H. Yoo
Research expert covering South Korea
Shipbuilding industry worldwide - statistics & facts
The global shipbuilding market is experiencing steady growth, with projections indicating continued expansion through the end of the decade. The industry's value is expected to increase by about 30 percent until 2033, reflecting ongoing demand for new vessels and fleet modernization across commercial maritime sectors. However, this is highly subject to disruptions in global trade and the state of accessibility to major shipping routes, such as the Strait of Hormuz.Ìý
China's rising dominance
China has established itself as a preeminent shipbuilding nation, with its global market share reaching record highs in recent years. The country's dominance has grown fast since the mid-2010s, with particularly strong gains observed between 2020 and 2024. This upward trajectory demonstrates China's expanding capacity and competitive positioning within the global shipbuilding landscape.Ìý
Specialized strengths from South Korea and Japan
South Korea maintains a strong presence in global shipbuilding, with new order volumes showing year-over-year growth in recent periods. The country continues to secure substantial orders measured in compensated gross tonnage, demonstrating its ongoing relevance in the industry, and comes second to China for new deliveries of oil tankers. In contrast, Japan's position has deteriorated over the past two decades. While Japan still comes second to China in new deliveries of bulk carriers, Japanese shipyards have experienced five consecutive years of declining global market share with their portion of world production falling to historic lows. Japan's share has contracted dramatically from earlier levels, reflecting intensifying competitive pressures and structural challenges in maintaining its former prominence.Ìý
Production mix and vessel types
Container ships dominate current shipbuilding output, representing the largest segment of global vessel deliveries measured in gross tonnage. Bulk carriers constitute the second-largest category, followed by liquefied gas carriers, which have emerged as a sizable segment. Oil tankers account for a smaller but notable portion of industry production, while specialized vessels, including offshore supply, general cargo ships, and passenger ferries, comprise the remaining output. With much of global logistics relying on shipping for fuel and movement of goods, any disruption to the state of the shipping and shipbuilding industry is likely to impact markets worldwide.Ìý
