Ship Plate Market Growth Analysis | 2023-2028

Market Insights

The ship plate market was estimated at USD 29.94 billion in 2022 and is likely grow at a CAGR of 3.74% during 2023-2028 to reach USD 37.61 billion in 2028.

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What is ship plate?

A ship plate is a hot rolled steel sheet that is constructed to manufacture hull structures to meet the code of conduct requirements. Ship plates are designed to provide enhanced features in ship building process such as corrosion resistance, reduced ship weight, high tensile strength, and lower cost maintenance. These plates also provide good welding performance, higher speeds, and high surface quality.

Key Players

Some of the key players in the ship plate market are-

• Ansteel
• Arcelor Mittal
• Baosteel Group Corporation
• Chongqing Steel
• Essar Steel
• Hyundai Steel
• JFE Steel Corporation
• Nanjing Steel
• Nippon Steel
• POSCO.

Market Dynamics

The availability of raw materials will be a major factor driving the growth of the market for ship plates. Furthermore, steel being used as a raw material for the production of plates and its extensive application in major end-use industries including automobiles, construction, shipbuilding, and so forth, is expected to underpin the market during the forecast period.

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Segments Analysis

By Product Type

The ship plate market is segmented into carbon steel ship plates and stainless-steel ship plates. Carbon steel ship plates are usually low-strength ship plates and are estimated to hold major volumetric market share over the forecast period. The growth of the segment can be attributed to these ship plates as they are majorly used in bulk carriers and cruise ships. Furthermore, carbon steel ship plates are more economical as compared to stainless steel ship plates. Increasing order for bulkers along with surge in demand for cruise ships is expected to drive the growth of this product segment.

By Application Type

The market is segmented into tanker, bulker, container, and others. The container application segment is expected to have a significant market share during the forecast period. The growth of the segment is driven by rapidly-increasing cargo transportation.

Regional Analysis

Asia-Pacific commands a dominant position on the international ship plate market, with a whopping market share of more than 80% in 2022. The region's dominant international market position has resulted in the availability of productive infrastructure and rising product demand for economies such as the Philippines, Taiwan and India. China and India are the growth engines of the region’s market. North America and Europe are also expected to offer sizeable growth opportunities during the forecast period.

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Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

The ship plate market is segmented into the following categories:

By product type:

• Carbon Steel
• Stainless Steel

By application type:

• Tanker
• Bulker
• Container
• Others

By region:

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Report Customization Option

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation by any one of the product types by application type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.