The global ship building market size is anticipated to expand at substantial CAGR during the forecast period, between 2021 and 2028. Ships are a vital source of transportation for countries all over the world, and the shipbuilding industry plays an important role in their development. The backbone of international trade and the manufacturing supply chain is marine transport. Rising consumer demand in developing nations raised trade volume by more than 15%. Moreover, continuous growth in the global naval defence spending and increasing demand for war ships are expected to drive the market in the future.
Market Trends, Drivers, Restraints, and Opportunities:
- Increasing demand for maritime transport and subsequent rise in the number of imports and exports across the world are fueling the market.
- Rising demand for eco-friendly ships and shipping services and goal of reduction of carbon emissions are expected to drive the demand in the coming years.
- Free trade agreements enabled reduction in duties and taxes, which is anticipated to boost the market during the forecast period.
- Government investments for port development and development of low carbon emission containers are projected to drive the market.
- Trade ban and high taxes are expected to hamper the market growth.
- Decreasing global product demand is anticipated to hamper the market growth in the coming years.
- Increasing automation and implementation of robotic technology in shipping industries are anticipated to provide lucrative opportunities for market players during the forecast period.
Scope of the report:
The report on the global ship building market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Attributes | Details |
Report Title | Ship Building Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year | 2020 |
Historic Data | 2018 & 2019 |
Forecast Period | 2021–2028 |
Segmentation | Types (General Cargo Ships, Naval & special ships, Oil Tankers, Bulk Carriers, Container Ships, Passenger Ships, and Others [LPG Carriers, Roll-on/Roll-off, LNG Carriers, Chemical Carriers, and specialty vessels]), End-users (Transport Companies, Military, and Others) |
Regional Scope | Asia Pacific, North America, Europe, Latin America, and Middle East & Africa |
Report Coverage | Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast |
Key Players Covered in the Report | Mitsubishi Heavy Industries, Oshima Shipbuilding co. ltd, Samsung Heavy Industries, Damen Shipyards group, Fincantieri group, General Dynamics corporation, Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering (DSME), China Shipbuilding Group, Imabari Shipbuilding, JSC United Shipbuilding Corporation, Fincantieri S.p.A. |
Global Ship building Market Segment Insights:
High demand for bulk carriers to drive the market
In terms of types, the global ship building market is divided into general cargo ships, naval & special ships, oil tankers, bulk carriers, container ships, passenger ships, and others. The bulk carriers segment held a considerable share of the market in 2020, owing to growing consumer demand for foreign goods and infrastructure developments in developing countries that fueled large-scale bulk purchases, especially in coal, steel and iron ore. Bauxite, cement, fertilizers, rice, sugar, and timber are among the bulk commodities transported through bulk carriers. Bulk carriers are an environmentally efficient way to carry big amounts of dry cargo over long distances, emitting only 6.5 gCO2/ton nm.
Frequent transport of goods by the shipping industry to drive the market
On the basis of end-users, the ship building market is segmented into transport companies, military, and others. The transport companies segment is expected to hold a significant share of the market during the forecast period, as to the shipping industry moves almost 1 billion tons of iron ore, 2 billion tons of crude oil, and 350 million tons of grain per year. According to the International Chamber of Shipping, the yearly value of global shipping trade exceeded 14 trillion US dollars in 2019. Shipping accounts for 80% of total exports and imports by volume and 50% by value in an economic region such as the European Union.
Rising ship building industry in Asia Pacific to drive the market
Based on regions, the ship building market is split into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific constituted a significant share of the market, due to the rising ship building industry in Japan, South Korea, and China. In 2021, global ship orders accounted for 45.73 million compensated gross tons (CGTs), with 22.8 million CGTs in China and 17.35 million CGTs in South Korea. (Source Clarkson)
According to statistics from the China Association of the National Shipbuilding Industry, in-hand ship orders in China reached 96.3 million deadweight tons by the end of November 2021, up by 35.9% year on year.
Segments
By Types
- General Cargo Ships
- Naval & special ships
- Oil Tankers
- Bulk Carriers
- Container Ships
- Passenger Ships
- Others
- LPG Carriers
- Roll-on/Roll-off
- LNG Carriers
- Chemical Carriers
- specialty vessels
End-users
- Transport Companies
- Military
- Others
By Regions
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East & Africa
Key Players
- Mitsubishi Heavy Industries
- Oshima Shipbuilding co. ltd
- Samsung Heavy Industries
- Damen Shipyards group
- Fincantieri group
- General Dynamics corporation
- Hyundai Heavy Industries
- Daewoo Shipbuilding & Marine Engineering (DSME)
- China Shipbuilding Group
- Imabari Shipbuilding
- JSC United Shipbuilding Corporation
- Fincantieri S.p.A.
Competitive Landscape
Key players in the global ship-building market include Mitsubishi Heavy Industries, Oshima Shipbuilding co. ltd, Samsung Heavy Industries, Damen Shipyards group, Fincantieri group, General Dynamics corporation, Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering (DSME), China Shipbuilding Group, Imabari Shipbuilding, JSC United Shipbuilding Corporation, Fincantieri S.p.A. These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.
In 2019, China's two major shipbuilding enterprises, China State Shipbuilding Corporation (CSSC) and China Shipbuilding Industry Corporation (CSIC), merged to form the world's largest shipbuilding company.
In 2018 Fincantieri has expanded its European presence by purchasing 50% of STX France, which is part of the STX Europe Corporation. It has also created services for shipbuilding in the region in the United States.