remuneration of USD 38 billion.
In the modern ship building industry, a combination of duplex stainless steel and stainless clad steel are used to build cargo tanks which offer greater strength and excellent corrosive resistance. With increasing use of chemical tankers, carriers, and containers, stainless steel plate is expected to dominate ship plate market share in upcoming years.
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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.
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.
Adoption of novel shipbuilding technologies coupled with rising investments will accelerate industry outlook in the future. For instance, in 2019, China Shipbuilding Industry Corp. (CSIC) announced plans to speed up development of intelligent manufacturing processes at its shipyards as part of its efforts to build high-end ships. Furthermore, CSIC recently signed agreements worth 14.3 billion yuan (around USD 2 billion) with domestic and global shipowners & customers in the shipbuilding, ship-financing and ship-leasing sectors, thus adding further credibility to the promising forecast for APAC ship plate market.
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.
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.
These key properties have led to increased traction gained by stainless-steel plates market in the manufacturing of tanker vessels that carry toxic chemical products. Rapid growth in steel manufacturing industry along with development of enhanced materials will augment the growth of stainless-steel ship plate industry size.
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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 industry volume estimates & forecast by application, (Kilo Tons), 2014 – 2025
TABLE 8 Global stainless-steel ship plate market 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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