Covina, Sept. 21, 2023 (GLOBE NEWSWIRE) -- Dry bulk shipping is important for global trade and industry for transportation of materials. Coal, iron ore and grain are different dry bulk commodities which accounted for two-thirds of global major dry bulk trade. Further, minor bulk trade includes, sugars, steel, cement and thus accounted for one-third of global minor bulk trade.
Growing population and increased trade activities across globe has become major driving factor in market growth. Wide variety of benefits offered by dry bulk such as reduction in packaging costs, more flexibility and larger loading capacities has provided lucrative opportunities in Dry Bulk Shipping market growth.
The Dry Bulk Shipping Market accounted for US$ 300.23 million in 2020 and is estimated to be US$ 476.53 million by 2030 and is anticipated to register a CAGR of 4.8%. The Dry Bulk Shipping Market is segmented based on type, application and region.
Key Highlights:
- In October 2021, the Signal Group launched Signal Ocean’s technology available for new Dry Bulk module for dry bulk shipping. The new developed product is made by adapting their tanker technology to dry bulk. The companies Signal Ocean Platform has been also used in tanker market by ship-owners, shipbrokers and traders.
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Driving Factors:
Here are some of the key driving factors for the dry bulk shipping market:
- Global Commodity Demand:
The demand for dry bulk shipping is closely tied to global commodity demand. Bulk carriers transport commodities such as iron ore, coal, grain, and minerals. Economic growth and industrialization in emerging markets can significantly increase the demand for these raw materials.
- Industrial and Infrastructure Development:
Infrastructure and construction projects require large quantities of raw materials, including steel, cement, and aggregates. The dry bulk shipping market benefits from increased shipments of these materials during periods of robust construction and industrial growth.
- Agricultural Production:
The export and import of agricultural products, such as grains and soybeans, influence dry bulk shipping demand. Crop surpluses often result in increased shipping activity.
- Mining and Energy Production:
The mining industry relies on bulk carriers to transport minerals, ores, and coal. Similarly, the energy sector depends on coal and other bulk commodities for power generation.
- Global Trade Trends:
Changes in international trade patterns and agreements impact the dry bulk shipping market. Trade tensions, trade agreements, and shifts in trade routes can affect shipping routes and volumes.
- Technological Advancements:
Innovations in vessel design and technology, including fuel-efficient engines and digital navigation systems, can improve the efficiency and competitiveness of dry bulk shipping companies.
Market Competitive Landscape:
The key players operating in the Dry Bulk Shipping Market includes,
- Diana Shipping, Inc.
- Dry Ships, Inc.
- Genco Shipping & Trading Ltd.
- Baltic Trading
- Navios Maritime Holdings
- Star Bulk Carriers.
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Analyst View:
Rapid growth in urbanization has inclined industries towards dry bulk shipping which has upsurge the target market growth. Further, increase in steel production across globe has led to the transportation of raw materials which drives the demand for market growth. Furthermore, rise in the shipping and maritime trade in developing countries is likely to propel Dry Bulk Shipping market growth over the forecast period.
Regional insights
Regional insights are essential for understanding the nuances and variations within the dry bulk shipping market. Different regions have distinct economic conditions, trade patterns, infrastructure, and regulatory environments that can significantly impact the dynamics of this industry. Here are some regional insights into the dry bulk shipping market:
- Asia-Pacific:
Asia-Pacific is a major hub for dry bulk shipping activities. Countries like China, Japan, and South Korea have extensive demand for raw materials, particularly for their manufacturing industries and infrastructure development.
The region is also a significant producer of bulk commodities, including iron ore, coal, and agricultural products.
Ports in China, such as Qingdao and Shanghai, are among the busiest in the world for dry bulk cargo.
- Europe:
Europe is a vital market for dry bulk shipping, with countries like Germany and the Netherlands serving as major importers and exporters of bulk commodities.
The European Union's strict environmental regulations and sustainability initiatives have led to investments in eco-friendly shipping technologies and cleaner fuels for bulk carriers.
- North America:
The United States and Canada have a substantial demand for bulk commodities, particularly for construction, energy production, and agriculture.
The Great Lakes region in North America relies heavily on dry bulk shipping for the transport of iron ore, coal, and other raw materials.
- South America:
South American countries, such as Brazil and Argentina, are significant producers and exporters of agricultural products like soybeans, corn, and wheat, which require dry bulk carriers for international transport.
The Amazon River basin and its tributaries also provide unique challenges and opportunities for bulk shipping in the region.
- Middle East and Africa:
The Middle East is a major exporter of bulk commodities, including oil and minerals. Bulk carriers play a crucial role in transporting these resources to global markets.
Some African countries are emerging as key players in the export of minerals and agricultural products, driving demand for dry bulk shipping.
- Emerging Markets:
Emerging markets in Southeast Asia, Latin America, and Africa are experiencing rapid industrialization and infrastructure development, leading to increased demand for bulk commodities and dry bulk shipping services.
- Arctic Region:
Melting ice in the Arctic has opened up new shipping routes, including the Northern Sea Route and the Northwest Passage. These routes can significantly reduce transit times for bulk carriers traveling between Europe and Asia.
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