Year | Value |
---|---|
2023 | USD 4.2 Billion |
2030 | USD 5.3 Billion |
CAGR (2023-2030) | 4.0 % |
Note – Market size depicts the revenue generated over the financial year
The world dry-bulk market is estimated to be worth about $ 4.3 billion in 2023, and is expected to grow to $ 5.3 billion by 2030. This translates into a compound annual growth rate (CAGR) of 4.0% over the forecast period. This growth is driven by several factors, including the rising demand for raw materials such as coal, iron ore, and grain, which is in turn fueled by industrialization and population growth in emerging economies. In addition, advances in shipping technology and logistics optimization are enhancing operational efficiencies, further driving the market. The major dry-bulk shipping companies, such as Star Bulk Carriers, Diana, and Pacific Basin, are actively involved in a number of strategic initiatives to capitalize on this growth. Fleet modernization, investments in green vessels, and joint ventures to expand services in high-demand regions are among these initiatives. These companies’ continued focus on efficiency and sustainability is expected to ensure continued growth in the coming years.
Regional Market Size
The dry-bulk shipping market is characterized by its essential role in the global trade of products such as coal, iron ore and grain. The region has its own characteristics, influenced by economic activity, trade policy and regulations. The market is growing, as demand for raw materials increases with the industrialization and urbanization of countries, especially in the developing world. Furthermore, technological advances and a focus on sustainability are changing operating practices in the industry.
“Did you know that dry bulk carriers account for approximately 40% of the total tonnage of the global shipping fleet, highlighting their critical role in international trade?” — International Maritime Organization (IMO)
Dry bulk carriers play a vital role in international trade, primarily transporting commodities such as coal, iron ore, and grain. The demand for raw materials is growing, driven by the emergence of new markets and the post-pandemic recovery in the world economy. The expansion of transport links in Asia and Africa and the growing demand for energy resources are the main drivers. The dry bulk market is now in its second generation, with major players such as Pacific Basin and Star Bulk Carrier at the forefront. The main application is in the transportation of agricultural products, mineral resources, and building materials, with operations in the South-East Asian and Middle East regions. In recent years, the industry has seen an increase in the number of ships and a change in the pattern of trade. The trend towards sustainable development and the pressure to reduce shipping emissions have also accelerated the development of the industry. This has prompted shipowners to invest in wind-assisted propulsion systems and digital tracking systems to enhance the efficiency of the ship.
The Dry Bulk Carriers’ Market is expected to grow steadily from 2023 to 2030, and the total market value is forecast to increase from $4.2 billion to $5.3 billion, registering a CAGR of 4.0 per cent. The steady demand for bulk commodities is driven by the growing economies of the world, especially in the developing economies where the rapid urbanization and industrialization continue to drive the demand for iron ore, coal and agricultural products. The dry bulk shipping industry is expected to benefit from the increase in shipping volumes, especially in the Asia-Pacific and African regions where the pace of infrastructure development is accelerating. The market is also expected to be shaped by the technological and regulatory changes. The adoption of digital technology, such as the use of blockchain to enhance the transparency of the supply chain and artificial intelligence to optimize the routes, will increase the operational efficiency and reduce the cost of operations. Similarly, the implementation of the new international regulations on CO2 emissions will lead to the adoption of more efficient and cleaner vessels, which will have an impact on the renewal of the fleet. The adoption of the sustainable practices and the green technology will lead to a competitive advantage for the companies that invest in it. In conclusion, the dry bulk carriers’ market is expected to grow steadily as a result of the demand-side and supply-side factors.
Covered Aspects:Report Attribute/Metric | Details |
---|---|
Market Size Value In 2023 | USD 4.2 Billion |
Growth Rate | 4.0% (2023-2030) |
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