The shipbuilding industry is growing at a tremendous rate, with its market size expected to increase from USD 155.58 billion in 2025 to 203.76 billion in 2033, owing to greater container and dry bulk trade and the opening of new markets, per Straits Research. Around 85% of shipbuilding activities are concentrated in China, Japan, and South Korea, which are the top shipbuilding countries in the world.
Shipbuilding, which involves the construction of large seagoing vessels, manufacturing marine equipment, and refurbishing old vessels is a lucrative industry, propelled by the rising sea trade between countries, as the world population increases amidst rising consumer demands worldwide.
Apart from commercial vessels, naval vessels are also witnessing an increased demand with several navies like the Chinese and American, building new ships to showcase naval prowess.
In this article, we will mention the top 10 shipbuilding countries in the world, the majority of which are in Asia, Europe and the Americas, leading through their technological breakthroughs, and strategic investments in port infrastructure and ship equipment.
1. China
China is the world’s largest shipbuilding nation and this dominance can be attributed to factors like government subsidies, industrial policies like Five Year Plans, the Belt and Road Initiative and Made in China 2025.
Chinese shipyards booked 74% of all new-build orders in 2024. Per the data shared by the China Association of the National Shipbuilding Industry, the country got 113.05 million DWT of new building orders.
The total orderbook stood at 208.72 million DWT by December 2024, a 49.7% increase from 2023. Output from the shipyards also increased in 2024, with a 13.8% year-on-year increase to reach 48.1 million dwt, equating to a 55.7% share in the global market.
Chinese yards are shifting their focus from dry bulkers to low-carbon ship types, like cruise ships, and green vessels like LNG carriers and container ships. The country is also retiring old warships and building muti-mission naval vessels with advanced technology.
2. South Korea
The South Korean Shipbuilding Industry contributed around USD 700 billion to its economic exports and is dominated by three shipyards; Samsung Heavy Industries, Hanwha Ocean, and HD Hyundai Heavy Industries which secured orders for 112 vessels worth US$ 12.1 billion, 26 vessels worth US$ 5.7 billion, and 22 vessels worth US$ 4.9 billion in 2024, per the Observer Research Foundation.
China secured 46.45 million compensated gross tonnes, while South Korea reached 10.98 CGT across 250 ships.
South Korea’s biggest competitor is China, a leader in tankers, containers and bulkers, benefitting from rapid shipyard expansion allowing it to build more vessels, with orders extending till 2029 and full yards till 2027.
To counter this, South Korea plans to increase its investments in strategic projects.
Recently, Hanwa Systems and Hanwa Ocean invested US$ 100 million in the US Philly Shipyard. Seoul will also build on its strengths in research and development, vessel design and procurement.
3. Japan
Around 20% of the global output is produced by Japanese shipping companies, making it the third biggest shipbuilding country in the world. Bulk carriers fill up most part of the nation’s orderbook.
In 2024, Japanese shipbuilders received orders for 251 vessels worth 11,160,206 gross tonnes, which included 24 cargo ships, 196 bulk carriers and 31 liquid cargo vessels.
The Japanese shipbuilding industry is focussing on innovating and developing eco-friendly high-tech ships, emphasising on alternative fuels and decarbonisation strategies to meet global maritime emission standards.
Japan is known for its quality and efficiency in ship design and construction, including active research in developing LNG vessels and exploring options like hydrogen-powered ships.
As of March 2024, Kawasaki Heavy Industries Ltd was the biggest publicly listed shipbuilder in Japan by total assets.
While Japan is a major shipbuilder, it faces challenges like high…
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