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Insights from future market research
In 2022, the market for dry bulk transportation was estimated to be worth USD 4.1 billion. According to projections, the dry bulk shipping market business would increase from USD 42 billion in 2023 to USD 5.3 billion in 2030, growing at a 40% compound annual growth rate (CAGR) throughout the course of the forecast period (2023-2030) Key market factors accelerating industry expansion include increasing seaborne trade, coal and steel transportation, and both.
Industrialization, urbanisation, and economic expansion are the key factors affecting the need for dry transportation materials. Due to the extensive quantity of building occurring in the industrial, residential, and non-residential sectors, steel demand increased. The transportation of more steel and coal has resulted in a dramatic shift in the dry bulk shipping market share. Improvements in the supply chain management system have hastened the automation of automotive production planning systems. Increased sea travel, which is the least expensive means of transportation, as well as technical developments like the capacity to track and identify specific parts of shipping cargo are anticipated to be beneficial for the dry bulk shipping industry.
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bringing up the market’s CAGR.
Recent increases in urbanisation have increased the prospects for growth. As the outbreak started, dry cargo’s market value decreased. Yet, when things started to go back to normal, growth was steady. As infrastructure projects increase, steel is in great demand. Manufacturers therefore use a number of tactics and concepts to raise the value of their manufacturing in an effort to alter how consumers perceive the worth of their products. As a result, it is anticipated that the dry bulk transportation market would experience substantial growth.
Regional Perspectives
The report breaks down the markets by region, including North America, Europe, Asia-Pacific, and the rest of the world.
One of the world’s fastest-growing markets for dry bulk transportation is the Asia Pacific region. This is a result of the significant need for fertilisers, dietary supplements for animals, and food preservation. There is a significant demand for dry bulking cargo in the Asia Pacific area since phosphate rock is used for the manufacturing of water treatment, cosmetics, and chemicals.
The U.S., Canada, Germany, France, and the United Kingdom are other significant nations covered in the market study. China, Japan, India, Australia, South Korea, Brazil, Italy, Spain, and other countries
Dry bulk freight in Europe Market has the second-largest market share as a result of the growing need for transportation in the area. The development of the dry bulk shipping industry in Europe will be fueled by the continent’s sizable manufacturing sectors.
Moreover, the UK Dry Bulk Shipping Market was the European region’s fastest-growing market, while the Germany Dry Bulk Shipping Market had the greatest market share.
The market for dry bulk shipping in North America is anticipated to expand at the quickest CAGR between 2022 and 2030. This is a result of rising manufacturing industry rates. In addition, the Asia-Pacific region’s dry bulk shipping industry in China had the greatest market share while the market in India had the quickest rate of growth.
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Market segment insights for dry bulk shipping
Based on type, the Dry Bulk Shipping Market is segmented into Capesize, Panama, Supramax, Handysize, and other categories.
The Capesize sector dominated the market as a result of the surge in demand for the transportation of steel, iron ore, and basic commodities. The largest bulk carrier in the world, the Capesize, is mostly used to transport ore.
Dry bulk transportation Iron ore, coal, grains, bauxite/alumina, and phosphate rock are among the market segments broken down by application. Because iron ore is the commodity that is exchanged most often between developing and industrialised countries, it is anticipated to dominate the market.
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Key Vendors:
Important players include Scorpio Bulkers, Inc (Monaco), Star Bulk Carriers Corporation (Greece), Pacific Basin Shipping Limited. (Hong Kong), Golden Ocean (Bermuda)
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