Ship Breaking Market Research Report and Outlook by Transparency Market Research 2017-2025
An ageing ship fleet, especially small (less than 500 GT) and medium (500 to 25,000 GT) sized ships, is the key market driver of the ship breaking market. There are other alternatives to ship disposal, i.e. to deliberately sink it (and convert it into a coral reef) or to convert it into a museum; however, every alternative has severe drawbacks. The deliberate sinking method calls for exhaustive cleaning process and removal of all toxic materials that make up the ship, such as heavy metals, batteries, fuel, oils, etc., which may harm the environment. Furthermore, the process wastes several resources such as metal, which can be recycled. For turning a ship into a museum, the ship needs to be big enough, and most ships are small and not suitable for the process. Moreover, they occupy unnecessary space in dockyards and ports.
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Thus, the only viable and economical process is to break the ship for its resources, especially metals. Most of the times, several other functional systems can be reused for other ships and vessels. Ship breaking also reduces the strain on the metal mining industry and introduces new metal in circulation for other usage. Additionally, the competition for the ship breaking industry is substantially low and concentrated. On the contrary, the ship breaking market has some serious issues as well, the industry is known to harbor some of the most dangerous working conditions, and thus, the labor is difficult to source and often conflicts & violates human rights for life risk and threats. Moreover, fluctuation in prices of scrap is a key threat to the ship breaking market. However, overall, the ship breaking market has consistently been performing well, even during the recession of 2008-09. Thus, the market is anticipated to remain strong during the forecast period.
In terms of geography, the global ship breaking market can be segmented into Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. The dynamics of the ship breaking market differ from developing and underdeveloped countries to developed countries. In developed regions, such as Europe and North America, the breaking of a ship is cost intensive and stringent rules, regulations, and standard operating procedures need to be followed, making the entire process economically unviable. On the other hand, in developing countries such as, China, India, and Bangladesh, the scenario is quite the opposite, the ship breaking market is expanding due to lack of regulations. Hence, Asia Pacific is a prominent market for ship breaking globally, with India, China, Bangladesh, and Pakistan topping the market. Turkey is also a major market outside Asia Pacific.
Key ship graveyards are primarily located in India, China, Bangladesh, and Pakistan. They are Chittagong Ship Breaking yard, Alang Ship Breaking Yard, Gadani Ship Breaking Yard, Aliaga Ship Breaking Yard, and Changjiang Ship Breaking Yard.
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The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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