Boston, Aug. 12, 2025 (GLOBE NEWSWIRE) -- According to the latest study from BCC Research, the “Global Ship Recycling Market” is estimated to increase from $9.1 billion in 2025 to $13 billion by the end of 2030, at a compound annual growth rate (CAGR) of 7.4% from 2025 through 2030.
The report presents a comprehensive analysis of the global ship recycling market, combining quantitative and qualitative insights to highlight the latest trends and developments. It evaluates market performance in terms of revenue, measured in millions of dollars. The market is segmented by vessel type, including bulk carriers, container ships, oil tankers, general cargo ships, and others. It also categorizes vessels by size: below 60,000 DWT, between 60,000 DWT and 125,000 DWT, and above 125,000 DWT. Additionally, the report examines ship recycling methods such as beaching, dry-docking, alongside/pier-breaking, and other emerging techniques.
This report is especially relevant today due to the imminent enforcement of the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships. Although adopted in 2009, the convention officially came into force on June 26, 2025, introducing stricter global standards for ship recycling. Its primary objective is to ensure that ships, at the end of their operational life, are dismantled in a manner that minimizes risks to human health, safety, and the environment. This regulatory shift is expected to significantly impact industry practices, making timely insights and analysis crucial for stakeholders.
The factors driving the market’s growth include:
Increasing Demand for Scrap Steel: Scrap steel recovered from dismantled ships is a valuable resource for steel production, especially in countries with growing infrastructure needs. It offers a cost-effective and environmentally friendly alternative to producing new steel, driving demand for ship recycling.
Increasing Age of the Global Shipping Fleet: Many ships in operation are nearing or have exceeded their optimal service life, making them inefficient and costly to maintain. As older vessels are phased out, they enter the recycling stream, providing a steady supply for the industry.
Stringent Ship End-of-Life Regulations: International and regional regulations now require ships to be dismantled in safe, environmentally sound facilities. These rules promote responsible recycling practices, increasing demand for certified shipbreaking yards and boosting market growth.
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Report Synopsis
| Report Metric | Details |
| Base year considered | 2024 |
| Forecast period considered | 2025-2030 |
| Base year market size | $7 billion |
| Market size forecast | $13 billion |
| Growth rate | CAGR of 7.4% for the forecast period of 2025-2030 |
| Segments covered | Vessel Type, Vessel Size, Methods |
| Countries covered | Bangladesh, India, Pakistan, Turkey, Rest of the World |
| Market drivers |
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Interesting facts:
- In 2024, the three major vessel types of general cargo ships, bulk carriers and container ships accounted for 60% of the market share.
- Bangladesh, India and Pakistan holds more than 90% market share in the global ship recycling market.
- Breaking down a 40,000 ton ship can take about three months for 50 workers.
Emerging startups:
- Wreckdock Vessel Recycling: The company offers sustainable solutions for end-of-life maritime assets. Its new recycling facility in Saudi Arabia is designed to provide clean, safe, and equitable practices for the dismantling and recycling of ships and offshore assets.
- Elegant Exit Co.: The company is involved in ship recycling innovation, advancing financial strategies and industrial processes. The company’s plan includes owning and operating these vessels until their planned recycling date.
The report addresses the following questions:
- What are the projected size and growth rate of the market?
- The global ship recycling market was valued at $7 billion in 2024 and will reach $13 billion by 2030. The CAGR is 7.4% for the forecast period 2025-2030.
- Which factors are driving the growth of the market?
- Increasing demand for scrap steel.
- Increasing age of the global shipping fleet.
- Stringent ship end-of-life regulations.
- What are the major challenges and restraints in the market?
- Limited availability of vessels.
- Growth of global trade.
- Health hazards in irresponsible ship recycling.
- Which market segments are covered in the report?
- The ship recycling market is segmented on the basis of vessel type, vessel size and methods. The vessel type segment is further segmented into bulk carriers, container ships, oil tankers, general cargo ships and others. The vessel size segment is sub-segmented into below 60,000 DWT, 60,000 DWT to 125,000 DWT and above 125,000 DWT. The method segment is sub-segmented into beaching, dry-docking, alongside/pier-breaking and others.
- Which method segment will be dominant through 2030?
- The beaching method will be dominant in this segment.
- Which country has the largest market share?
- Bangladesh has the largest market share; the market is gaining interest mainly due to the high prices offered by recyclers from the region and the less stringent regulation imposed to handle ship breaking.
Market leaders include:
- ALANG SOSIYA SHIP RECYCLING YARD
- DORTEL GEMI SOKUM
- EMR USA HOLDINGS INC.
- KSRM STEEL PLANT LTD.
- LEELA WORLDWIDE GROUP
- LEYAL GEMI SOKUM
- MARINE METALS
- MRC PORT COLBORNE
- OSM THOME
- PRIYA BLUE INDUSTRIES
- R.L. KALTHIA SHIP BREAKING PVT. LTD.
- SALASAR BALAJI SHIP BREAKERS PVT. LTD.
- SPOT SHIPPING A.S.
- VMS INDUSTRIES LTD.
- WIRANA
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