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GLOBAL SHIP RECYCLING MARKET FORECAST 2024-2032

SCOPE OF THE REPORT

Global Ship Recycling Market by Vessel Size (Below 60,000 DWT, 60,000 DWT to 125,000 DWT, Above 125,000 DWT) Market by Method (Beaching, Berthing, Dry-dock, Alongside and Slipway, Other Methods) Market by Vessel Type (Oil Tanker, Bulk Carrier, Offshore Vessel, Liquified Gas Carrier, Ferry and Passenger Ship, Chemical Tanker, General Cargo Ship, Container Ship, Other Vessel Types) by Geography


MARKET OVERVIEW

The global ship recycling market was valued at $xx million in 2023 and is expected to reach $12,132.82 million by 2032, growing at a CAGR of 3.77% during the forecast period. The base year considered for the study is 2023, and the estimated period is between 2024 and 2032.

The dismantling and disposal of decommissioned or retired ships is referred to as ‘shipbreaking,’ ‘ship recycling,’ or ‘ship dismantling.’ It comprises disassembling the ship’s framework, preserving priceless items and machinery, and safely getting rid of any dangerous materials spilled during ship disassembly without harming the environment. 

The global increase in demand for scrap metals like steel, copper, and aluminum is the main factor driving the expansion of the ship recycling market. Shipbreaking yards are usually located near the coast and have all the facilities and infrastructure needed to handle the dismantling process.

Ship Recycling Market

Read our latest blog on the Ship Recycling Market

GROWTH ENABLERS

Key growth enablers of the global ship recycling market: 

  • Stringent ship end-of-life regulations contribute to the growth of the studied market
  • Growing metal scrap demand positively influences the ship recycling market
  • Aging fleet and vessel replacement drive demand for ship recycling 
    • Shipping companies evaluate their fleets’ competitiveness and efficiency on a regular basis. Older ships frequently lose fuel economy and maintenance costs, which affects the shipping industry’s bottom line.
    • This procedure generates a supply of decommissioned ships, which supports the expansion of the ship dismantling industry.
    • Overcapacity happens when there are more available vessels than there is demand for shipping services in the global shipping industry. Owing to the presence of many ships, shipping companies compete fiercely, which lowers freight rates and reduces profitability. 
    • To lessen these difficulties, shipping companies frequently opt to sell off extra vessels to reduce the size of their fleet.

GROWTH RESTRAINTS

Key growth restraining factors of the global ship recycling market:

  • Lack of environmental safety due to pollution arising from ship dismantling
  • Concerns regarding poor hazardous waste management during ship recycling
    • A significant amount of hazardous materials and carcinogens (PCBs, PVCs, PAHs, TBT, mercury, lead, isocyanates, and sulfuric acid) are present in ships sent for recycling. 
    • Although environmentally friendly ship recycling is a top priority, environmental issues still persist. Special precautions must be taken when handling hazardous materials like asbestos, heavy metals, and materials containing oil. 
    • Both the soil in which they are deposited and the workers in the shipyard are gravely harmed by these toxic substances. These dangerous compounds pollute soil, waterways, and the surrounding ecosystem, posing a major risk to the environment and causing long-term ecological harm.

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KEY MARKET TRENDS

Global Ship Recycling Market | Top Trends

  • Ship recycling facilities are witnessing an increase in investment. A rising number of investors are allocating capital for the construction of new facilities as well as the renovation of existing ones, as awareness of the significance of safe and environmentally friendly ship recycling practices grows. This investment attracts talent and expertise to the industry while also generating economic growth and improving recycling capabilities.  
  • Green ship recycling is becoming highly popular, characterized by eco-friendly and sustainable methods. This process concentrates on minimizing the negative effects of ship disassembly on the environment through waste reduction, recycling of valuable components, and safe disposal of hazardous materials. Encouraged by ethical and environmental concerns, ship owners are seeking green ship recycling options. Subsequently, this will further develop a specialized market for ethical recyclers and improve the reputation of the industry.

MARKET SEGMENTATION

Market Segmentation – Vessel Size, Method, and Vessel Type – 

Market by Vessel Size:

  • Below 60,000 DWT
  • 60,000 DWT to 125,000 DWT
    • The vessel size of 60,000 DWT to 125,000 DWT is expected to dominate the global market during the forecast period.
    • Recycling ships with 60,000 to 125,000 DWT offers numerous benefits. Ships operating in this range result in a significant amount of recyclable materials, such as steel and other valuable metals. More materials can be recovered from larger vessels, and shipbreaking yards can, therefore, profitably engage in the dismantling process.
    • Recycled materials observe high demand across a range of industries, especially steel. These materials are primarily obtained from ships with a DWT of 60,000 to 125,000, which satisfies consumer demand for recycled metal.
    • Shipbreaking yards that have the required facilities and machinery can effectively handle vessels in this size range. These ships can be safely dismantled and recycled, allowing for the extraction of valuable materials and the environmentally responsible disposal of hazardous materials.
  • Above 125,000 DWT

Markey by Method:

  • Beaching
    • Between 2024 to 2032, the beaching method segment is expected to hold the largest share of the global ship recycling market. 
    • Since beaching does not require dry docks or other specialized infrastructure, it is frequently regarded as a more affordable option for shipbreaking. It is possible to ground ships on the beach, making them simpler to disassemble and recycle.
    • Beaching operations frequently require a lot of labor. For a large number of workers, they offer opportunities, especially in developing nations where shipbreaking is common. A variety of tasks, such as cutting and salvaging materials, require manual labor.
    • Shipbreaking can be accomplished in a simple and adaptable manner with beaching. Dismantling operations can be carried out right on the beach, which also serves as a platform to access various areas of the ship.
  • Berthing
  • Dry-Dock
  • Alongside and Slipway
  • Other Methods

Market by Vessel Type:

  • Oil Tanker
  • Bulk Carrier
  • Offshore Vessel
  • Liquified Gas Carrier
  • Ferry and Passenger Ship
  • Chemical Tanker
  • General Cargo Ship
  • Container Ship
  • Other Vessel Types

GEOGRAPHICAL STUDY

Geographical Study Based on Four Major Regions:

  • India
    • India is now the leading country in the world for recycling green ships, with more than 110 yards that comply with the Hong Kong Convention (HKC). The approximately 6.2 million GTs that are scrapped annually in India account for 33% of the world’s total scrapped tonnage.
    • The Indian government has taken a number of actions to address the issues the sector is facing. To enhance environmental performance and safety, the industry is implementing new technologies in addition to regulatory measures, as well.
    • Some of the new technologies being adopted by the industry include employing drones for monitoring and inspection, adoption of cleaner and more efficient technologies, and the automation and robotics of the recycling process.
    • With the industry embracing new technologies and the government promoting safe and environmentally sound practices, ship recycling in India is expected to have a prospective future.
  • Bangladesh
  • Turkey
  • Rest of World

MAJOR PLAYERS

Major players in the global ship recycling market:

  • Shree Ram Group
  • VMS Industries Ltd
  • Baijnath Melaram
  • Leela Ship Recycling Pvt Ltd

REPORT SYNOPSIS

REPORT SCOPEDETAILS
Market Forecast Years2024-2032
Base Year2023
Market Historical Years2018-2022
Forecast UnitsRevenue ($ Million)
Segments AnalyzedVessel Size, Method, and Vessel Type
Geographies AnalyzedIndia, Bangladesh, Turkey, Rest of World
Companies AnalyzedIşıksan Ship Recycling and Trading Co Ltd, Priya Blue Industries Pvt Ltd, P Rajesh Ship Breaking Pvt Ltd, Shree Ram Group, VMS Industries Ltd, Baijnath Melaram, Leela Ship Recycling Pvt Ltd, OSM Thome, R L Kalthia Ship Breaking Private Limited, Salasar Balaji Shipbreakers Pvt Ltd
TABLE OF CONTENTS
  1. RESEARCH SCOPE & METHODOLOGY
    1. STUDY OBJECTIVES
    2. METHODOLOGY
    3. ASSUMPTIONS & LIMITATIONS
  2. EXECUTIVE SUMMARY
    1. MARKET SIZE & ESTIMATES
    2. MARKET OVERVIEW
    3. SCOPE OF STUDY
    4. CRISIS SCENARIO ANALYSIS
      1. IMPACT OF COVID-19 ON SHIP RECYCLING MARKET
    5. MAJOR MARKET FINDINGS
      1. FAVOURABLE REGULATORY APPROVALS ADD TO MARKET GROWTH
      2. MARGINAL GROWTH IN SHIPPING YARD CAPACITIES 
  3. MARKET DYNAMICS
    1. KEY DRIVERS
      1. STRINGENT SHIP END-OF-LIFE REGULATIONS CONTRIBUTE TO THE GROWTH OF THE STUDIED MARKET
      2. GROWING METAL SCRAP DEMAND POSITIVELY INFLUENCES SHIP RECYCLING MARKET
      3. AGEING FLEET AND VESSEL REPLACEMENT DRIVE DEMAND FOR SHIP RECYCLING 
    2. KEY RESTRAINTS
      1. LACK OF ENVIRONMENTAL SAFETY DUE TO POLLUTION ARISING FROM SHIP DISMANTLING
      2. CONCERNS REGARDING POOR HAZARDOUS WASTE MANAGEMENT DURING SHIP RECYCLING 
  4. KEY ANALYTICS
    1. KEY MARKET TRENDS
      1. ADOPTION OF SUSTAINABLE GREEN SHIP RECYCLING
      2. IMPROVISATION AND ADVANCEMENT OF SHIP RECYCLING TECHNOLOGY
    2. PORTER’S FIVE FORCES ANALYSIS
      1. BUYERS POWER
      2. SUPPLIERS POWER
      3. SUBSTITUTION
      4. NEW ENTRANTS
      5. INDUSTRY RIVALRY
    3. GROWTH PROSPECT MAPPING
    4. MARKET MATURITY ANALYSIS
    5. MARKET CONCENTRATION ANALYSIS
    6. VALUE CHAIN ANALYSIS
      1. RAW MATERIAL SOURCING
      2. MANUFACTURING AND PRODUCTION
      3. DISTRIBUTORS AND LOGISTICS
      4. RETAILERS AND END-USERS
    7. KEY ASPECTS OF SHIP RECYCLING
      1. RECOVERY OF MATERIALS AND WASTE MANAGEMENT
      2. BASEL CONVENTION COMPLIANCE
      3. ENVIRONMENTAL SUSTAINABILITY
      4. OCCUPATIONAL HEALTH AND SAFETY
      5. SOCIAL RESPONSIBILITY
      6. COMPLIANCE WITH REGULATIONS AND STANDARDS
      7. TRANSPARENCY AND TRACEABILITY
      8. INFRASTRUCTURE AND EQUIPMENT
    8. REGULATORY FRAMEWORK
  5. MARKET BY VESSEL SIZE
    1. BELOW 60,000 DWT
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    2. 60,000 DWT TO 125,000 DWT
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    3. ABOVE 125,000 DWT
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
  6. MARKET BY METHOD
    1. BEACHING
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    2. BERTHING
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    3. DRY-DOCK
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    4. ALONGSIDE AND SLIPWAY
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    5. OTHER METHODS
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
  7. MARKET BY VESSEL TYPE
    1. OIL TANKER
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    2. BULK CARRIER
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    3. OFFSHORE VESSEL
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    4. LIQUIFIED GAS CARRIER
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    5. FERRY AND PASSENGER SHIP
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    6. CHEMICAL TANKER
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    7. GENERAL CARGO SHIP
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    8. CONTAINER SHIP
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    9. OTHER VESSEL TYPES
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
  8. GEOGRAPHICAL ANALYSIS
    1. INDIA
      1. INDIA SHIP RECYCLING MARKET SIZE & OPPORTUNITIES
    2. BANGLADESH
      1. BANGLADESH SHIP RECYCLING MARKET SIZE & OPPORTUNITIES
    3. TURKEY
      1. TURKEY SHIP RECYCLING MARKET SIZE & OPPORTUNITIES
    4. REST OF WORLD
      1. REST OF WORLD SHIP RECYCLING MARKET SIZE & OPPORTUNITIES
  9. COMPETITIVE LANDSCAPE
    1. KEY STRATEGIC DEVELOPMENTS
      1. ACQUISITIONS
      2. PRODUCT LAUNCHES & DEVELOPMENTS
    2. COMPANY PROFILES
      1. ISIKSAN SHIP RECYCLING AND TRADING CO LTD
        1. COMPANY OVERVIEW
        2. SERVICE LIST
      2. PRIYA BLUE INDUSTRIES PVT LTD
        1. COMPANY OVERVIEW
        2. SERVICE LIST
      3. P RAJESH SHIP BREAKING PVT LTD
        1. COMPANY PROFILE
        2. SERVICE LIST
      4. SHREE RAM GROUP
        1. COMPANY PROFILE
        2. SERVICE LIST
      5. VMS INDUSTRIES LTD
        1. COMPANY PROFILE
        2. SERVICE LIST
      6. BAIJNATH MELARAM
        1. COMPANY OVERVIEW
        2. SERVICE LIST
      7. LEELA SHIP RECYCLING PVT LTD
        1. COMPANY OVERVIEW
        2. SERVICE LIST
      8. OSM THOME
        1. COMPANY OVERVIEW
        2. SERVICE LIST
      9. R L KALTHIA SHIP BREAKING PRIVATE LIMITED
        1. COMPANY OVERVIEW
        2. SERVICE LIST
      10. SALASAR BALAJI SHIPBREAKERS PVT LTD
        1. COMPANY OVERVIEW
        2. SERVICE LIST

LIST OF TABLES

TABLE 1: MARKET SNAPSHOT – SHIP RECYCLING

TABLE 2: GLOBAL SHIP RECYCLING MARKET, BY VESSEL SIZE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 3: GLOBAL SHIP RECYCLING MARKET, BY VESSEL SIZE, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 4: GLOBAL BELOW 60,000 DWT MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 5: GLOBAL BELOW 60,000 DWT MARKET, BY REGION, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 6: GLOBAL 60,000 DWT TO 125,000 DWT MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 7: GLOBAL 60,000 DWT TO 125,000 DWT MARKET, BY REGION, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 8: GLOBAL ABOVE 125,000 DWT MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 9: GLOBAL ABOVE 125,000 DWT MARKET, BY REGION, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 10: GLOBAL SHIP RECYCLING MARKET, BY METHOD, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 11: GLOBAL SHIP RECYCLING MARKET, BY METHOD, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 12: GLOBAL BEACHING MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 13: GLOBAL BEACHING MARKET, BY REGION, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 14: GLOBAL BERTHING MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 15: GLOBAL BERTHING MARKET, BY REGION, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 16: GLOBAL DRY-DOCK MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 17: GLOBAL DRY-DOCK MARKET, BY REGION, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 18: GLOBAL ALONGSIDE AND SLIPWAY MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 19: GLOBAL ALONGSIDE AND SLIPWAY MARKET, BY REGION, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 20: GLOBAL OTHER METHODS MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 21: GLOBAL OTHER METHODS MARKET, BY REGION, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 22: GLOBAL SHIP RECYCLING MARKET, BY VESSEL TYPE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 23: GLOBAL SHIP RECYCLING MARKET, BY VESSEL TYPE, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 24: GLOBAL OIL TANKER MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 25: GLOBAL OIL TANKER MARKET, BY REGION, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 26: GLOBAL BULK CARRIER MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 27: GLOBAL BULK CARRIER MARKET, BY REGION, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 28: GLOBAL OFFSHORE VESSEL MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 29: GLOBAL OFFSHORE VESSEL MARKET, BY REGION, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 30: GLOBAL LIQUIFIED GAS CARRIER MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 31: GLOBAL LIQUIFIED GAS CARRIER MARKET, BY REGION, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 32: GLOBAL FERRY AND PASSENGER SHIP MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 33: GLOBAL FERRY AND PASSENGER SHIP MARKET, BY REGION, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 34: GLOBAL CHEMICAL TANKER MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 35: GLOBAL CHEMICAL TANKER MARKET, BY REGION, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 36: GLOBAL GENERAL CARGO SHIP MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 37: GLOBAL GENERAL CARGO SHIP MARKET, BY REGION, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 38: GLOBAL CONTAINER SHIP MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 39: GLOBAL CONTAINER SHIP MARKET, BY REGION, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 40: GLOBAL OTHER VESSEL TYPES MARKET, BY REGION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 41: GLOBAL OTHER VESSEL TYPES MARKET, BY REGION, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 42: GLOBAL SHIP RECYCLING MARKET, BY GEOGRAPHY, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 43: GLOBAL SHIP RECYCLING MARKET, BY GEOGRAPHY, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 44: LIST OF ACQUISITIONS

TABLE 45: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS

 

LIST OF FIGURES 

FIGURE 1: KEY MARKET TRENDS

FIGURE 2: PORTER’S FIVE FORCES ANALYSIS

FIGURE 3: GROWTH PROSPECT MAPPING FOR INDIA

FIGURE 4: GROWTH PROSPECT MAPPING FOR BANGLADESH

FIGURE 5: GROWTH PROSPECT MAPPING FOR TURKEY

FIGURE 6: MARKET MATURITY ANALYSIS

FIGURE 7: MARKET CONCENTRATION ANALYSIS

FIGURE 8: GLOBAL SHIP RECYCLING MARKET, GROWTH POTENTIAL, BY VESSEL SIZE, IN 2023

FIGURE 9: GLOBAL SHIP RECYCLING MARKET, BY BELOW 60,000 DWT, 2024-2032 (IN $ MILLION)

FIGURE 10: GLOBAL SHIP RECYCLING MARKET, BY 60,000 DWT TO 125,000 DWT, 2024-2032 (IN $ MILLION)

FIGURE 11: GLOBAL SHIP RECYCLING MARKET, BY ABOVE 125,000 DWT, 2024-2032 (IN $ MILLION)

FIGURE 12: GLOBAL SHIP RECYCLING MARKET, GROWTH POTENTIAL, BY METHOD, IN 2023

FIGURE 13: GLOBAL SHIP RECYCLING MARKET, BY BEACHING, 2024-2032 (IN $ MILLION)

FIGURE 14: GLOBAL SHIP RECYCLING MARKET, BY BERTHING, 2024-2032 (IN $ MILLION)

FIGURE 15: GLOBAL SHIP RECYCLING MARKET, BY DRY-DOCK, 2024-2032 (IN $ MILLION)

FIGURE 16: GLOBAL SHIP RECYCLING MARKET, BY ALONGSIDE AND SLIPWAY, 2024-2032 (IN $ MILLION)

FIGURE 17: GLOBAL SHIP RECYCLING MARKET, BY OTHER METHODS, 2024-2032 (IN $ MILLION)

FIGURE 18: GLOBAL SHIP RECYCLING MARKET, GROWTH POTENTIAL, BY VESSEL TYPE, IN 2023

FIGURE 19: GLOBAL SHIP RECYCLING MARKET, BY OIL TANKER, 2024-2032 (IN $ MILLION)

FIGURE 20: GLOBAL SHIP RECYCLING MARKET, BY BULK CARRIER, 2024-2032 (IN $ MILLION)

FIGURE 21: GLOBAL SHIP RECYCLING MARKET, BY OFFSHORE VESSEL, 2024-2032 (IN $ MILLION)

FIGURE 22: GLOBAL SHIP RECYCLING MARKET, BY LIQUIFIED GAS CARRIER, 2024-2032 (IN $ MILLION)

FIGURE 23: GLOBAL SHIP RECYCLING MARKET, BY FERRY AND PASSENGER SHIP, 2024-2032 (IN $ MILLION)

FIGURE 24: GLOBAL SHIP RECYCLING MARKET, BY CHEMICAL TANKER, 2024-2032 (IN $ MILLION)

FIGURE 25: GLOBAL SHIP RECYCLING MARKET, BY GENERAL CARGO SHIP, 2024-2032 (IN $ MILLION)

FIGURE 26: GLOBAL SHIP RECYCLING MARKET, BY CONTAINER SHIP, 2024-2032 (IN $ MILLION)

FIGURE 27: GLOBAL SHIP RECYCLING MARKET, BY OTHER VESSEL TYPES, 2024-2032 (IN $ MILLION)

FIGURE 28: INDIA SHIP RECYCLING MARKET, 2024-2032 (IN $ MILLION)

FIGURE 29: BANGLADESH SHIP RECYCLING MARKET, 2024-2032 (IN $ MILLION)

FIGURE 30: TURKEY SHIP RECYCLING MARKET, 2024-2032 (IN $ MILLION)

FIGURE 31: REST OF WORLD SHIP RECYCLING MARKET, 2024-2032 (IN $ MILLION)

FAQ’s

FAQs

Increasing emphasis on the circular economy advances in ship recycling technologies, such as automated dismantling equipment as well as an ongoing cycle of fleet modernization, contributes to the demand for ship recycling services.

Because of the government’s initiatives to encourage safe and environmentally friendly practices, as well as the industry’s adoption of new technologies, ship recycling in India is predicted to grow significantly.