Ship Plate Market Size

Ship Plate Market size was valued at USD 24.9 billion in 2023 and is estimated to grow at a CAGR of 3.1% between 2024 and 2032. The growing construction of maritime vessels coupled with increasing marine transport is driving the expansion of the market. There is a continuous demand for ships and vessels as the global economy and international trade expand.

For instance, according to the UNCTAD Report 2022, the international shipping industry is responsible for carriage of around 80% of world trade. Ship plates are critical components in the construction of a wide range of ships including cargo ships, tankers, and passenger vessels. In addition to this, the rising shipbuilding activities in emerging nations, such as China, Japan, India, and others, is expected to boost market growth.

The changing costs of raw materials, particularly steel, can have a substantial impact on the ship plate industry. Price fluctuations can drive up production costs, making it difficult for shipbuilders to budget and plan effectively. When steel prices rise unexpectedly, ship plate makers face more costs, which are often passed on to the supply chain, eventually affecting shipbuilders.

Ship Plate Market Trends

There is an increase in the demand for high-strength, lightweight steel plates that improve ship fuel efficiency and performance. These innovative materials are critical for shipbuilders, allowing them to stick with severe environmental regulations while also lowering operational expenses. By adopting these novel ship plates, ships can achieve higher fuel efficiency, lower emissions, and increased durability, which are crucial in solving the maritime industry's challenges.

Ship Plate Market Analysis

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Based on material, the market is classified into steel, aluminum, composite materials, and others (titanium, magnesium alloy). The steel segment captured the largest market share of 21.9 billion in 2023 and is expected to expand at a CAGR of 3.3% through 2032. Steel ship plates are widely used in shipbuilding owing to their superior mechanical qualities such as low cost and quick manufacturing.

The growing global marine traffic has resulted in the growing demand for new vessels. Furthermore, the demand for lightweight yet durable carbon steel ship plates will rise as the shipping industry places a greater emphasis on energy efficiency and environmental sustainability, contributing to market growth.

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Based on end use, the ship plate market is categorized into commercial shipbuilding, military shipbuilding, and repair & maintenance. The commercial shipbuilding segment dominated the market, accounting for 69.1% in 2023 and is expected to record a CAGR of 3.3% during the forecast period. This growth is driven by the increasing demand for commercial vessels, such as container ships and bulk carriers, to support the expanding global trade and maritime transportation sectors.

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Asia Pacific ship plate market held a significant revenue share of USD 15.9 billion in 2023 and is projected to reach USD 21.3 billion by the end of 2032. This growth is due to the rising demand for maritime transportation, expansion of the shipbuilding industry, and increased international commercial operations. Furthermore, the implementation of severe marine safety rules has contributed to the replacement and modernization of current fleets and ports, resulting in market growth.

For instance, in June 2023, Singapore announced a USD 20 billion proposal to develop the world's largest automated port by 2040. This ambitious project aimed to double the current port area and incorporate advanced technologies, such as drones and autonomous vehicles, significantly enhancing operational efficiency and capacity.

The ship plate industry in the U.S. is projected to experience a CAGR of 2.9% throughout the forecast period. This expansion is fueled by the rising demand for shipbuilding and repair activities, as well as advances in marine trade and national security requirements.

China dominates the Asia Pacific ship plate market, accounting for 33.1% of market share in 2023 and is expected to grow at a CAGR of 3.6% during the forecast period.The market expansion in China can be attributed to the extensive shipbuilding industry and economic growth and investment. China's shipbuilding industry is one of the largest and most modern in the world. Major shipyards, such as China State Shipbuilding Corporation (CSSC) and China Shipbuilding Industry Corporation (CSIC), play a vital role in the manufacture of commercial and military vessels, driving the demand for ship plates.

Ship Plate Market Share

The ship plate industry is moderately fragmented in nature due to the presence of local and global players. In 2023, POSCO, Nippon Steel Corporation, ArcelorMittal, JFE Steel Corporation, and Thyssenkrupp AG collectively held around 15%-20% market share. These prominent players are proactively involved in strategic endeavors, such as mergers & acquisitions, facility expansions, and collaborations, to expand their product portfolios, extend their reach to a broader customer base, and strengthen their market position.

Ship Plate Market Companies

Major players operating in the ship plate industry are:

• Ansteel Group Corporation
• ArcelorMittal
• Baosteel Group Corporation
• China Steel Corporation
• Chongqing Iron & Steel Group
• Hyundai Steel Company
• JFE Steel Corporation
• Jiangsu Shagang Group
• JSW Steel Limited
• Nippon Steel Corporation
• Novolipetsk Steel (NLMK)
• POSCO
• POSCO Daewoo Corporation
• Tata Steel Limited
• Thyssenkrupp AG
  

Ship Plate Industry News

• In May 2023, Aramco, a leading integrated energy and chemicals company, signed a shareholders' agreement with Baosteel, a prominent steel conglomerate, to establish an integrated steel plate manufacturing complex in Saudi Arabia. This partnership aimed to enhance the steel production capacity within the region, contributing to the ship plate industry growth by providing high-quality steel plates essential for shipbuilding and other industrial applications.
  

The ship plate market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) (Thousand Tons) from 2021 to 2032, for the following segments:

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Market, By Material

• Steel
• Aluminum
• Composite materials
• Others (titanium, magnesium alloy)

Market, By Application

• Hull construction
  • Bulk carriers
  • Oil tankers
  • Others (LNG carriers, etc.)
• Decking
  • Main deck
  • Superstructure
  • Other (weather decks, etc.)
• Interior structures
  • Cabins
  • Engine rooms
  • Others (cargo holds, etc.)
• Others (ice-class vessels, offshore wind farm support structures, and naval architecture)

Market, By End Use

• Commercial shipbuilding
• Military shipbuilding
• Repair & maintenance

Market, By Distribution Channel

• Direct
• Indirect

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• MEA
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA