PUBLISHER: 360iResearch | PRODUCT CODE: 1470431
PUBLISHER: 360iResearch | PRODUCT CODE: 1470431
[185 Pages Report] The Dry Bulk Shipping Market size was estimated at USD 44.51 billion in 2023 and expected to reach USD 47.09 billion in 2024, at a CAGR 6.00% to reach USD 66.94 billion by 2030.
Dry bulk shipping involves the transportation of dry commodities, including coal, iron ore, grains, and other bulk materials, through large transportation vessels. The dry bulk shipping vessels are specifically designed to transport bulk cargo in large quantities, and the materials are often in the form of loose particles or granules. Sugar, cement, and steel products are also shipped as minor bulks. Dry bulk shipping is considered a vital part of the global trade network and plays a crucial role in transporting essential raw materials from production sites to consumption centers around the world. However, the high cost of labor required to transfer the materials into cargo and the increased cost of transportation of dry bulk ingredients may adversely impact the growth of the dry bulk shipping market. Moreover, technological breakthroughs in transportation vessels, such as tracking shipping materials and assigning an identification number to particular goods, are expected to propel the use of dry bulk shipping solutions worldwide.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 44.51 billion |
Estimated Year [2024] | USD 47.09 billion |
Forecast Year [2030] | USD 66.94 billion |
CAGR (%) | 6.00% |
Type: Proliferating demand of major dry bulk carriers for large quantity goods transportation
Major dry bulk carriers are large vessels designed to transport significant quantities of dry bulk commodities and are widely used to ship iron ore, coal, grain, bauxite, sand and gravel, and scrap metal. Minor dry bulk carriers ship specifically designed and built to transport smaller quantities of dry bulk commodities, including grains, fertilizers, minerals, construction materials, and other dry, non-liquid cargoes.
Vessel Type: Extensive adoption of panamax vessels to shorten transit times and lower transportation costs
Small or mini dry bulk shipping vessels are the smallest dry bulk carriers, often called coasters. Capesize vessels are the largest category of dry bulk carriers, with a deadweight tonnage (DWT) capacity of over 100,000 tons. These ships ship materials short distances to conduct coastal and river trades. Handysize are medium-range 10,000 to 40,000 dwt ships with lengths from 110 to 150 meters and drafts under 10 meters. They are designed for maximum flexibility in cargo handling, making them suitable for transporting a wide range of bulk commodities such as grains, coal, cement, and fertilizers. They predominantly serve regional routes and smaller ports with restricted water depth or infrastructure facilities. Mini bulk carriers have a DWT capacity of less than 10,000 tons and transport smaller volumes of dry bulk cargo within coastal areas or along river systems. These ships are preferred when larger vessels cannot access certain ports due to draft restrictions or when shipping smaller quantities economically using larger ships is not viable. Panamax class bulker has a cargo capability between 65,000 and 80,000 dwt and is mainly used for carting coal in the Caribbean and Latin American territories. Capesize is a variety of big bulk transports with nine cargo controls and a carrying capacity of over 100,000 deadweight tons and includes subcategories of very large bulk carriers (VLBC) and Ultra Large Bulk Carriers (ULBC) that range between 180,000 and 400,000 dwt.
End-use: Expanding applications of dry bulk shipping solutions for transportation of metals & minerals
Dry bulk shipping is crucial in transporting agricultural and forestry products, including grains, fertilizers, and timber. Efficient and cost-effective transport of these commodities is paramount to meet global food and raw material demands. The construction industry relies heavily on dry bulk shipping for transporting raw materials such as cement clinker, sand aggregates, limestone, and coal for energy generation during construction. Dry bulk shipping is vital for transporting metal ores and minerals such as iron ore, bauxite, and coal in steel production and other industrial applications. The transportation of dry bulk materials involves several processes, including storage, technical challenges, delivery inspections, and modification. Iron and coal are the two primary raw materials that are shipped in large quantities.
Regional Insights
The dry bulk shipping market is evolving in the Americas owing to the presence of large economies and deep-water ports and significant investments in improving port infrastructure to meet the rising demand for commodities such as grains, coal, fertilizers, and metal ores. The US-Mexico-Canada Agreement (USMCA) has further facilitated regional trade growth. The dry bulk shipping market represents a developing landscape in the EMEA region owing to the strong presence of port facilities and substantial presence of oil reserves in states, including Saudi Arabia, that provide huge export volumes of crude oil internationally through their state-of-the-art terminals. Africa contributes significantly to the dry bulk shipping market by facilitating essential imports, including food materials, for its rapidly growing population. The APAC region, particularly China, Japan, and India, is resulting in elevated growth in the dry bulk shipping market due to burgeoning industrial and trade activities. China's robust increase in iron ore imports for steel production, along with India's strong demand for coal and Japan's importation of grains, exemplify the significance of these countries in the dry bulk shipping industry. Furthermore, continuous advancements in the dry bulk shipping industry, such as AI-based optimization algorithms for efficient cargo stowage and IoT-enabled real-time monitoring systems for vessel performance assessment, are anticipated to encourage the growth of the dry bulk shipping market globally.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Dry Bulk Shipping Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Dry Bulk Shipping Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Dry Bulk Shipping Market, highlighting leading vendors and their innovative profiles. These include Aims Shipping Corporation, Algoma Central Corporation, Berge Bulk Limited, Bollore Logistics, Bulk Marine, C.H. Robinson International, Inc., Cargill, Incorporated, Castor Maritime Inc., CEVA Logistics Inc., CJ Logistics, Continental Bulk Carriers Pte Ltd., Dachser Group SE & Co. KG, Dampskibsselskabet Norden A/S, DB Schenker AG, Deutsche Post AG, Diana Shipping Inc., Dimerco, DSV Solutions Private Limited, Eagle Bulk Shipping Inc., Empire Bulkers Ltd., Eneti Inc., Genco Shipping & Trading Limited, GEODIS SA, Globus Maritime Limited, Golden Ocean Group Limited, Grindrod Shipping Holdings Ltd., Gulf Agency Company Limited, Mitsui O.S.K. Lines, Ltd., MUR GROUP BV, Navios Maritime Holdings Inc., Nippon Yusen Kabushiki Kaisha, Oldendorff Carriers GmbH & Co. KG, Pacific Basin Shipping Limited, Star Bulk Carriers Corp., and Western Bulk Management AS.
Market Segmentation & Coverage
1. Market Penetration: It presents comprehensive information on the market provided by key players.
2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
1. What is the market size and forecast of the Dry Bulk Shipping Market?
2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Dry Bulk Shipping Market?
3. What are the technology trends and regulatory frameworks in the Dry Bulk Shipping Market?
4. What is the market share of the leading vendors in the Dry Bulk Shipping Market?
5. Which modes and strategic moves are suitable for entering the Dry Bulk Shipping Market?