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Dry Bulk Shipping Market By Applications, Types, New Technology - Opportunity Analysis And Forecast: 2020 – 2027
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Market research indicates that the global market of Dry Bulk Shipping Market Revenue is going to reach up to USD 5,400 Million (approx) within the forecast period 2022-2030 with a CAGR of 4%.
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Dry Bulk Shipping is the transportation of bulk commodities such as grains, iron ore, coal, lumber, sand, gravel, steel products like rods, plates, coils, and others using vessels.
According to the experts, the market of dry bulk shipping is expected to grow substantially during the forecast period. Significant increase in the transportation of iron ore and coal and growth of seaborne trades are going to help in the growth of the global Dry Bulk Shipping Market Size.
Due to the COVID-19 pandemic and economic recession, the global Dry Bulk Shipping Market has been affected negatively. However, in recent times the rise in import and export of goods is going to be an important market driver for the Dry Bulk Shipping Market Growth.
The increase in freight rates and geopolitical tensions between various countries may restraint the market growth. But huge investments by the key players in research and development and new product launches may help the bulk shipping sector to achieve significant growth during the forecast period mentioned in the report.
The global market of Dry Bulk Shipping Market is segmented based on type, application, and region.
The market is further divided into supramax, Panama, Capesize, and handysize based on the type. During the forecast period, the market is expected to be dominated by the Capesize sector.
Based on the type of application, the global Dry Bulk Shipping Market is divided into phosphate rock, coal, iron ore, grains, and bauxite. The largest share of this market is dominated by the iron ore sector as it has high demand in the developed and developing countries across the world.
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Based on the region, the global Dry Bulk Shipping Market is divided into North America, Europe, the Asia-Pacific, Middle East & Africa, and the Rest of the World.
In the Asia-Pacific Region, China is expected to occupy a significant Dry Bulk Shipping Market Revenue due to cheap raw materials and a rise in the maritime trade. Another reason for the growth of this market is the rise in the import and export of iron ore. As steel production is on the rise across the globe, the market of bulk shipping is expected to grow substantially.
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The global Dry Bulk Shipping Market is huge and it is anticipated to grow significantly during the forecast period. The key players in this market are going for joint ventures and alliances which are expected to increase the total market size during the forecast period.
A Panamax Dry bulk carrier is acquired by Castor Maritime in 2021 which will increase its fleet.
Adoption of new technologies such as zero-carbon technology by different companies is going to open up more opportunities for the global Dry Bulk Shipping Market. NORDEN, a shipping company from Denmark has already started using wind propulsion in one of its fleets.
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