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