The ship recycling industry is a substantial sector valued at $9 billion, with a compound annual growth rate of 3.7%,Ship Recycling Market Size, Industry Share Forecast 2032,Global Ship Recycling Market Size, Share and Growth.
This industry is predominantly concentrated in South Asia, where countries like India, Bangladesh, and Pakistan lead due to their extensive facilities and lower labour costs,Global Ship Recycling Market Size, Share and Growth In West Africa, the ship recycling industry is relatively smaller and operates on a more modest scale, primarily addressing local needs rather than catering to international demand. Recognizing the strategic importance of this sector in relation to its construction business, Inter Agro Group ventured into ship recycling by retiring and scrapping its vessel 'Iyanu' in 2023.
Over time, Inter Agro Group has achieved significant growth in this area, culminating in the acquisition of a scrapyard in Gambia. This calculated expansion has bolstered the ship recycling business, focusing on developing the industry in West Africa. This not only promotes trade on an international scale but also ensures effective ship scrapping services for our clients, underscoring Inter Agro Group’s commitment to excellence and innovation in this vital industry.
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