Market Research Future (MRFR)’s new study reveals that the dry bulk shipping market 2020 can expand at a decent rate of 4.65% from 2018 to 2025 (review period). We will provide COVID-19 impact analysis with the report, offering detailed market developments following the coronavirus disease outbreak.
Key Boosters and Main Restraints
The growth of the dry bulk shipping market has been dismal since the COVID-19 outbreak, with almost every industry facing massive revenue loss. Even with China coming back to normal, the market seems to be witnessing falling freight rates due to the pandemic. China’s importance in the dry bulk market has been underlined following the lockdown, with the rates going downwards. The weak US exports also add nothing to the market momentum, with failing trade relations between the US and China coming to the forefront.
Some of the favorable aspects are associated with the construction industry, particularly infrastructural development along with housing investment, which can drive the need for materials. But other end users in the dry bulk shipping market have no such luck, such as automotive sector’s demand for aluminum and steel has been falling significantly since the SARS-CoV-2 outbreak. Despite the massive spending on infrastructural development by governments, the novel coronavirus can lead to further reduced demand and freight rates, which can challenge the market growth in the coming years.
However, the dry bulk shipping market can manage to sail through despite the COVID-19 impact, thanks to the surge in industrialization combined with the increasing liberalization of various countries that boosts the demand for coal and iron ore. The escalating demand for electricity has accelerated the need to import and export coal worldwide. The global economic growth, booming population, and the rising steel production have driven the need to ship various materials such as coal, grains, lumber, iron ore, plates, rods and coils. Enhanced industrial production, particularly in emerging regions has also benefitted the dry bulk shipping market to a large extent.
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For an enhanced dry bulk shipping market analysis, MRFR has outlined the top segments in the report, namely type as well as application.
The types of dry bulk shipping include panama, capesize, handysize and supramax. The capesize type can be the leading segment in the market as a result of the high demand for transporting iron ore, commodity raw materials and coal.
The key applications of dry bulk shipping are coal, iron ore, bauxite/alumina, phosphate rock and grains. Over the coming years, it is expected that the ironore segment will dominate the worldwide market, with iron ore being the biggest traded commodity across countries.
The dry bulk shipping industry has been regionally considered for China, North America, Europe, Japan, India, MEA/Middle East & Africa, South America, and RoW/the rest of the world.
China can soon emerge as the world leader in the dry bulk shipping market, with Europe securing the second position. The considerable surge in iron ore imports, the increase in coal trade, and the progressing minor bulk trades have established the country’s formidable position in the global market. However, since the COVID-19 outbreak, the Chinese economy has slowed down. The dry bulk trade of has experienced a downfall due to the environmental policies in other countries that promote the use of cleaner energy sources. This has negatively impacted the dry bulk shipping market in the country. India, on the other hand, has observed a rise in iron ore export in the first quarter of 2020, which has been especially favorable for the Supramax segment of the market. The surge in industrial activities such as construction and automotive can also work in the Indian market’s favor in these uncertain times.
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
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