Global Dry Bulk Shipping Market is expected to reach a market volume of 6,800.0 Million tons by 2027 and expand at 5.10% CAGR during the forecast period.
Dry bulk shipping is the movement of significant bulk commodities, such as iron ore, coal, and grains in vessels, and also lumber, steel products, such as coils, plates, rods, and other commodities. A dry bulk cargo barge is a barge, designed to carry freight such as coal, finished steel and its ingredients, grains, sand, gravel, and similar materials.
The global dry bulk shipping industry is expected to witness substantial growth during the forecast period. The demand for dry bulk shipping is expected to be driven by the growth of seaborne trade and an increase in iron ore and coal transportation. International trade, the bulk transport of raw materials, and the import/export of food and manufactured goods are essential in any economy. According to the International Chamber of Shipping, international shipping industry is responsible for carrying out around 90% of the world trade. The increase in industrialization and the liberalization of national economies has led to the demand for iron ore and coal, which is primarily met by industries through seaborne trading. Coal and Iron ore are the primary raw materials used for producing electricity and building a sustainable infrastructure. The rapid increase in electricity demand has raised the need for importing and exporting coal. Such factors drive the market for dry bulk shipping.
However, the stagnant economic condition in certain developing countries is expected to hamper the global dry bulk shipping.
The global dry bulk shipping market is segmented based on type and application. On the basis of type, the global dry bulk shipping market is segmented as capesize, panama, supramax, and handysize. The capesize segment is expected to dominate the market.
On the basis of application, the global dry bulk ship market is segmented as iron ore, coal, grains, bauxite/alumina, and phosphate rock. The ironore segment is expected to dominate the market, as iron ore is the largest traded commodity across various developing and developed nations.
Geographical analysis of the dry bulk shipping market spans across China, Europe, North America, India, Japan, South America, Middle East & Africa, and the rest of the world.
Global Dry bulk shipping Industry, by Geography, 2018
Source: MRFR Analysis
China is anticipated to lead the dry bulk shipping market during the forecast period, followed by Europe. In 2017, China’s GDP rate was 6.9%. This significant growth rate has a positive implication for shipping and maritime trade in China, particularly for dry bulk shipping. A significant increase in iron ore imports to China, a rebound in global coal trade, and improved growth in minor bulk trades support such growth. Overall, the strong import demand for iron ire in China is the main factor behind the growth of the global dry bulk trade.
In 2017, China’s industrial activities and manufacturing improved significantly. The industrial production increased by 6.5 % compared to 6 % in 2016. According to UNCTAD, in 2018, China was the largest ship-owning country in terms of vessel numbers, with 5,512 commercial ships of 1,000 gross tons and above. Such factors cumulatively drive the growth of the market for dry bulk shipping in the country.
The Global Dry Bulk Shipping Market has been segmented based on type, application, and geography.
On the basis of type, the global dry bulk shipping market is segmented as capesize, panama, supramax, and handysize. The capesize segment dominated the market as there is an increased demand for transportation of coal, iron ore, and commodity raw materials. As capesize is the largest bulk carriers, they are mostly used for ore transportation between countries.
The Key Players of Global Dry Bulk Shipping Industry are 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 Questions Addressed by the Report
Frequently Asked Questions (FAQ) :
Dry bulk shipping market is projected to grow at a 5.10% CAGR between 2020-2027.
The Asia Pacific region is expected to dominate the dry bulk shipping market.
Dry bulk shipping market is predicted to touch USD 6,800.0 million by 2027.
The iron ore segment will lead the dry bulk shipping market.
The capsize segment will dominate the dry bulk shipping market.