New York (US), April 26, 2023 (GLOBE NEWSWIRE) -- Dry Bulk Shipping Market Overview
The MRFR analysis reports predict that the “Dry Bulk Shipping Market Research Report Information By Type, Application, And Region – Market Forecast Till 2030.”In 2022, the market for dry bulk shipping was estimated to be worth USD 4.1 billion. Dry bulk shipping is expected to see a compound annual growth rate (CAGR) of 4.0% from 2023 to 2030, rising from USD 4.2 billion in 2023 to USD 5.3 billion in 2030. The primary market factors accelerating industry expansion include increasing transportation of coal and steel as well as increased seaborne trade.
Industrialization, urbanisation, and economic expansion are the key factors affecting the need for dry transportation materials. Due to the extensive quantity of construction occurring in the industrial, residential, and non-residential sectors, steel demand increased.
The shipping of more steel and coal has resulted in a dramatic shift in the dry bulk shipping market share. Improvements in the supply chain management system have hastened the automation of automotive production planning systems.
The "NYK Group ESG Story 2022" document, published by NYK, outlines steps for integrating ESG into the Group's management strategies and provides a concise overview of the Group's long-term sustainable growth strategy. In addition to making efforts to implement ESG management in 2022, NYK also made efforts to promote the deployment of an LNG-fueled ship, encourage the use of next-generation fuels like ammonia, and enter the CO2 transportation industry. As a result, NYK was able to successfully take the lead in the shipping industry.
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List of the Key Companies in the Dry bulk shipping Market includes
- Diana Shipping Inc
- Star bulk carriers Corp
- Scorpio bulkers Inc
- Genco shipping and trading limited
- GAC Freeseas Inc
- NYK Line Globus Maritime Limited
- Western bulk Berge bulk
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 5.3 billion |
| CAGR | 4% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growth in coal and steel transportation, as well as growth in seaborne trade |
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Additionally, in February, NYK and the Akita Prefecture agreed to a comprehensive relationship, and in May, the company's fifth domestic branch—the Akita branch—opened. We will keep pushing for initiatives that support regional development, environmental protection, the development of human resources, and the use of renewable energy sources.
Increased sea travel, which is the least expensive means of transportation, as well as technology developments like the ability to track and identify specific components of shipping cargo are anticipated to be beneficial for the dry bulk shipping industry. bringing up the market's CAGR.More growth potential exist as a result of the recent rise in urbanisation. After the outbreak started, dry cargo's market value decreased. However, as things started to get back to normal, growth was steady.
As infrastructure projects increase, steel is in high demand. Manufacturers therefore use a number of tactics and concepts to raise the value of their manufacturing in an effort to alter how consumers perceive the value of their products. As a result, it is anticipated that the dry bulk shipping market will experience substantial growth.
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Segmentation
The Dry Bulk Shipping market is divided into the Handysize, Capesize, Panama, and Supramax types. Due to the rising need for the transportation of coal, iron ore, and other basic commodities, the capesize category dominated the market. The largest bulk carriers, the capesize, are primarily employed for the international shipment of ore. In 2018, there were 2,233.5 million tonnes in this market, and in 2024, 3,004.6 million tonnes are projected to be produced.
During the projected period, the sector for Panamax is expected to develop at the highest rate, with a CAGR of 4.79%.
The Dry Bulk Shipping market is divided into Iron Ore, Coal, Grains, Bauxite/Alumina, and Phosphate Rock segments based on application. Of them, iron ore held the greatest market share in 2018 with a size of 1,839.5 million tonnes. Iron ore is the most traded commodity among various developing and established countries. By 2025, this amount could increase to 2,483.0 million tonnes. During the projection period, the coal category is anticipated to increase at the quickest CAGR of 4.74%.
The analysis offers market insights for North America, Europe, Asia-Pacific, and the rest of the world, by region.
One of the world's fastest expanding markets for dry bulk shipping is the Asia Pacific region. This is a result of the significant demand for fertilisers, dietary supplements for animals, and food preservation. There is a significant demand for dry bulking cargo in the Asia Pacific region since phosphate rock is used for the manufacturing of water treatment, cosmetics, and chemicals.
Due to the rising need for transportation in the region, Europe's dry bulk shipping market holds the second-largest market share. The development of the dry bulk shipping industry in Europe will be fueled by the continent's sizable manufacturing sectors. Additionally, the UK Dry Bulk Shipping Market had the quickest rate of growth in the European Dry Bulk Shipping Market, with Germany having the largest market share.
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The market for dry bulk shipping in North America is anticipated to expand at the quickest CAGR between 2022 and 2030. This is a result of rising production rates in industry. Additionally, the Asia-Pacific region's dry bulk shipping market saw the highest growth in India, while China held the largest market share.
Significant industry players are spending a lot of money on R&D to diversify their product offerings, which will drive the dry bulk shipping market's expansion. The introduction of new products, contracts, mergers and acquisitions, increased investments, and cooperation with other businesses are a few examples of significant market advancements. Competitors in the dry bulk shipping sector must provide affordable goods if they want to grow and prosper in a market environment that is becoming more competitive and volatile.
One of the primary business strategies utilised by manufacturers in the dry bulk shipping industry to assist clients and expand the market sector is local manufacturing to reduce operational costs. Recent developments in the dry bulk shipping industry have provided some of the most significant benefits for the medical industry.
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