Global Ship Breaking Market Size To Worth USD 8.57 Billion By 2033 | CAGR of 8.19%
Category: Energy & PowerGlobal Ship Breaking Market Size To Worth USD 8.57 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Ship Breaking Market Size is to Grow from USD 3.90 Billion in 2023 to USD 8.57 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 8.19% during the projected period.
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Browse key industry insights spread across 216 pages with 110 Market data tables and figures & charts from the report on the "Global Ship Breaking Market Size, Share, and COVID-19 Impact Analysis, By Light Displacement Tonnage (Below 20,000 Tons, 20,000 To 40,000 Tons, and Above 40,000 Tons), By Method (Alongside, Beaching, Dry Dock, and Others), By Type of Ship (Tankers, Bulk Carriers, Farriers and Passenger Ships, Container Ship, General Cargo Ship, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here:https://www.sphericalinsights.com/reports/ship-breaking-market
Ship breaking is the dismantling of a ship that is considered to be end of useful life. Ships that are to be scrapped are transferred to yards based on their condition and use. For end-to-end dismantling or scrapping, these yards bill ship owners according to the light displacement tonnage (LDT) of a ship. Ship recycling yards are primarily found throughout South Asia, particularly in China, India, Bangladesh, and Pakistan. One of the primary drivers of the ship breaking business is an increase in worldwide interest in recyclable metals such as aluminum, copper, and steel. However, several essential tasks, including handling materials and metal cutting, are involved in ship breaking. Professionals working on the floor need to take extreme safety measures.
The below 20,000 tons segment accounted for the largest revenue share of the ship breaking market during the projected timeframe.
Based on the light displacement tonnage, the ship breaking market is divided into below 20,000 tons, 20,000 to 40,000 tons, and above 40,000 tons. Among these, the below 20,000 tons segment accounted for the largest revenue share of the ship breaking market during the projected timeframe. Due to an increase in the scrapping of small boats, the category with less than 20,000 tons accounted for the biggest share. The tiny size vessels' typical lifespan is assisting in driving further market expansion.
The beaching segment dominates the market with the highest market share of the ship breaking market during the projected timeframe.
Based on the method, the ship breaking market is divided into alongside, beaching, dry dock, and others. Among these, the beaching segment dominates the market with the highest market share of the ship breaking market during the projected timeframe. The price and broad usage in South Asian shipyards are credited with its explosive growth. Because labor is so inexpensive, the area's supremacy is undermined.
The tankers segment is anticipated to grow at the highest CAGR of the ship breaking market during the projected timeframe.
Based on the type of ship, the ship breaking market is divided into tankers, bulk carriers, farriers and passenger ships, container ship, general cargo ship, and others. Among these, the tankers segment is anticipated to grow at the highest CAGR of the ship breaking market during the projected timeframe. Due to the combination of outdated tankers and an increase in tanker recycling by ship owners and operators, the tanker sector dominated the ship breaking market. The need to replace the aging fleet to reach net zero carbon emissions and the new environmental laws continue to be a strain on market supremacy.
Europe is expected to hold the largest share of the ship breaking market over the forecast period.
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Europe is expected to hold the largest share of the ship breaking market over the forecast period. European operators control a significant portion of the ships in the region and command a dominant market share, which accounts for their supremacy. It is also anticipated that the regional market determination grow at the quickest rate due to the aging of the current fleet and the introduction of new maritime pollution laws.
North America is predicted to grow at the fastest pace in the ship breaking market during the projected timeframe. The operators are driving the rapid expansion by buying new fleets and selling aging ships. Constructing new facilities throughout the region is another factor driving the business's expansion. In addition, an extensive number of shipyards are increasing the amount of ships they can garbage each year in order to fulfill the growing demand and promote economic growth.
Major vendors in the ship breaking market are Habib Group, Ratanpur Ship Recycling Industries, Chittagong Ship Yard, Arefin Enterprise, Changjiang, PHP Ship Breaking and Recycling Industries, Alang Ship Yard, iZMiR Ship Recycling, Spot Shipping AS, Zhengyuan Shipping Pte Ltd, Best Oasis Limited, Indigo Marine Services LLP, Avinash Ship Breaking Industries Pvt. Ltd., S.R. Shipping Limited, and others.
Recent Developments
- In November 2023, The European Parliament and Council approved a new agreement for non-OECD recycling yards. The deal permits non-OECD yards to deconstruct EU-flagged ships, eliminating the barriers imposed by existing laws.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the ship breaking market based on the below-mentioned segments:
Global Ship Breaking Market, By Light Displacement Tonnage
- Below 20,000 Tons
- 20,000 to 40,000 Tons
- Above 40,000 Tons
Global Ship Breaking Market, By Method
- Alongside
- Beaching
- Dry Dock
- Other
Global Ship Breaking Market, By Type of Ship
- Tankers
- Bulk Carriers
- Farriers and Passenger Ships
- Container Ship
- General Cargo Ship
- Others
Global Ship Breaking Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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