Ship Plate Market Analysis

Ship Plate Market Analysis

Ship plate market size from the carbon steel segment witnessed notable growth in 2022 and is poised to gain significant traction through 2032. Carbon steel ship plates are widely used in shipbuilding due to their excellent mechanical properties, affordability, and ease of fabrication. The expanding global maritime trade has led to the increasing demand for new vessels. Additionally, the rising focus on energy efficiency and environmental sustainability in the shipping industry will drive the demand for lightweight yet durable carbon steel ship plates, adding to the segment growth.

The tanker application segment accounted for more than 40% share of ship plate market and is projected to grow substantially between 2023 and 2032. Tankers that are used for the transportation of oil, chemicals, and other bulk liquids worldwide, are witnessing surging demand due to increasing energy consumption and international trade. Moreover, the replacement of older tankers with more fuel-efficient and eco-friendly vessels is driving the demand for advanced ship plates. The robust presence of key tanker market players in several countries in the Asia Pacific, Middle East, and Europe will also contribute significantly to the segment expansion.

Asia Pacific holds over 90% share of the global ship plate market and is set to reach significant revenue share by 2032, attributed to the rising demand for maritime transportation, expansion of the shipbuilding industry, and increasing international trade activities. Furthermore, the introduction of severe marine safety rules has prompted the replacement and modernization of current fleets and ports, fueling the market growth. For instance, in June 2030, Singapore announced a S$20 billion proposal to develop the world's largest automated port by 2040 for doubling the present area, including drones and autonomous vehicles