According to the research report titled ‘Ship Plate Market Size By Product (Carbon Steel, Stainless Steel), By Application (Tanker, Bulker, Container), Industry Analysis Report, Regional Outlook (U.S., Romania, Italy, Germany, The Netherlands, China, South Korea, Japan, Philippines, India, Brazil, UAE), Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report, the global ship plate market is expected to cross USD 38 billion by the year 2025.
 

According to the report, rising international seaborne trade has boosted the demand for shipbuilding activities which in turn is a major factor driving the ship plate market growth. Adoption of raw material such as steel during shipbuilding processes has led to improved cruising range, weight reduction, and better tensile strength. This factor along with rising expenditure on travel & tourism activities are further aiding the market expansion.
 

Surging investments in development of various ships such as bulk carriers, tankers, containers, and navy vessels are stimulating the industry outlook. However, fluctuating prices of steel, high budgets and costs associated with shipbuilding may hinder the market growth.
 

As per product type, the carbon steel ship plate market segment is expected to register substantial growth during the forecast period. Carbon steel-based ship plates offer higher strength and hence are extensively used in bulk carriers and cruise vessels. Growing demand for bulk carriers and cruise vessels is contributing towards carbon steel ship plate market share.
 

Based on the application spectrum, ship plate market from bulker application is presumed to expand significantly during the estimated timeframe. Growing demand for ship plates from bulk cargo are fueling the segmental growth. On the other hand, tanker application of ship plates witnessed highest growth in recent years, owing to rising trade of store liquids or gases.
 

Request sample copy of this Report@ https://www.marketstudyreport.com/request-a-sample/2144037/
 

As per the regional analysis, the report states that Asia-Pacific region is estimated to hold 90% share of ship plate market by the year 2025. Rapid advancements in shipbuilding infrastructure and favorable government regulations have led to increasing shipbuilding activities which in turn is augmenting the demand for ship plates across the region. Meanwhile, ship plate market in Europe is poised to amass commendable gains in the forthcoming years, primarily driven by growing shipbuilding orders.
 

The prominent companies operating in the ship plate market are Chapel Steel, Essar Steel, Arcelor Mittal, Hyundai, Xinyu Steel, SD Steel, Dongkuk, Nanjing Steel, Ansteel, Chongqing Steel, Valin Xiangtan Steel, Baosteel, Nippon Steel, JFE Steel, and POSCO.