Asia Pacific ship plate market to record remarkable growth rate over 2019-2025
Publisher : Fractovia | Published Date : 2019-07-26Request Sample
Robust increase in the shipbuilding activities is going to be a major factor driving ship plate market. 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 market size.
China Ship Plate Market, By End-user, 2014 – 2025 (USD Billion)
The process of shipbuilding necessitates the demand of steel and iron in the form of bars and plates. Outer structure of a ship requires a tough and malleable material like steel which would withstand the forces of agitated water bodies – the ship plate is consequently one of the principal requirements of the shipbuilding industry. The high availability of iron ore as a raw material for producing ship plates coupled with the large number of ship plate manufacturers are expected to boost market forecast. Based on a research report by Global Market Insights, Inc., ship plate market share is likely to surpass USD 38 billion by 2025.
Based on product variety, the ship plate market is segmented into two types of plates, one as stainless-steel and the other as carbon steel. Though both types of plates offer individual advantages in shipbuilding, corrosion resistance and some mechanical properties of stainless-steel plates will help influence segmental growth in ship plate industry. Reportedly the stainless-steel plates are extensively used in oil tankers, chemical carriers, bulkers, and containers, which may further help to increase its demand in ship plate market landscape.
Ongoing technological advancements of ocean transportation and logistics is shaking up the freight industry. The traditional technology has been serving the industry’s analytical requirement until now. While the ocean freight operations include extreme complexity in the operations, the introduction of big data and blockchain technologies will seem to aid freight companies to achieve profitable trade. This will further result in the increased orders for transportation vessels which will impel shipbuilding industry trends and generate demand for ship plates.
Speaking about regional trends, expansion of shipbuilding activities along with heavy government investment will turn out to be major revenue drivers for the Asia Pacific. APAC ship plate industry outlook is poised to transform considerably in the years ahead, with the region slated to account for the largest global market share.
China and South Korea will be leading revenue pockets over coming years for APAC. Both countries are expected to mutually account for a major share of the total product demand in the region. The high availability of shipbuilding infrastructure along with many government and private investments will enhance the APAC shipbuilding industry size, thereby fostering ship plate market trends. South Korea will holds the highest market share in the region owing to the presence of Hyundai Heavy Industries, Daewoo Shipbuilding, and Samsung Heavy Industries.
Following Asia, European continent has also been witnessing a substantial number of new shipbuilding orders. For instance, in 2017, Europe had recorded about 60% of the global product demand for new cruise ships & passenger vessels originated from Europe. Consequently, Europe will witness the highest CAGR during the estimated timeframe owing to the high recovery rate of new shipbuilding orders after substantial downfall of orders in 2016. Existence of prominent cruise manufacturers such as STX Offshore, Fincantieri, and Meyer Neptun will additionally boost shipbuilding orders in coming years, which will create wide opportunities to expand ship plate market outlook in the region.
Driven by rising prevalence of ocean freight and the resulting increase in orders of transportation vessels, ship plate industry trends will experience significant transformation over the years ahead. Ongoing investments in the shipbuilding infrastructure will further accelerate the product demand. Some of the major players operating in ship plate market are JFE Steel, Hyundai Steel, POSCO, Essar Steel, Nippon Steel, Baosteel Group, Arcelor Mittal, Chapel Steel Corporation, and Ansteel Group.
