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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