Global Dry Bulk Shipping Market Size, Share, Opportunities, And Trends By Commodity Type (Iron Ore, Coal, Grain, Bauxite, Others), By Vessel Type (Capesize, Handysize, Panamax, Handymax), And By Geography - Forecasts From 2024 To 2029
- Published : May 2024
- Report Code : KSI061611528
- Pages : 145
The dry bulk shipping market was valued at US$157.416 billion in 2022 and is projected to expand at a CAGR of 7.97% over the forecast period to reach US$269.244 billion by 2029.
The dry bulk carriers are called by many different names including ore bulkers, iron ore ships, and bulk carriers which could carry large quantities of the unprocessed, dry solid materials at sea. Most shipments of dry bulk cargo are unpacked and don't need any special packaging so that they can be shipped in their natural state.
Dry bulk goods are typically raw materials used in global production and manufacturing. They are divided into two categories: big lumps and small stuff. A share of approximately two-thirds of the dry bulk trade consists of steam coal, iron ore, and grain.
DRY BULK SHIPPING MARKET DRIVERS:
- Growing global trade is anticipated to drive the dry bulk shipping market growth.
The major demand for cargo transportation across the globe determines the development of the dry bulk shipping industry. As a result of the amplification of global trade involving so many raw materials and finished goods, mainly coming from developing countries, there is a growing necessity for well-balanced and cost-effective transport systems to be able to move these products over great distances.
Mainstream shipping has a very critical role in this endeavor. These ocean giants serve the global economy by either moving building materials like iron and steel ore or the necessary things, like coal and oil, from one end of the world to the other. This direct link also means that with the growth of international trading the bulk shipping industry expands and therefore, the supply of goods that guarantees an uninterrupted flow of the markets worldwide is assured.
For instance, the World Trade Organization published a report in 2023 that states global trade of goods attained a total size of US$ 25. 3 trillion USD in 2022 depicting a 12% growth from 2021. This rate was boosted by a commodity price surge significantly. Furthermore, there was substantial growth in the rate of value of international trade in services, which was 15%, US$ 6. 8 trillion. Notably, exports of digitally delivered services alone accounted for US$ 3.82 trillion in the same period.
- Resources exploration as well as energy demand is projected to positively impact the market growth.
The continuous need for fuel drives the majority of the shipping industry because the whole world's consumption of coal and oil requires its constant transportation from extraction sites to refineries and power stations. Bulk shipping vessels contribute greatly to the transportation of these fuels via the sea on routes that are thousands of miles long.
The significance of dry bulk shipping is not only for traditional supplies that are transported but also for the exploration of new energy reserves located in remote areas, where transport is required to be safe and reliable.
Furthermore, according to the International Energy Agency published article in 2023, it states that In 2023 the world coal exports are predicted to have achieved the highest level (1 466Mt) in history. Global trade has been further shifted to Asia, with about 83% of imports going to the Asia Pacific region. The prediction is that the shares of Chinese and Indian countries will reach about 47% of global imports, which, in turn, impacts the dry bulk shipping market.
- Stringent environmental guidelines by the government regarding ship emissions propels the dry bulk shipping market growth.
Enforcing strict eco-friendly regulations forces the energy industry to invest in green technologies and search for alternative fuel options. Although this will increase the freight cost in the short term, it is a pivotal measure in the long run toward a green footprint. Therefore, such rules serve as a catalyst that leads to the creation of engines that emit fewer pollutants as well as the exploration of alternative fuel sources like wind-powered ships.
DRY BULK SHIPPING MARKET CHALLENGES:
- Variations in the freight prices may hinder the dry bulk shipping market growth.
The cargo transportation rates, i.e. a transportation charge for the goods commodity, witness a significant variance in the dry bulk market. These ups and downs are brought about by several factors such as the availability of ships and cargo, the global economic situation, and political tensions. Such instability makes it very difficult for shipping businesses to taillight profit forecasts and the correct allocation of investments.
- Conflicts between nations curb the dry bulk shipping market growth.
The geopolitical tension and conflicts can affect the trade routes, hamper port activities, and increase the insurance costs for shipping companies. Consequently, port congestions are likely to occur at shipping ports, making the operations inefficient, and slow, and the flow of dry bulk commodities may get disrupted.
DRY BULK SHIPPING MARKET – GEOGRAPHIC ANALYSIS
- The North American dry bulk shipping market is expected to grow.
The dry bulk shipping industry in North America is anticipated to undergo significant expansion because of several reasons. For instance, the economic performance of the United States has been favorable in creating a high demand for raw materials including iron ore and coal which are very essential to industrial activities and infrastructure development projects. To meet this increasing demand, efficient transportation solutions like dry bulk shipping have become very important. The exploration and extraction of new natural resources in North America itself require the provision of bulk shipping to move the extracted resources from mines to processing sites.
Additionally, the creation of an internal energy market, especially in the coal sector, has boosted the use of reliable bulk shipping services. The development of agricultural production and the increase in exports in North America has resulted in the need for the efficient transportation of grains and other dry bulk commodities over long distances. Owing to such multifold factors, the dry bulk shipping sector in North America is expected to hold a significant market share during the forecast period.
Dry Bulk Shipping Market Industry Updates:
- In May 2024: Intermarine created "Intermarine Bulk Carriers" to start its journey in dry bulk shipping. Besides, they are also planning to handle the multi-purpose vessels and tonnage services for their parent company's bulk carriers. This strategic move corresponds with their current offerings and meets the growing demand in the project cargo sector.
- In December 2023: Star Bulk and Eagle Bulk started a joint mission, the merger, which is done completely through the stock exchange, and makes the biggest dry bulk shipping company listed in the US, with 169 vessels in its fleet. Through the merger, the newly formed group aims to benefit from its scale to increase operational efficiency and financial stability, thus strengthening its position as a leading company in the international dry bulk shipping industry.
Segmentation:
- By Commodity Type
- Iron ore
- Coal
- Grain
- Bauxite
- Others
- By Vessel type
- Capesize
- Handysize
- Panamax
- Handymax
- By Geography
- North America
- United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- United Kingdom
- Germany
- France
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Israel
- Others
- Asia Pacific
- Japan
- China
- India
- South Korea
- Indonesia
- Thailand
- Others
- North America
Frequently Asked Questions (FAQs)
1. INTRODUCTION
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.5. Currency
1.6. Assumptions
1.7. Base, and Forecast Years Timeline
1.8. Key Benefits to the Stakeholder
2. RESEARCH METHODOLOGY
2.1. Research Design
2.2. Research Processes
3. EXECUTIVE SUMMARY
3.1. Key Findings
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
4.5. Analyst View
5. DRY BULK SHIPPING MARKET BY COMMODITY TYPE
5.1. Introduction
5.2. Iron ore
5.2.1. Market Trends and Opportunities
5.2.2. Growth Prospects
5.2.3. Geographic Lucrativeness
5.3. Coal
5.3.1. Market Trends and Opportunities
5.3.2. Growth Prospects
5.3.3. Geographic Lucrativeness
5.4. Grain
5.4.1. Market Trends and Opportunities
5.4.2. Growth Prospects
5.4.3. Geographic Lucrativeness
5.5. Bauxite
5.5.1. Market Trends and Opportunities
5.5.2. Growth Prospects
5.5.3. Geographic Lucrativeness
5.6. Others
5.6.1. Market Trends and Opportunities
5.6.2. Growth Prospects
5.6.3. Geographic Lucrativeness
6. DRY BULK SHIPPING MARKET BY VESSEL TYPE
6.1. Introduction
6.2. Capsize
6.2.1. Market Trends and Opportunities
6.2.2. Growth Prospects
6.2.3. Geographic Lucrativeness
6.3. Handysize
6.3.1. Market Trends and Opportunities
6.3.2. Growth Prospects
6.3.3. Geographic Lucrativeness
6.4. Panamax
6.4.1. Market Trends and Opportunities
6.4.2. Growth Prospects
6.4.3. Geographic Lucrativeness
6.5. Handymax
6.5.1. Market Trends and Opportunities
6.5.2. Growth Prospects
6.5.3. Geographic Lucrativeness
7. DRY BULK SHIPPING MARKET BY GEOGRAPHY
7.1. Introduction
7.2. North America
7.2.1. By Commodity Type
7.2.2. By Vessel Type
7.2.3. By Country
7.2.3.1. United States
7.2.3.1.1. Market Trends and Opportunities
7.2.3.1.2. Growth Prospects
7.2.3.2. Canada
7.2.3.2.1. Market Trends and Opportunities
7.2.3.2.2. Growth Prospects
7.2.3.3. Mexico
7.2.3.3.1. Market Trends and Opportunities
7.2.3.3.2. Growth Prospects
7.3. South America
7.3.1. By Commodity Type
7.3.2. By Vessel Type
7.3.3. By Country
7.3.3.1. Brazil
7.3.3.1.1.1. Market Trends and Opportunities
7.3.3.1.1.2. Growth Prospects
7.3.3.2. Argentina
7.3.3.2.1.1. Market Trends and Opportunities
7.3.3.2.1.2. Growth Prospects
7.3.3.3. Others
7.3.3.3.1.1. Market Trends and Opportunities
7.3.3.3.1.2. Growth Prospects
7.4. Europe
7.4.1. By Commodity Type
7.4.2. By Vessel Type
7.4.3. By Country
7.4.3.1. United Kingdom
7.4.3.1.1. Market Trends and Opportunities
7.4.3.1.2. Growth Prospects
7.4.3.2. Germany
7.4.3.2.1. Market Trends and Opportunities
7.4.3.2.2. Growth Prospects
7.4.3.3. France
7.4.3.3.1. Market Trends and Opportunities
7.4.3.3.2. Growth Prospects
7.4.3.4. Spain
7.4.3.4.1. Market Trends and Opportunities
7.4.3.4.2. Growth Prospects
7.4.3.5. Others
7.4.3.5.1. Market Trends and Opportunities
7.4.3.5.2. Growth Prospects
7.5. Middle East and Africa
7.5.1. By Commodity Type
7.5.2. By Vessel Type
7.5.3. By Country
7.5.3.1. Saudi Arabia
7.5.3.1.1. Market Trends and Opportunities
7.5.3.1.2. Growth Prospects
7.5.3.2. UAE
7.5.3.2.1. Market Trends and Opportunities
7.5.3.2.2. Growth Prospects
7.5.3.3. Israel
7.5.3.3.1. Market Trends and Opportunities
7.5.3.3.2. Growth Prospects
7.5.3.4. Others
7.5.3.4.1. Market Trends and Opportunities
7.5.3.4.2. Growth Prospects
7.6. Asia Pacific
7.6.1. By Commodity Type
7.6.2. By Vessel Type
7.6.3. By Country
7.6.3.1. Japan
7.6.3.1.1. Market Trends and Opportunities
7.6.3.1.2. Growth Prospects
7.6.4. China
7.6.4.1.1. Market Trends and Opportunities
7.6.4.1.2. Growth Prospects
7.6.5. India
7.6.5.1.1. Market Trends and Opportunities
7.6.5.1.2. Growth Prospects
7.6.6. South Korea
7.6.6.1.1. Market Trends and Opportunities
7.6.6.1.2. Growth Prospects
7.6.7. Indonesia
7.6.7.1.1. Market Trends and Opportunities
7.6.7.1.2. Growth Prospects
7.6.7.1.3.
7.6.8. Thailand
7.6.8.1.1. Market Trends and Opportunities
7.6.8.1.2. Growth Prospects
7.6.9. Others
7.6.9.1.1. Market Trends and Opportunities
7.6.9.1.2. Growth Prospects
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Market Share Analysis
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Competitive Dashboard
9. COMPANY PROFILES
9.1. Diana Shipping, Inc.
9.2. Star Bulk Management Inc.
9.3. Genco Shipping & Trading Limited
9.4. GAC
9.5. NYK Line
9.6. Globus Maritime Limited
9.7. Western Bulk
9.8. Berge Bulk
Diana Shipping, Inc.
Star Bulk Management Inc.
Genco Shipping & Trading Limited
GAC
NYK Line
Globus Maritime Limited
Western Bulk
Berge Bulk
Related Reports
Report Name | Published Month | Get Sample PDF |
---|---|---|
B2C E-Commerce Market Size & Share: Industry Report, 2021-2026 | Oct 2024 | |
E-commerce Packaging Market Size: Industry Report, 2023-2028 | Dec 2023 | |
Nordic Air Freight Logistics Market Size: Report, 2023 - 2028 | Jun 2023 | |
Norway Air Freight Logistics Market Size: Report, 2023 - 2028 | Jun 2023 | |
Denmark Air Freight Logistics Market: Size & Share, 2022 - 2027 | Mar 2020 |