New York, USA, Oct. 10, 2022 (GLOBE NEWSWIRE) -- Dry Bulk Shipping Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Dry Bulk Shipping Market Information By Type, Application, and Region - Forecast till 2030”, the market is estimated to grow at 4% CAGR to reach USD 5,479.71 Million by 2030.
Market Synopsis
The primary commodity transported in bulk is dry bulk. Steel plates, rods, and iron ore are the goods used in dry bulk shipment. Dry bulk shipment comprises a variety of operations, such as storage and modification, as well as technical difficulties and delivery inspections. Coal and iron are the main raw materials shipped in huge quantities. There is a demand for coal imports and exports because of the sharp rise in power. Iron is also in demand as a result of industrialization. Because it is the least expensive mode of transportation, marine transportation The market for dry bulk shipping had a growth spurt due to increased marine transportation. Using the given tools, tracking the shipment of materials is now simply by using the provided identification number across the globe.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 5,479.71 Million |
| CAGR | 4% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The demand for dry shipping materials is urbanization, industrialisation and economic growth. |
| An increase in sea transport |
Market Competitive Landscape:
The pivotal companies in the dry bulk shipping market are:
- Scorpio Bulkers, Inc (Monaco)
- Star Bulk Carriers Corporation (Greece)
- Golden Ocean (Bermuda)
- Diana Shipping Inc. (Greece)
- Dampskibsselskabet Norden A/S (Denmark)
- Western Bulk (Norway)
- DryShips Inc (Greece)
- Pacific Basin Shipping Limited. (Hong Kong)
- Oldendorff (Germany)
- Marine Services Co. Ltd. (Saudi Arabia)
- Masterbulk Pte Ltd (Singapore)
- Genco Shipping & Trading Limited (US)
Market U.S.P. Covered:
Market Drivers:
The demand for dry transportation materials is primarily driven by industrialization, urbanization, and economic expansion. The need for steel was sparked by the sheer volume of construction work in the industrial, residential, and non-residential sectors. The market share for dry bulk shipping underwent a significant change due to the increase in the transportation of steel and coal. Automation of automotive production planning systems is accelerated by advances in the supply chain management system. Since sea transportation is the least expensive means of transportation, it is predicted that an increase in sea travel will benefit the dry bulk shipping industry. Increased technology advancements, such as the ability to trace shipping cargo and identify individual components, are anticipated to drive the global dry bulk shipping industry.
Because of the world's rising urbanization in recent years, there are more prospects for growth. After the pandemic broke out, dry shipping's market value declined. However, as things returned to normal, the growth was consistent. Steel is in high demand because of the rise in infrastructure projects. Therefore, producers employ various techniques and concepts to raise the value of their output to alter consumers' perception of their products' worth.
Market Restraints:
The pandemic's current outbreak has been the manufacturing company's biggest obstacle. Due to this pandemic, firms are having difficulty getting their products to consumers. Because dry transportation materials rapidly absorb moisture, the pandemic outbreak prompted them to pile up for several days, resulting in significant losses for manufacturers. Because of the labor and supply shortages, even transportation and dispatching were delayed. However, as soon as the government regulations were loosened, the market stabilized due to consumer demand for the available goods.
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COVID 19 Analysis
The pandemic outbreak caused a significant shift in the value of the bulk shipping business. There was a labor scarcity and a material shortage as a result of the pandemic epidemic. But the demand for the materials was greatly increased by the requirement. Coal and other dry shipping commodities were in high demand. Due to the harsh constraints that the pandemic imposed and the lockdown's execution, there was a high electricity demand. One of the main causes of the demand for coal during the lockdown is this. The pandemic also damaged the import and export markets, impacting the economy. COVID cases decreased steadily after the government introduced the vaccination and took certain major safeguards. There was some relief, and the manufacturing firms began to regain their market share using this strategy.
Market Segmentation
By Type, the market includes Capesize, supramax, Panama, and handysize.
By application, the market includes bauxite/alumina, iron ore, coal, grains, and phosphate rock.
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Regional Insights
Due to a rise in the transportation of iron ore and coal across the region, Europe is predicted to represent a significant portion of the worldwide dry bulk shipping market. Major production industries are present in Europe, which will support the growth of the dry bulk shipping industry there. Due to a growth in industrial production throughout the area, Asia-Pacific is anticipated to hold a sizable proportion of the worldwide dry bulk shipping market, coming in second to Europe. According to estimates, China is a very profitable market for dry bulk shipping, which will likely drive the market for dry bulk shipping in the region. China is a major importer of coal and iron ore, which would help the Asian dry bulk shipping sector grow.
This is due to the enormous demand for fertilizers, animal dietary supplements, and food preservation. There is a high need for dry bulking shipping in Asia because phosphate rock is required to make the water treatment, cosmetics, and chemicals. The key driving force for the expansion of dry bulking products in this region is the Asia-Pacific nations, including India, Thailand, Malaysia, and Vietnam. The dry bulk shipping market is growing more slowly in North America and Europe than in Asia-Pacific. The dry bulk transportation market is steadily expanding in Latin America, the Middle East, and Africa. This is a result of the need for insecticides and agrochemicals.
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