Global Ship Plate Market is expected to grow at a significant CAGR in the estimated period. Steel is particularly used as a raw material for shipbuilding purpose. This improves the cruising range of ship and reduces the building cost of ship which proportionally raises tensile strength of the steel used in ship building purpose.
The ship plates are processed drastically under thermo-mechanical control process that enhances the weld ability and workability. Hence, thermo-mechanical control has a wider significance for major standards related to ship building protocols. Therefore, ship designers need to exhibit accuracy in assembly and fittings and geometry of ship plates. Commercial driving factors responsible for the growth of ship plate market includes rise in marine activities and novel techniques for ship building.
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However, production costs and enormous budgets might hinder the market growth. Based on segmentation by product, the ship plate market includes high strength ship plate and general strength ship plate. Based on segmentation by end-users, the ship plate market includes oil tankers, container ships and bulk carriers. Container ships and bulk carriers dominate the market segment owing to rise in commercial sea business and marine activities.
Geographically, the ship plate market spans North America, Latin America, Europe, Middle-East, Asia-Pacific and Africa. APAC market dominates the global market owing to rise in marine activities and presence of natural harbors for ship building and manufacture activities. China, Japan, Taiwan, Korea and India lead the APAC market owing to presence of large manufacturing units.
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North America and Europe dominate the global market due to rise in marine industry and demand for well-equipped ships for commercial as well as defense purpose.The key players in the ship plate market include POSCO, JFE Steel, NSSMC, Baosteel, Valin Xiangtan Steel, Nanjing Steel, Ansteel, SD Steel, Xinyu Steel, Hyundai, ArcelorMittal and Shougang Group.
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