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Dry Bulk Shipping Market Size

ID: MRFR//6836-CR | 111 Pages | Author: Snehal Singh| February 2020

Market Size Snapshot

YearValue
2023USD 4.2 Billion
2030USD 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.

home-ubuntu-www-mrf_ne_design-batch-4-cp-dry-bulk-shipping-market size

Regional Market Size

Regional Deep Dive

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.

Europe

  • The European dry-bulk shipping market is greatly affected by the European Union's strict environment regulations aimed at reducing carbon emissions. Green-shipping technology has become the focus of a lot of investments, and the leading companies in this area are Maersk and Hapag-Lloyd.
  • Geopolitical tensions, especially the conflict in Ukraine, have disrupted the traditional supply routes, forcing the European countries to seek alternative sources of raw materials. This will change the routes and the strategies of logistics in the region.

Asia Pacific

  • The dry-bulk shipping market is dominated by Asia-Pacific, which is being driven by the rapid industrialization and urbanization in China and India. The market is currently dominated by the major players, such as COSCO and Mitsui O.S.K. Lines. The demand for raw materials is growing, so shipping companies are expanding their fleets.
  • Recent trends in the shipping industry have been towards the digitalization of the shipping industry, with companies investing in smart shipping to increase efficiency and reduce costs. This trend is expected to lead to increased productivity and greater competitiveness in the industry.

Latin America

  • The dry-bulk market is experiencing growth in Latin America, mainly as a result of the export of agricultural products, especially soya and maize. Brazil and Argentina are the main exporters, and companies such as Bunge and Cargill are very active in the logistics and transport side of the business.
  • It is in the same region that we see the development of sustainable shipping practices, with initiatives to reduce the impact of shipping on the environment. These practices are expected to increase the region’s competitiveness in the world market.

North America

  • Agricultural exports from North America are increasing, especially from the United States, the world’s foremost exporter of grain. The big grain companies, such as ADM and Cargill, are investing heavily in transport logistics to meet world demand.
  • In the same way, the 2020 implementation of the International Maritime Organization (IMO) sulphur cap is pushing shipping companies to adopt cleaner fuels and equipment. This is expected to spur innovation in the fleet, with companies such as Kirby investing in eco-friendly vessels.

Middle East And Africa

  • The Middle East and Africa are becoming important markets for dry bulk shipping, mainly because of the wealth of natural resources in these areas. South Africa and Nigeria, for example, are exporting more and more of their mineral and agricultural products, which in turn is boosting the shipping industry.
  • Port development is also a significant trend. Expansion projects such as the Durban port in South Africa aim at increasing capacity and efficiency. This will ease the flow of trade and attract more shipping companies.

Did You Know?

“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)

Segmental Market Size

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.

Future Outlook

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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