The ship breaking market was valued at USD 3.98 billion in 2023 and is expected to expand from USD 4.08 billion in 2024 to USD 7.64 billion by 2032, with a projected CAGR of 8.2% over the forecast period. In 2023, Europe led the market, capturing a 41.21% share.

The ship breaking market plays a crucial role in the lifecycle of maritime vessels, providing a sustainable solution for decommissioned ships by salvaging valuable materials and recycling metal components. As global environmental awareness grows and the need for sustainable practices in the maritime sector increases, the ship breaking industry is gaining more importance.

Market Segmentation

  1. Type of Vessel
  2. Location
  3. Materials Recovered

Information Source:

**https://www.fortunebusinessinsights.com/ship-breaking-market-108231**

Key Players in the Ship Breaking Market

Some of the leading players contributing to the development of the ship breaking market include: