Dry Bulk Shipping Market is projected to be worth USD 5,479.71 Million by 2030, registering a CAGR of 4% during the forecast period (2022 - 2030), The market was valued at USD 4,557.65 Million in 2021.
Dry bulk shipping is the major commodity that is carried in bulk. The dry bulk shipping products are steel plates, steel rods and iron ore.
Dry bulk shipping involves many processes like storage and modification which also includes technical issues and pre-delivery inspections. The primary raw materials which are shipped in large amount is coal and iron. Due to the rapid increase in electricity, there is a demand for importing and exporting coal. And because of industrialization, there is also a demand for iron.
As the outbreak of the pandemic created a drastic change in the bulk shipping market value. Because of the outbreak of the pandemic, there was a shortage of labour and the shortage of materials. But the requirement created a great demand for the materials. Dry shipping materials like coal was in great demand. As the pandemic created many serious restrictions to be followed by the government and the implementation of the lockdown created a great demand for electricity. This is one of the main reasons for the demand for coal in the lockdown period. The outbreak of the pandemic also spoiled the import and export market which affects the economy.
After taking some serious precautions by the government by introducing the vaccine, the rate of COVID cases got reduced day by day. So there was some relaxation by making use of this the manufacturing companies started to get their position back in the market.
The major reason which is driving the demand for dry shipping materials is urbanization, industrialisation and economic growth. As many constructional projects are being done in industrial, residential and non-residential created the demand for steel. As the growth in the transportation of coal and steel created a drastic change in the Dry Bulk Shipping Market Share.
As the sea transportation is considered as the cheapest means of transport. An increase in sea transport also created a growth hike in the dry bulk shipping market. Nowadays it has been easy for tracking the shipment material using the provided identification number across the globe.
In recent days the growth opportunities have increased because of the rapid urbanization across the globe. After the outbreak of the pandemic, the market value of dry shipping got down. But once everything got normal the growth was steady. Due to the increase in infrastructure construction, there is a great demand for steel. So the manufacturers are using some strategies and ideas to increase their production value to bring some changes in their value among their consumers.
Even the government also paved way for the growth of the dry bulk shipping market. This is happened because by increasing the sea transport. As the manufacturers enjoy their benefit by using the cheapest way of transport.
One of the common problems faced by all the manufacturers is shipping. As the name implies that the dry bulking product must be kept dry. If any moisture affects the product then the whole product gets wasted which can bring a great loss for the manufacturer. Because of this, there is a need to pack the load with extra care by the manufacturers.
As everyone knows that the dry bulk cargo must be handled carefully once it gets dispatched. Because it is possible to change its nature at the time of boarding, transportation and dispatch. So that the dry bulk cargo products must be handled with caution once you are receiving the load.
In recent days the main challenge for the manufacturing company is the break out of the pandemic. Because of this pandemic, the manufacturers are struggling to transport their goods to the consumers. As the pandemic breakout caused the dry shipping materials to stock them for long days and then due to its easily absorbing moisture nature can cause a great loss for the manufactures. Even the transportation and dispatching became late because of the shortage of labour and the shortage of goods. But later, after once the government norms got relaxed, the market came to a steady position because of the demand for the products in the market.
Because of the increase in the growth of urbanization and industrialisation, there is a great demand for dry bulk shipping products. As the main resource for construction is steel. So because of the great change in industrialization, the demand for steel has increased. Then another main resource for power production is coal. Because of the great population, all the regions require coal to produce power. So these products brought changes in the dry bulk shipping industry.
After the pandemic relaxation, there was a great demand for the products. So the manufacturers are trying to cope-up with the urgent needs. On the other way, they are even trying to improve their standard and production quantity to satisfy their consumers need and also for the sake of the growth of their company.
On the other hand, there is also a tremendous loss because of the lockdown. So the manufacturing company is also working to get their place to increase their dry bulk shipping market growth.
Market segment overview
By commodity type
By vessel type
Middle East Africa
The main force driving the dry bulking market is rising in population across the globe and the demand for basic amenities. Due to the rise in the population, there is a great demand for dry bulking things. Because the dry bulking things are the common needs for the constructional work and the production of the electricity. So this is driving to raise the market value of the dry bulk shipping in the market.
Due to the pandemic break out there is a lack of dry shipping products. So the manufacturers are working hard to compensate their production with the demand. They are trying to cope up with the needs of the customers.
Source: MRFR Analysis
As the global market is segmented in various regions into North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.
The Asia Pacific is known as one of the largest market growing markets in the regional market. This is because of the tremendous need for fertilizers, animal feed supplements and food preservation. As phosphate rock is needed to manufacture the water treatment, cosmetics and chemicals because of this need there is a great demand for dry bulking shipping in the Asia Pacific region.
The Asia Pacific countries like India, Thailand, Malaysia and Vietnam are the main reason for the growth of dry bulking products in this region
When compared with the Asia Pacific region the growth of North America and Europe has slow growth in the dry bulk shipping market.
The regions like Latin America and the Middle East and Africa have some steady growth in the dry bulk shipping market. This is because of the need for demand for agrochemicals and pesticides.
Here is the list of the top players in the market who are performing hard to increase the production rate to bring their company to the top level in the dry bulk shipping market size
To overcome the pollution these dry bulk materials are used. With the help of the dry bulk materials many governments are planning to introduce the green buildings in future. So the growth is gradual and tremendous.
As the overall view of the dry bulk shipping market has a drastic change because of the consumers. And the manufacturing companies are also working hard to satisfy the basic needs of the customers. Even in recent days that it is clear that the need for dry bulk products is increased across the globe.
|Market Size||2030: USD 5,479.71 Million|
|CAGR||4% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Scorpio Bulkers, Inc (Monaco), Star Bulk Carriers Corporation (Greece), Pacific Basin Shipping Limited. (Hong Kong), Golden Ocean (Bermuda), Diana Shipping Inc. (Greece), Dampskibsselskabet Norden A/S (Denmark), Western Bulk (Norway), DryShips Inc (Greece), Oldendorff (Germany), Marine Services Co. Ltd. (Saudi Arabia), Masterbulk Pte Ltd (Singapore), Genco Shipping & Trading Limited (US), Belships ASA (Norway), Western Bulk (Norway), Ultrabulk A/S (Denmark), Oldendorff (Germany), Marine Services Co. Ltd. (Saudi Arabia), Marquette Transportation Company LLC. (US)|
|Key Market Opportunities||
|Key Market Drivers||
Dry bulk shipping market is projected to grow at a 4% CAGR between 2022-20230
The Asia Pacific region is expected to dominate the dry bulk shipping market.
The trend which is followed across the globe in the Dry Shipping Market Trend is the tracking system is available along with the products to find the exact location of the products.
The iron ore segment will lead the dry bulk shipping market.
The capsize segment will dominate the dry bulk shipping market.