The report: ‘Global Dry Bulk Shipping Market (by Ship Type, Commodity & Fleet Age): Insights, Trends & Forecast (2019 - 2023)’ report has been released by ResearchAndMarkets.com.
The global dry bulk shipping market is anticipated to grow at a compounded annual growth rate (CAGR) of 4.14% during the period spanning 2019 - 2023. The market is expected to be valued at US$402.65 billion in 2023.
The growth of the market has been driven by rising population, accelerating economic growth, higher urbanisation, rising steel production and growing coal industry. Growth of the market would be challenged by high transportation and infrastructure costs, an act of piracy and trading obstructions. To overcome the challenges in the market, noteworthy trends like fluctuating scrapping rates and increasing coastal shipping are expected to boost the market in future.
The global dry bulk shipping market is categorised on the basis of ship type, commodity and capacity by age. On the basis of ship type, the global dry bulk shipping market can broadly be divided as, capesize, panamax, handymax and handysize. In terms of commodity, the global market can be categorised into iron ore, thermal coal, coking coal, grain and minor bulk. On the basis of capacity by age, the global dry bulk shipping market can be segmented into 0 - 4 years, 5 - 9 years, 10 - 14 years, 15 - 19 years and over 20 years.
The fastest growing regional market is Asia Pacific due to increase in iron ore imports to China, a rebound in the global coal trade and improved growth in minor bulk trades. Europe represents one of the largest dry bulk shipping markets and is already well penetrated at developed market levels. South America is an emerging market where growth lies in increasing consumer demand and rising industrial production.
For more information about the report, click here