Ship Plate Market Size - By Product (Carbon Steel, Stainless Steel), By Application (Tanker, Bulker, Container), Growth Drivers, Regional Insights & Global Forecast, 2023-2032

Ship Plate Market Size - By Product (Carbon Steel, Stainless Steel), By Application (Tanker, Bulker, Container), Growth Drivers, Regional Insights & Global Forecast, 2023-2032

Global Ship Plate Market size could grow at 3% CAGR from 2023 to 2032 due to the escalating shipbuilding activities in the Asia Pacific region. Asia Pacific is a hub for ship manufacturing, with increased demand for commercial and naval vessels.

For instance, in May 2023, China Merchants placed an order for four new vessels with Dalian Shipbuilding. This order comprises two LNG carriers with a capacity of 175,000 cubic meters each and two Aframax tankers with a combined value of approximately $588 million. Dalian Shipbuilding Industry Co (DSIC) is scheduled to deliver the LNG carriers by the second half of 2026, followed by the Aframax tankers in 2027. In addition, China Merchants Energy Shipping has already booked six LNG ships and three Aframax tankers for delivery at DSIC between 2024 and 2026. Ship plates are essential components in ship construction, and the surge in orders for new ships in the region drives the sales of ship plates, thus stimulating market growth.

The overall ship plate market is segregated based on product, application, and region.

The stainless steel ship plate industry will exhibit notable growth trends throughout 2023-2032. Stainless steel ship plates demonstrate exceptional corrosion resistance, durability, and strength, making them ideal for marine applications. They can withstand harsh saltwater environments, reducing maintenance costs and extending the lifespan of ships. Besides, the need for long-lasting and reliable materials in shipbuilding will foster the adoption of stainless steel ship plates in the coming years.

The bulker segment could capture significant ship plate market share by 2032, driven by the need for robust and high-strength materials to construct bulk carrier vessels. Ship plates ensure the structural integrity of these ships, allowing them to transport large quantities of dry cargo efficiently and safely. As global trade of bulk commodities continues to grow, the demand for ship plates in bulker applications remains strong.

North America ship plate industry will garner a sizeable valuation by 2032 due to increased investments in naval vessels, offshore energy projects, and shipbuilding activities. In May 2023, the U.S. Navy sought the assistance of Japan's private shipyards to address servicing backlogs by maintaining, repairing, and overhauling its warships. This initiative, aimed at reducing domestic servicing delays, could potentially extend to countries like South Korea, Singapore, and the Philippines. If implemented, it signifies a deeper level of collaboration with allies and partners as the U.S. adapts to the evolving dynamics posed by the growing Chinese naval fleet. Additionally, stringent safety and environmental regulations further contribute to the industry's growth as ships require high-quality, compliant materials.