BANGALORE, India, March 22, 2021 /PRNewswire/ -- The Dry Bulk Shipping Market is Segmented Type (Time Charter, Voyage Charter), Application (Iron Ore, Coal, Grain, Steel Products, Lumber or Log, Other Commodities). The report covers global opportunity analysis and industry forecast from 2021 to 2026. It is published onValuates Reports in the Transportation & Logistics Category.
The global Dry Bulk Shipping market size is projected to reach USD 5066.3 Million by 2026, from USD 4213.8 Million in 2019, at a CAGR of 2.6% During the Forecast Period 2021-2026.
Major factors driving the growth of dry bulk shipping market size are accelerating economic growth, higher urbanization, rising steel production, and growing coal industry. On the contrary, the growth of high transportation and infrastructure costs along with the act of piracy and trading obstructions might hinder the growth of dry bulk shipping market size.
According to the International Chamber of Shipping, about 90 percent of world trade is the responsibility of the international shipping industry.
TRENDS INFLUENCING THE DRY BULK SHIPPING MARKET SIZE
The dry bulk shipping market size is expected to be driven by the seaborne trade of iron ore and coal. The primary raw materials required to generate electricity and to develop a sustainable infrastructure are coal and iron ore. The rapid rise in electricity demand has increased the need for coal import and export. The rise in industrialization and the liberalization of national economies has led to the demand for iron ore and coal, which is mainly met through seaborne trade by industries.
Increased technological advances, including the monitoring of shipping materials and the allocation of an identification number to individual items, are likely to propel the growth of dry bulk shipping market size.
Furthermore, the dry bulk shipping industry has benefited from stronger industrial development across the globe. During the forecast period, improving charter rates is also expected to fuel the growth of dry bulk shipping market size.
Another vital factor expected to drive the dry bulk shipping market size is the developing foundation improvement, which requires critical utilization of steel items.
Iron ore is the most important cargo for the Capesize segment. Robust iron ore prices have spurred miners to increase their output, which has resulted in better demand for dry bulk shipping. Chinese iron ore imports have increased year on year. Furthermore, the exports from Western Australia have also increased dramatically. The number of Capesize ships in the global fleet is expected to steadily increase over the forecast period.
Based on region, Europe is expected to hold the largest market share during the forecast period.
This dominance is attributed to the increasing transportation of coal and iron ore across the region. Europe is also home to major production industries which are further fueling the dry bulk shipping market size in the region.
Due to an increase in industrial production across the region, Asia Pacific is projected to see significant growth in the global dry bulk shipping market during the forecast period.
China is expected to be a highly lucrative dry bulk shipping market in the Asia-Pacific region. Furthermore, China is the world's leading importer of iron ore and coal, which will help drive the Asia Pacific dry bulk shipping industry.
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