As per Inkwood Research, the Global Ship Recycling Market is set to rise with a CAGR of 3.77% in terms of revenue during the forecasting period of 2024-2032.
“Browse 45 Market Data Tables and 31 Figures spread over 100 Pages, along with an in-depth TOC on the Global Ship Recycling Market Forecast 2024-2032.”
Shipbreaking, also known as ship recycling or ship dismantling, involves the careful disassembly of decommissioned or retired ships. This process includes dismantling the ship’s structure, salvaging valuable components and machinery, and safely disposing of any hazardous materials released during the disassembly process to protect the environment.
Favorable Regulatory Approvals Boost Ship Recycling Market Growth
Favorable regulatory approvals play a crucial role in boosting the growth of the global ship recycling market. These approvals provide a framework for safe and environmentally sound ship dismantling practices, reassuring investors and stakeholders about compliance with standards.
As governments worldwide increasingly prioritize sustainability and environmental protection, stringent regulations encourage the adoption of responsible recycling practices. This fosters investor confidence, stimulates innovation in recycling technologies, and ultimately drives market expansion.
Beaching Method Segment to Hold the Largest Share by 2032
Beaching, due to its avoidance of dry docks or specialized infrastructure, is often seen as a cost-effective option for shipbreaking. Ships can be grounded directly on the beach, simplifying the disassembly and recycling process.
However, beaching operations typically demand significant labor input. This aspect provides employment opportunities, particularly in developing nations where shipbreaking is prevalent. Various manual tasks, including cutting and salvaging materials, require a workforce to execute effectively.
India Projected to be a Leading Nation in the Ship Recycling Market
India has emerged as the world’s leading country for recycling green ships, boasting over 110 yards that adhere to the Hong Kong Convention (HKC). Annually, approximately 6.2 million GTs are scrapped in India, representing a remarkable 33% of the world’s total scrapped tonnage.
The Indian government has proactively addressed sectoral challenges, implementing a series of measures to bolster environmental performance and safety. Alongside regulatory initiatives, the industry is embracing new technologies to further enhance its practices, such as the utilization of drones for monitoring and inspection, the adoption of cleaner and more efficient methods, and the introduction of automation and robotics into the recycling process.
Major players operating in the global ship recycling market include Shree Ram Group, VMS Industries Ltd, Baijnath Melaram, etc.
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