Shipbuilding Market

Shipbuilding Market Analysis by Global Segments, Growth,
Size and Forecast 2026
The shipbuilding industry primarily includes design and construction of oceangoing vessels across
the globe. Ships are custom made. Shipbuilding involves construction and modification of ships and
these operations are carried out in facilities known as shipyards. Commercial ships or vessels can be
broadly classified into tankers, bulkers, LNG carriers, LPG carriers, containers, and others. It takes
two to five years to manufacture a ship.
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Shipbuilding Market: Drivers & Restraints
Increase in popularity of cruises is a major factor driving the shipbuilding market. Moreover, high
demand for cargo ships due to the rise in trade-related agreements between countries also fuels the
shipbuilding market. Seaborne trade continues to increase internationally, as shipping is pivotal for
the global economy. International trade, bulk transport of raw materials, and import and export of
food and manufactured goods are essential for any economy. The international shipping industry is
responsible for carrying out around 90% of world trade. According to the United Nations
Conference on Trade and Development (UNCTAD), merchant ship operations contribute to
approximately US$ 380 Bn in freight rates within the global economy, which is equivalent to nearly
5% of the total world trade. Rise in seaborne trade has increased opportunities in the global
shipbuilding market. However, high capital investment is likely to hamper the market.
Shipbuilding Market: Key Segments
The global shipbuilding market can be segmented based on type, capacity, end-user, and region. In
terms of type, the shipbuilding market can be segregated into passenger ships, cargo ships, tankers,
naval ships, and others. The cargo ships segment is projected to expand at a substantial CAGR
during the forecast period due to the rise in import and export activities between countries. The
passenger ships segment is anticipated to expand at a significant pace during the forecast period.
Based on capacity, the shipbuilding market can be bifurcated into up to 100,000 DWT and above
100,000 DWT. Most of the passenger ships such as cruise have capacity of more than 100,000
DWT. In terms of end-user, the shipbuilding market can be divided into defense, Third-party
logistics (3PL), tourism companies, and others.

Shipbuilding Market: Regional Outlook
Based on region, the global shipbuilding market can be categorized into North America, Asia
Pacific, Europe, Latin America, and Middle East & Africa. Asia Pacific is expected to account for a
leading share of the shipbuilding market. The shipbuilding market in the region is anticipated to
expand at a considerable pace during the forecast period. Most of the global ship production is
concentrated in countries such as China, Japan, and South Korea in Asia. China was maintained its
position as the world’s leading shipbuilder in 2017, with 36.4m DWT of new building orders. In
2017, its total tonnage output is 38.3m DWT. South Korea the world’s second largest shipbuilder in
2017, with new building orders of 35m DWT. Its total tonnage output is 30.8m DWT in 2017. The
shipbuilding market in North America and Europe is projected to expand at significant pace during
the forecast period due to growing popularity of cruises. The Caribbean, the Mediterranean, and
Northern Europe are pointing out as the main cruise destinations.
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Shipbuilding Market: Key Players
Key companies operating in the shipbuilding market include FINCANTIERI S.p.A., Hyundai
Heavy Industries (HHI), Samsung HI (SHI), STX Offshore & Shipbuilding (STX), Sungdong
Shipbuilding & Marine Engineering, The United Shipbuilding Corporation, Horizon Shipbuilding,
Inc., Fujian Shipbuilding, Mitsubishi Shipbuilding Co., Ltd., and Daewoo Shipbuilding and Marine
Engineering (DSME).