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Ship Plate Market Analysis 2019 - 2025 | Key Players: Essar Steel, Hyundai Steel, JFE Steel, Nippon Steel, Ansteel Group, ArcelorMittal

09-26-2019 06:26 PM CET | Industry, Real Estate & Construction

Press release from: Global Market Insights

Ship Plate Market

Ship Plate Market

Increasing investments in shipbuilding by various developed and developing countries for several multipurpose applications. This mainly includes usages in manufacturing of naval vessels for security & warfare; containers, tankers, bulk carriers for trade and is also used in manufacturing of cruise and passenger vessels for travel & tourism. However, enormous budgets and production costs coupled with fluctuating steel price might hinder the growth of ship plate market during the projected timeframe.

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Rising international trade activities has increased the demand for shipbuilding globally, which will contribute to ship plates demand in their manufacturing. Moreover, easy availability of steel as raw material with high tensile strength, weight reduction and improved cruising range at relatively lower cost will increase the ship plate market. Additionally, increasing disposable income on travel & tourism activities in cruises over the recent years has increased the use of ship plates in their manufacturing, which will boost the product market in the near future.

On the basis of type, ship plate market t is categorized into carbon steel and stainless-steel ship plates. Ship plates by carbon steel grade usually possesses high strength and so they are chiefly used in cruise vessels and bulk carriers. Moreover, these type of ship plates are cost effective in comparison to stainless steel type. Rising order for bulk carriers in trade and growing demand of cruise vessels from travel & tourism segment will surge carbon steel ship plate demand in the market.

By application, ship plate market is categorized into container, tanker, bulker and others. Bulker will lead the segment during the forecast timespan owing to rising demand from bulk cargo & other trade activities. Nevertheless, tankers observed the highest growth due to increase in trade of gases or store liquids, which in term will boost ship plate market growth in application segments.

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Asia Pacific seems to dominate the Ship Plate Market with the share of over 90% during the forecast timespan. This is mainly due to swelling shipbuilding activities in the region, owing to advance shipbuilding infrastructure as well as government favoring policies and investments. South Korea holds the maximum industry share in comparison to other Asian countries. Daewoo Shipbuilding, Samsung Heavy Industries and Hyundai Heavy Industries are among some major shipbuilders in South Korea dominating the segment of container vessels. However, Europe is likely to witness maximum growth during the projected timespan due to recovery of shipbuilding orders as well as high forward cover in the region.

Some key manufactures in the Ship Plate Market include POSCO, Essar Steel, Hyundai Steel, JFE Steel, Nippon Steel, Ansteel Group, Arcelor Mittal, Dongkuk Steel Mill Co. Ltd., Chapel Steel Corporation, Shandong Kunda Steel Co., Ltd. , Baosteel Group, etc. Manufacturers will compete with their rivals based on product price and capacity expansions.

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Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone:1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com/

About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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