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Ship Plate Market By Regional Statistics & Growth Forecast During 2019 To 2025

Author : Rahul Varpe | Published Date : 2019-09-30 

Global Market Insights has recently added a report on Ship Plate Market Share 2019-2025 which provides a succinct analysis of the market size, revenue forecast, and the regional landscape of this industry. The report also highlights the major challenges and current growth strategies adopted by the prominent companies that are a part of the dynamic competitive spectrum of this business sphere.

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 market 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.

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With rapid development in the marine industry, ship plate market 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 market size. Moreover, rise in ship renovation and modification activities will augment product demand, fostering ship plate market growth.

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.

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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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.

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.

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.

Ship plate market is primarily driven by rising development of new ship vessels and increase in trade activities facilitated by ship freight. Increasing use of stainless-steel plates owing to their excellent mechanical properties and corrosion resistance will boost industry size. Moreover, increasing shipbuilding activity in the Asia Pacific and Europe is anticipated to drive ship plate industry growth. Global Market Insights, Inc. estimates ship plate market size to surpass USD 38 billion by 2025.

About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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