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.

Robust increase in the shipbuilding activities is going to be a major factor driving ship plate industry. The surging demand for cruisers and transportation vessels will support market growth throughout the forecast period. The intensifying ship freight operations, owing to its cost effectiveness compared to other modes of transportation, will help foster global shipbuilding industry, and thereby aid in expansion of ship plate industry size.

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Increased demand for long distance freight shipping will foster global shipbuilding industry, thereby driving ship plate industry 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.

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 industry share in upcoming years.

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.

Asia Pacific ship plate market to hold 90% 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.

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.

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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Some Point from Table of Contents:

Chapter 4. Ship Plate Market, Product By Application

4.1. Global ship plate market product insights

4.2. Carbon steel ship plates

4.2.1. Market estimates and forecast, 2014 – 2025

4.2.2. Market estimates and forecast, by application, 2014 – 2025

· Tanker

· Bulker

· Container

· Others

4.2.3. Market estimates and forecast, by region, 2014 – 2025

4.3. Stainless steel ship plates

4.3.1. Market estimates and forecast, 2014 – 2025

4.3.2. Market estimates and forecast, by application, 2014 – 2025

· Tanker

· Bulker

· Container

· Others

4.3.3. Market estimates and forecast, by region, 2014 – 2025

Chapter 5. Ship Plate Market, By Application

5.1. Global ship plate market application insights

5.2. Tanker

5.2.1. Market estimates and forecast, 2014 – 2025

5.2.2. Market estimates and forecast, by region, 2014 – 2025

5.3. Bulker

5.3.1. Market estimates and forecast, 2014 – 2025

5.3.2. Market estimates and forecast, by region, 2014 – 2025

5.4. Container

5.4.1. Market estimates and forecast, 2014 – 2025

5.4.2. Market estimates and forecast, by region, 2014 – 2025

5.5. Others

5.5.1. Market estimates and forecast, 2014 – 2025

5.5.2. Market estimates and forecast, by region, 2014 – 2025

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