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Shipbuilding Market Advancing to Reach USD 175.98 Billion by 2027 – Exclusive Report by Mordor Intelligence

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Shipbuilding Market Advancing to Reach USD 175.98 Billion by 2027 – Exclusive Report by Mordor Intelligence

June 16
19:43 2022
Shipbuilding Market Advancing to Reach USD 175.98 Billion by 2027 - Exclusive Report by Mordor Intelligence
Mordor Intelligence
The shipbuilding market is fragmented, with several players accounting for significant amounts of shares in the market. Some of the prominent companies in the market are Mitsubishi Heavy Industries, Hyundai Heavy Industries, China State Ship Building Corporation, DSME, and others. Companies are investing heavily in research and development for the innovation of new and advanced products

Shipbuilding Market Overview

The shipbuilding market was valued at USD 132.52 billion in 2021, and it is anticipated to reach USD 175.98 billion by 2027, at a CAGR of 4.84% during the forecast period (2022– 2027). The shipbuilding market is expected to grow over the forecast period due to increasing seaborne trade and economic growth, rising energy consumption, the demand for eco-friendly ships and shipping services, and the advent of robotics in shipbuilding.

Marine transport is the backbone of globalized trade and the manufacturing supply chain, as more than four-fifths of the world’s merchandise trade by volume is carried out through the marine route. The trade volume has increased, with a growth rate of almost 10% during the last decade. The relatively larger increase in the volume of imports can be explained by the increase in consumer demand in developing countries.

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Key Highlights of the Shipbuilding Market

  • The EU accounts for around 15% of the world’s trade in goods, and import tonnage had steadily increased by 5% until 2020. Today, the European Union is importing from an average of 211 unique Non-EU trade partners each year, which represents a 22% increase in the value of goods, estimating USD 227 billion in goods. Shipping remains the most cost-effective means of transporting goods from supplier to buyer, with 75% of goods coming into Europe by sea from external partners.
  • In 2021, the Big Three shipbuilders in South Korea focused on high-margin, high-value LNG carriers, which are more profitable. Korean shipyards lead the LNG carrier market, with 37 contracts, including 16 for Qatar Energy’s mega-order and another 15 for Petronas. According to KBS World, Korean order volumes were lower in 2021 because South Korean shipbuilders were more selective, preferring high-value-added projects over total volume.

Shipbuilding Market – Geographical Overview

China obtained over half of all shipbuilding orders in 2021, establishing it as a worldwide shipbuilding powerhouse. Ship destruction is similarly concentrated in Southeast Asia, with Bangladesh, India, and Pakistan accounting for almost 90% of worldwide ship scrapping activities. According to the data issued by Clarksons, in 2021, China surpassed South Korea in terms of yearly order volume by the compensated gross ton (CGT). Over the period, Chinese shipbuilders received orders totaling over 22.8 million CGT, accounting for nearly half of the global total of 45.7 million. South Korean builders received orders totaling 17.5 million CGT or around 38% of the total. China dominated purchases of new container ships, a market that has exploded due to an increase in consumer goods traffic.

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Recent Developments in the Shipbuilding Market

  • In February 2022, Daewoo Shipbuilding & Marine Engineering Co. said that it had received a combined KRW 1.8 trillion (USD 1.5 billion) worth of orders from Europe. Daewoo Shipbuilding will build two liquefied natural gas carriers for Maran Gas Maritime Inc., the gas shipping unit of Greece’s biggest shipping firm Angelicoussis Shipping Group, and six container ships for an unidentified European shipper.
  • In December 2021, Mitsubishi Shipbuilding, part of Mitsubishi Heavy Industries (MHI) Group, scored an order for the FGSS (fuel gas supply system) of six new LNG-fueled car carriers.
  • In December 2021, China State Shipbuilding Corporation (CSSC) unveiled a major series of vessel newbuilding and equipment orders worth a total of USD 1.9 billion. The orders consist of eight vessel construction contracts and eight marine equipment project contracts.

Related Research and Links

List of Key Players in the Shipbuilding Market

  • Mitsubishi Heavy Industries Ltd
  • Hyundai Heavy Industries Co. Ltd
  • China State Shipbuilding Corporation
  • Daewoo Shipbuilding Marine Engineering Co. Ltd
  • Samsung Heavy Industries
  • Sumitomo Heavy Industries
  • Hanjin Heavy Industries and Construction Co.
  • Yangzijiang Shipbuilding Ltd
  • United Shipbuilding Corporation
  • STX Group

*List Not Exhaustive

Mordor Intelligence has segmented the Shipbuilding Market based on type, end-user, and geography:

  • Type (Market Size & Forecast based on Value (USD billion), 2018-2027)
    • Vessel
    • Container
    • Passenger
    • Other Types
  • End-user (Market Size & Forecast based on Value (USD billion), 2018-2027)
    • Transport Companies
    • Military
    • Other End Users
  • Geography (Market Size & Forecast based on Value (USD billion), 2018-2027)
    • North America
      • United States
      • Canada
      • Rest of North America
    • Europe
      • Germany
      • United Kingdom
      • France
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • South Korea
      • Rest of Asia Pacific
    • Rest of the World
      • Brazil
      • Mexico
      • United Arab of Emirates
      • Other Countries

About Mordor Intelligence

Mordor Intelligence is a market intelligence and advisory firm. Our mission is to map complex business ecosystems across the globe to better predict butterfly effects. To date, we have partnered with 4000+ enterprises across 20 industries, to deliver precise data and actionable insights in over 6000 projects. Our domain-specific teams of research experts continuously track markets, enabling our clients to gain a competitive edge through high-quality market intelligence.

We offer fully tailored intelligence solutions to meet the unique business requirements of any organization. Our deep industry expertise coupled with cross-functional analyst teams ensures we can support the intelligence requirements of even the most specific of business problems.

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