Ship Plate Market: Global Opportunity Analysis and Industry Forecast, 2023-2030 Market

A ship plate is a hot rolled steel sheet that is used to manufacture a ship. Ship plates are used to construct hull of a ship. The hull is the outer surface that provides a watertight skin to a ship. Hull is very important part of the ship as it protects cargo and machinery of the ship. Steel used in shipbuilding is standardized and graded as per the American Bureau of Shipping specifications. The two main types of ship plates are carbon steel ship plates and stainless-steel ship plates. Carbon steel ship plates have lower strength and cheaper costs as compared to stainless-steel ship plates. Carbon steel ship plates are used in construction of bulk carriers and cruise ships. Stainless-steel ship plates are made from high strength steel grades and have additional chromium alloying for better corrosion resistance. This makes stainless steel ship plates ideal for construction of oil tankers, chemical carriers, and container ships. 

COVID-19 scenario analysis:

• Coronavirus has affected import and export of construction materials. China is the largest exporter of construction materials globally. Negative trends in the economy of China are anticipated to reduce global import and export throughout the globe.
• Demand for new construction materials have witnessed a massive negative shift since the corona outbreak in December 2019, with manufactures and investors fearing an excessively receding economic growth.
• Travel prohibitions around the globe have affected trade of construction materials. Thus, the supply and demand for construction materials are almost halted throughout the globe.
• Construction materials manufacturing companies located in China, are the major sufferers of from the virus outbreak, owing to lockdown and unavailability of logistics in the region.
• Decreased consumer demand and consumption has led to reduction and slowdown of sales of construction materials all over the globe over the course of the current economic year.
• Therefore, the global ship plate market is expected to be negatively affected in 2020.

Top impacting factors: Market Scenario Analysis, Trends, Drivers, Opportunities, Restraints and Impact Analysis

Growth of the global shipbuilding market is expected to help the global ship plate market expand as well. The ready availability due to increased demand and production of steel globally is expected to help the market grow. This factor is especially important for the shipbuilding activities in the APAC region as countries such as China, South Korea and Japan are the three largest countries in the global shipbuilding market and China is also the world’s largest producer of steel. However, the fluctuations in price of raw materials as well as fuel prices is a restraining factor for the growth of the global shipbuilding industry and by extension, the global ship plate market as well. The growing volume of global trade due to increasing industrialization, urbanization, and increased consumption and rise in disposable income of the average consumer is expected to provide the opportunity for growth of the global ship plate market.

The global ship plate market trends are as follows:

Growth of the global ship building market

Escalating shipbuilding activities around the world is a major driver behind the growth driver of the global ship plate market. The shipbuilding market is driven by the increase in seaborne trade as well as the growing number of passenger cruises. Rise in disposable income of the average middle-class consumer has helped improve their purchasing power. Along with that, the rising global population, internet penetration and urbanization around the world, the demand for consumer products, goods, and raw materials has gone up. In addition, the rapid industrialization around the world has served to increase the production and trade volume of various industries. With the advancements in technology bringing more fuel-efficient and more powerful engines and other components, the volume of commercial transportation handled by the global shipping industry has grown. Along with maritime trade, the global tourism and luxury cruise industry has also seen growth due to the rising disposable income and spending power of people around the world. These factors are helping the global shipbuilding market grow which in turn is driving the growth of the global ship plate market.

Easy availability of steel as a raw material

A critical factor for growth and expansion of any industry is the availability of raw materials. As such, the global steel industry has been growing in size and production volume due to the increased demand from various end use industries around the world. Due to the factors of growing population, urbanization, industrialization, growth of automobile, aerospace, defense sectors and increased construction activity around the world, the global steel industry is expected to expand. China is the largest steel producer in the world and the increasing infrastructure development and growth of construction industry in the country is a major reason behind the growth of the steel industry. China’s Belt & Road initiative is expected to keep the demand high. Despite fluctuation of prices and demand in the market in the recent past, the wide application of steel in almost all industries is a contributing factor behind the continuous demand for steel. Hence with the ready availability of steel as the raw material for production of ship plates, the global ship plate market is expected to continue to flourish.

Key benefits of the report:

• This study presents the analytical depiction of the global ship plate market industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global ship plate market share.
• The current market is quantitatively analyzed to highlight the global ship plate market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed global ship plate market analysis based on competitive intensity and how the competition will take shape in coming years.

 Ship Plate Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights