The dry bulk shipping market size was valued at USD 4.1 billion in 2022. The dry bulk shipping industry is projected to grow from USD 4.2 Billion in 2023 to USD 5.3 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.0 % during the forecast period (2023 - 2030). Increased transportation of coal and steel, as well as increased seaborne trade are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The main factors influencing the demand for dry transportation materials are industrialization, urbanisation, and economic growth. Steel demand grew as a result of the massive amount of construction taking place in the industrial, residential, and non-residential sectors. The market share for drybulk shippers has shifted significantly as the shipping of steel and coal has increased. Automation of automotive production planning systems has been accelerated by advancements in the supply chain management system. The dry bulk shipping sector is expected to benefit from increased sea travel because it is the least expensive mode of transportation, as well as technological advancements such as the ability to track and identify individual components of shipping cargo. Thus, driving the market CAGR.
As a result of the recent increase in urbanisation, there are more opportunities for growth. After the epidemic began, the market value of dry cargo fell. However, growth was steady as things began to return to normal. Steel is in high demand as infrastructure projects expand. As a result, in order to change how consumers perceive the value of their products, manufacturers employ a variety of strategies and ideas to increase the value of their production. As a result, the dry bulk shipping market revenue is expected to expand rapidly.
The Dry bulk shipping Market segmentation, based on type, includes Capesize, Panama, Supramax, Handysize and others. Due to the rise in demand for transportation of steel, iron ore, and basic commodities, the Capesize sector dominated the market. The Capesize is the biggest bulk carrier in the world, and it is mostly used to transport ore.
Source: Secondary Research, Primary Research, MRFR Database and Analyst ReviewThe Dry bulk shipping Market segmentation, based on application, includes Iron Ore, Coal, Grains, Bauxite/Alumina, Phosphate Rock. Iron ore is projected to rule the market because it is the commodity that is most traded between developing and industrialized nations.
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia Pacific area is known as one of the fastest growing dry bulk transportation markets in the world. This is due to the high need for fertilizers, animal feed supplements, and food preservation. Because phosphate rock is required for the production of water treatment, cosmetics, and chemicals, there is a high need for dry bulking cargo in the Asia Pacific region.
Further, the major countries studiedin the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database and Analyst ReviewEurope Dry bulk shipping Market accounts for the second-largest market share due to escalating demand for transportation across the region. Europe has significant manufacturing industries, which will drive the expansion of the dry bulk shipping sector there. Further, the Germany Dry bulk shipping Market held the largest market share, and the UK Dry bulk shipping Market was the fastest growing market in the European region
The North America Dry bulk shipping Market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to increased rates of production industry. Moreover, China Dry bulk shipping Market held the largest market share, and the India Dry bulk shipping Market was the fastest growing market in the Asia-Pacific region
Major market participants are investing heavily in R&D to expand their product lines, which will help the Dry bulk shipping Market grow even further. Key market developments include new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other companies. To expand and thrive in a more competitive and rising market climate, competitors in the dry bulk shipping industry must offer cost-effective commodities.
Manufacturing locally to cut operating costs is one of the main business tactics used by manufacturers in the dry bulk shipping industry to benefit customers and grow the market sector. Some of the most important advantages for medicine in recent years have come from the dry bulk shipping sector. Major players in the dry bulk shipping industry, including Scorpio Bulkers, Inc. (Monaco), Star Bulk Carriers Corporation (Greece), Pacific Basin Shipping Limited (Hong Kong), Golden Ocean (Bermuda), Diana Shipping Inc. (Greece), and others, are working to increase market demand by funding R&D initiatives.
Today, Diana Shipping Inc., a multinational shipping company that specialises in the ownership and bareboat charter-in of dry bulk ships, announced that, through a different wholly-owned subsidiary, it had signed a time charter agreement with SwissMarine Pte. Ltd., Singapore, for one of its Newcastlemax dry bulk ships, the m/v San Francisco. The gross charter fee is US$22,000 per day, less a 5% commission paid to third parties, for a time frame starting on January 5, 2025, and ending on March 5, 2025, at the latest. Beginning on February 19, 2023, the charter is anticipated. Currently, 41 dry bulk boats make up Diana Shipping Inc.'s fleet. The fleet of the company now has a weighted average age of 9.85 years and a carrying capacity of roughly 4.7 million dwt.
Also, shipping firm Star Bulk Carriers Corp. is established in Greece. It owns and manages a fleet of ships for transporting dry bulk. Transported by the company's vessels are big bulks like iron ore, coal, and grain, as well as lesser bulks like bauxite, fertiliser, and steel goods. With carrying capabilities ranging from 52,247 to 209,537 dwt, its fleet comprises of 128 ships. With a combined capacity of more than 14 million deadweight tonnes (dwt) and an average age of almost 10 years, the fleet of the company consists of Newcastlemax, Capesize, Panamax, Post Panamax, Kamsarmax, Ultramax, and Supramax ships. The ships of Star Bulk Carriers Corp. bring minerals to East Asia from the Americas and Australia.
Diana Shipping Inc
Star bulk carriers Corp
Scorpio bulkers Inc
Genco shipping and trading limited
GAC
Freeseas Inc
NYK Line
Globus Maritime Limited
Berge bulk among others
In May 2024, Intermarine established "Intermarine Bulk Carriers" to set foot in the dry bulk shipping industry. Additionally, they are also planning to handle multi-purpose vessels and tonnage services for their parent company's bulk carriers. This strategic move aligns with their current offerings and caters to rising demand in the project cargo segment.
In December 2023, Star Bulk and Eagle Bulk undertook a joint operation, which is a merger that was entirely done through the stock exchange, thereby creating the largest dry bulk shipping company listed in the US with 169 vessels on its fleet. The new group aims to use its scale through this merger to increase operational efficiency and financial stability, thus strengthening its position as a leading international dry bulk shipping company.
In October 2023, Berge Bulk unveiled a vessel featuring steel-and-composite sails designed to reduce fuel consumption and carbon emissions. This revolutionary concept seeks to harness wind power and optimize efficiency. Berge Bulk plans to retrofit more ships on routes where favorable winds can be exploited for sustainable shipping practices that are eco-friendly. This is an important milestone for the dry bulking shipping market.
In November 2023, Platts, a division of S&P Global Commodity Insights, launched the Platts Dry Index (PDI). This index consolidates information regarding dry bulk freight, giving an all-embracing reference point for the industry. Based on weighted average time charter equivalent indices across Capesize, Panamax/Kamsarmax, Ultramax, and Supramax segments, PDI gives a broader view of the entire industry than other absolute measures made by other books or publications' reporting lines representing various geographies within North America or Europe alone.
China's owned fleet hit 249 million gross tonnages, surpassing Greece's 249 million gross tonnage and Japan's 181 million gross tonnages in August 2023. The expected market growth is further fueled by the major ports' strategic location and the region's central position in global trade.
Capesize
Panama
Supramax
Handysize
Iron Ore
Coal
Grains
Bauxite/Alumina
Phosphate Rock
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size2022 | USD 4.1 billion |
| Market Size 2023 | USD 4.2 billion |
| Market Size 2030 | USD 5.3 billion |
| Compound Annual Growth Rate (CAGR) | 4.0% (2023-2030) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2030 |
| Historical Data | 2018 - 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Scorpio Bulkers, Inc (Monaco), Star Bulk Carriers Corporation (Greece), Pacific Basin Shipping Limited. (Hong Kong), Golden Ocean (Bermuda) |
| Key Market Opportunities | Certain emerging countries' economies are stagnant. |
| Key Market Dynamics | Growth in coal and steel transportation, as well as growth in seaborne trade |
Dry Bulk Shipping Market Highlights:
Frequently Asked Questions (FAQ) :
The Dry bulk shipping Market size was valued at USD 4.1 Billion in 2022.
The market is projected to grow at a CAGR of 4.0% during the forecast period, 2023-2030.
Asia Pacific had the largest share in the market
The key players in the market are Scorpio Bulkers, Inc (Monaco), Star Bulk Carriers Corporation (Greece), Pacific Basin Shipping Limited. (Hong Kong), Golden Ocean (Bermuda)
The Capesize category dominated the market in 2022.
Iron ore had the largest share in the market.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Assistant Manager - Research High acumen in analyzing complex macro & micro markets with more than 6 years of work experience in the field of market research. by implementing her analytical skills in forecasting and estimation into market research reports, she has expertise in packaging, construction, and equipment domains. she handles a team size of 20-25 resources and ensures smooth running of the projects, associated marketing activities, and client servicing.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
