China’s Shipbuilding Industry Set to Dominate Global Market Through 2024
China’s shipbuilding industry is poised to maintain its lead in the global market through 2024, according to market watchers and shipbuilders. With robust growth in new orders and output, Chinese shipyards have demonstrated greater innovation, productivity, and supply chain advantages compared to their foreign rivals.
Data from the Ministry of Industry and Information Technology shows that China’s shipbuilding output increased by 12.3 percent year-on-year to 38.09 million deadweight tons in the first 11 months of 2023, accounting for 50.1 percent of the world’s total. New orders also soared, reaching 64.85 million deadweight tons, making up 65.9 percent of the global total.
The strong performance of China’s shipbuilding industry is expected to continue due to the global recovery in the new vessels and offshore engineering markets. Furthermore, increased global demand for new vessels powered by liquefied natural gas, methanol, hydrogen, and fuel cells will further propel the industry’s growth.
China’s shipbuilding industry has benefited from the Belt and Road Initiative, expanding into new overseas markets and emerging sectors over the past decade. The industry is set to explore diversified paths for market expansion in the next phase.
Shipbuilders in China are already experiencing high demand and full capacity. New Times Shipbuilding Co’s docks are operating at full capacity, with orders rolling in until the first half of 2027. China Merchants Jinling Shipyard (Nanjing) Co has delivered several car carriers to its overseas clients this year and is also working on larger carriers capable of transporting over 10,000 vehicles.
The future of the shipbuilding industry lies in intelligent ships, which have autonomous control, remote operation, and adaptive learning capabilities. These ships can make decisions autonomously and execute tasks based on environmental changes and mission requirements. China is at the forefront of this technological development.
The emergence of a robust industrial cluster dedicated to the production of large LNG carriers in China signifies the country’s growing capabilities in manufacturing and production support. Several major shipyards, including Jiangnan Shipyard (Group) Co, Dalian Shipbuilding Industry Co, Jiangsu Yangzijiang Shipbuilding Group, and China Merchants Industry Holdings Co, have all started construction for their inaugural LNG carrier orders.
China’s shipbuilding industry holds the majority market share, totaling 53.4 percent of the global market, with 134.09 million deadweight tons of holding orders by the end of November.
In conclusion, China’s shipbuilding industry is set to dominate the global market through 2024, driven by innovation, productivity, and strong demand for new vessels. The industry’s expansion into new markets and its focus on developing intelligent ships and large LNG carriers further solidify its position at the forefront of the industry.
