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Ship Plate Market Trends

Report ID: GMI3734
Published Date: Jun 2024
Report Format: PDF

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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.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of ship plate reached USD 24.9 billion in 2023 and is set to witness 4.2% CAGR during 2024 to 2032, led by the growing construction of maritime vessels coupled with increasing marine transport.

The steel ship plate segment garnered USD 21.9 billion in 2023 and is expected to grow at 3.3% CAGR through 2032, owing to its superior mechanical qualities such as low cost and quick manufacturing.

Asia Pacific market held a significant market share of USD 15.9 billion in 2023 and will reach USD 21.3 billion by the end of 2032, due to the rising demand for maritime transportation and expansion of the shipbuilding industry.

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 among others.