Shipbuilding Steel Plate Market Forecast Driven by Fleet Expansion and High-Strength Material Demands | Valuates Reports

Shipbuilding Steel Plate Market
The global market for Shipbuilding Steel Plate was valued at US$ million in the year 2024 and is projected to reach a revised size of US$ million by 2031, growing at a CAGR of %during the forecast period.

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The shipbuilding steel plate market is experiencing steady market growth, supported by rising global fleet expansion and increasing demand for higher-strength, lightweight materials in maritime construction. The market size continues to grow as shipbuilders seek steel plates offering improved performance and regulatory compliance.

By steel type, regular steel plates hold a significant share of the market due to their cost effectiveness and widespread use in standard vessel construction such as bulk carriers and tankers. High tensile steel plates, however, are the fastest-growing segment, aligning with market trends favoring weight reduction, fuel efficiency, and enhanced structural integrity in modern ship designs. These high-strength plates are increasingly specified for LNG carriers and other specialized vessels requiring advanced materials.

In terms of application, tanker and bulk carrier segments together capture the largest portion of the market size, as these vessel types represent the bulk of new ship orders globally. LNG carriers command a smaller share yet show the strongest growth trajectory, driven by expanding liquefied natural gas trade and the need for structurally robust, cryogenic-capable materials. Other vessel categories-including container ships, offshore platforms, and naval vessels-maintain a meaningful share, reflecting broader trends in marine infrastructure development.

Overall, the shipbuilding steel plate market forecast indicates continued market growth, fueled by ongoing fleet modernization, stricter safety and environmental requirements, and material innovation in high-strength steel applications.

by Type

• Regular Steel
• High Tensile Steel

by Application

• Tanker
• Bulk Carrier
• LNG Carrier
• Others

By Company

POSCO, Hyundai Steel, JFE Steel, Kobelco, Nippon Steel, Arcelormittal, Hunan Valin Xiangtan Iron and Steel, China Minmetals Corporation, NISCO, Xin Steel, An Steel Group, Sha Steel, Shougang Group, Shandong Iron & Steel Group, Baowu Group, Voestalpine, Metinvest

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