Dry Bulk Shipping Market to Grow by USD 3.64 Billion (2024-2028), Driven by Rising Seaborne Trade, with AI Impacting Market Trends - Technavio

NEW YORK, Nov. 18, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The global dry bulk shipping market  size is estimated to grow by USD 3.64 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  4.09%  during the forecast period. Rising global seaborne trade is driving market growth, with a trend towards increasing use of container security and tracking solutions. However, fluctuations in commodity prices  poses a challenge.Key market players include AP Moller Maersk AS, Cargill Inc., COSCO Shipping International Co. Ltd., Diana Shipping Inc., Eagle Bulk Shipping Inc., Egon Oldendorff Management GmbH, Gearbulk Management Switzerland AG, Genco Shipping and Trading Ltd., Golden Ocean Group Ltd., Grindrod Shipping Holdings Ltd., Hapag Lloyd AG, HMM Europe Ltd., John Swire and Sons Ltd., Kawasaki Kisen Kaisha Ltd., Mitsui O.S.K. Lines Ltd., Nippon Yusen Kabushiki Kaisha, Pacific Basin Shipping Ltd., Pan Ocean Co. Ltd., Precious Shipping Public Co. Ltd., and Star Bulk Carriers Corp..

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Key Market Trends Fueling Growth

The dry bulk shipping market is experiencing significant trends in the global seaborne trade landscape. Urbanization and industrialization are driving the demand for raw materials like grain, coal, ore, cement, and bauxite. The regulatory framework is evolving to support digital technologies and automation, enhancing operational efficiency and reducing costs. Environmental sustainability is a growing concern, with a focus on reducing emissions and promoting eco-friendly practices. The steel industry is expanding due to rising population and accelerating economic growth, leading to increased demand for bulk carriers. The Capesize, Panamax, Supramax, Handymax, and Handysize segments are key players in this market, transporting various cargoes such as bauxite/alumina, grain, coal, and iron ore. Trading obstructions, such as epidemics, can impact market facets, affecting time charter rates and international trade volumes. Industry influencers like GAC, Berge Bulk, and Western Bulk are adapting to these trends by investing in infrastructure projects and expanding their fleet of ships to meet the growing demand. The global trade volumes of coal, ore, and other bulk cargoes are expected to rise, driven by the electricity demand and sustainable infrastructure development. 

The dry bulk shipping market faces rising safety concerns due to an increase in piracy and armed robbery incidents. To mitigate these risks, there is a growing demand for container security and tracking systems. These solutions, enabled by the Internet of Things (IoT), offer real-time monitoring and digital connectivity. Leased containers equipped with these systems will be in high demand as global trade continues to expand. By optimizing logistics management and enhancing security, container security and tracking solutions provide significant value to end-users. 

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Market Challenges

• The dry bulk shipping market faces several challenges in the dynamic global seaborne trade landscape. Urbanization and infrastructure projects drive increased demand for bulk carriers, transporting goods like grain, coal, ore, cement, and bauxite/alumina. However, regulatory frameworks and digital technologies are transforming the industry, with automation and data synthesis becoming essential. The growing coal industry and steel demand, fueled by rising population and accelerating economic growth, particularly in urban areas, contribute to market facets. The epidemic has introduced trading obstructions, affecting time charter rates and fleet operations. Environmental sustainability is a pressing concern, with a focus on reducing emissions and promoting eco-friendly practices. Key industry influencers, such as GAC, Berge Bulk, and Western Bulk, navigate these challenges in the Capesize, Panamax, Supramax, Handysize, and Handymax segments. The Capesize segment, exporting iron ore from Western Australia, is particularly affected by these trends. Electricity demand and sustainable infrastructure are crucial factors shaping the future of international trade and the dry bulk shipping market.
• The dry bulk shipping market experiences significant fluctuations due to changes in commodity prices. Commodity prices are influenced by factors such as supply and demand, geopolitical events, and economic conditions. When prices are low, demand for shipping services may decrease, while high prices can lead to increased demand. These price fluctuations impact the competitive landscape, as companies adjust their production and shipping volumes accordingly.

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Segment Overview 

This dry bulk shipping market report extensively covers market segmentation by

1. Product 
• 1.1 Capesize
• 1.2 Panama
• 1.3 Supramax
• 1.4 Handysize
2. Type 
• 2.1 Iron ore
• 2.2 Coal
• 2.3 Grains
• 2.4 Bauxite
• 2.5 Others
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Capesize-  The Capesize segment of the dry bulk shipping market refers to large vessels used for transporting bulk cargos, primarily iron ore and coal. These ships, too large to pass through the Panama Canal, are compelled to navigate around the Cape of Good Hope. Industrialization and the liberalization of emerging economies have fueled the demand for raw materials like iron ore and coal, key components in electricity production and infrastructure building. The increasing electricity demand has led to coal imports and exports, thereby driving the expansion of the global dry bulk shipping market.

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Research Analysis

The dry bulk shipping market plays a vital role in global seaborne trade, transporting essential commodities such as iron ore, coal, grain, bauxite, and other bulk cargoes to various destinations around the world. Industrialization and urbanization in developing countries have fueled the demand for these commodities, driving growth in the dry bulk shipping sector. Automation and advancements in sea travel technology have increased efficiency and reduced costs, making bulk shipping a cost-effective solution for transporting large volumes of cargo. However, the dry bulk shipping market has faced challenges in recent years, including the impact of epidemics on supply chains and infrastructure projects causing disruptions. The vendor matrix in the dry bulk shipping industry is diverse, with various vessel sizes such as Capesize, Handysize, Panamax, and Handymax catering to different cargo sizes and shipping routes. The demand for iron ore, coal, and grain, in particular, remains strong due to ongoing industrialization and urbanization trends.

Market Research Overview

The dry bulk shipping market is a critical component of global seaborne trade, transporting raw materials such as grain, coal, ore, cement, and bauxite/alumina. Urbanization and accelerating economic growth, driven by rising population and industrialization, have fueled increasing demand for these commodities. The regulatory framework, digital technologies, and automation are shaping the industry, with data synthesis and market facets influencing key trends. The Capesize, Panamax, Supramax, Handymax, and Handysize segments cater to various cargo sizes. The growing coal industry and infrastructure projects are significant contributors, but trading obstructions and epidemics can impact market dynamics. Key market influencers include GAC, Berge Bulk, and Western Bulk. The Capesize segment dominates the seaborne trade of iron ore and coal, while international trade volumes and time charter rates are crucial indicators. Electricity demand, sustainable infrastructure, and environmental sustainability are emerging factors.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Capesize
• Panama
• Supramax
• Handysize
• Type
• Iron Ore
• Coal
• Grains
• Bauxite
• Others
• Geography
• APAC
• Europe
• North America
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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