Market Research Future (MRFR)’s new study reveals that the dry bulk shipping market 2020 can expand at a decent rate of 4.65% from 2018 to 2025 (review period). We will provide COVID-19 impact analysis with the report, offering detailed market developments following the coronavirus disease outbreak.
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Key Boosters and Main Restraints
The growth of the dry bulk shipping market has been dismal since the COVID-19 outbreak, with almost every industry facing massive revenue loss. Even with China coming back to normal, the market seems to be witnessing falling freight rates due to the pandemic. China’s importance in the dry bulk market has been underlined following the lockdown, with the rates going downwards. The weak US exports also add nothing to the market momentum, with failing trade relations between the US and China coming to the forefront.
Some of the favorable aspects are associated with the construction industry, particularly infrastructural development along with housing investment, which can drive the need for materials. But other end users in the dry bulk shipping market have no such luck, such as automotive sector’s demand for aluminum and steel has been falling significantly since the SARS-CoV-2 outbreak. Despite the massive spending on infrastructural development by governments, the novel coronavirus can lead to further reduced demand and freight rates, which can challenge the market growth in the coming years.
However, the dry bulk shipping market can manage to sail through despite the COVID-19 impact, thanks to the surge in industrialization combined with the increasing liberalization of various countries that boosts the demand for coal and iron ore. The escalating demand for electricity has accelerated the need to import and export coal worldwide. The global economic growth, booming population, and the rising steel production have driven the need to ship various materials such as coal, grains, lumber, iron ore, plates, rods and coils. Enhanced industrial production, particularly in emerging regions has also benefitted the dry bulk shipping market to a large extent.
Segmental Analysis
For an enhanced dry bulk shipping market analysis, MRFR has outlined the top segments in the report, namely type as well as application.
The types of dry bulk shipping include panama, capesize, handysize and supramax. The capesize type can be the leading segment in the market as a result of the high demand for transporting iron ore, commodity raw materials and coal.
The key applications of dry bulk shipping are coal, iron ore, bauxite/alumina, phosphate rock and grains. Over the coming years, it is expected that the ironore segment will dominate the worldwide market, with iron ore being the biggest traded commodity across countries.
Regional Insight
The dry bulk shipping industry has been regionally considered for China, North America, Europe, Japan, India, MEA/Middle East & Africa, South America, and RoW/the rest of the world.
China can soon emerge as the world leader in the dry bulk shipping market, with Europe securing the second position. The considerable surge in iron ore imports, the increase in coal trade, and the progressing minor bulk trades have established the country’s formidable position in the global market. However, since the COVID-19 outbreak, the Chinese economy has slowed down. The dry bulk trade of has experienced a downfall due to the environmental policies in other countries that promote the use of cleaner energy sources. This has negatively impacted the dry bulk shipping market in the country. India, on the other hand, has observed a rise in iron ore export in the first quarter of 2020, which has been especially favorable for the Supramax segment of the market. The surge in industrial activities such as construction and automotive can also work in the Indian market’s favor in these uncertain times.
Top Market Contenders
The top market contenders highlighted in the report include Diana Shipping Inc. (Greece), Golden Ocean (Bermuda), Genco Shipping & Trading Limited (US), Oldendorff (Germany), DryShips Inc (Greece), Marquette Transportation Company LLC (US), Bulk Carriers Corporation (Greece), Masterbulk Pte Ltd (Singapore), Pacific Basin Shipping Limited. (Hong Kong), Belships ASA (Norway), Western Bulk (Norway), Dampskibsselskabet Norden A/S (Denmark), Marine Services Co. Ltd. (Saudi Arabia), Ultrabulk A/S (Denmark), Western Bulk (Norway), Scorpio Bulkers, Inc (Monaco), Oldendorff (Germany), Marine Services Co. Ltd. (Saudi Arabia), and more.
Recent Updates
July 2020
In the wake of escalating iron ore prices, Venture Minerals signed a major deal with TasPorts that allows it to use the wharf route in the Tasmania’s north coast for dry bulk shipping from its Riley mine.
FOR MORE DETAILS –
https://www.marketresearchfuture.com/reports/dry-bulk-shipping-market-8308
As per Market Research Future findings, the global Dry Bulk Shipping Market Share is expected to expand at 4.65% CAGR and attain a market size worth USD 6,100.0 Million tons by 2025.
The increase in seaborne trading activities and the rise in coal and iron ore transportation are other factors that likely to propel supplement the growth of the global dry shipping market.
As per the International Chamber of Shipping, 90% of the world trade is done by ship.
Other growth inducers of the market are; fast industrialization and growing urban populace, those responsible for the surge in electricity needs.
The capesize segment is expected to contribute majorly to the expansion of the global dry bulk shipping market.
MRFR states that the Capesize segment is expected to touch a valuation of USD 3,004.6 million by 2025.
As per the dry bulk shipping market research report, the global market for dry bulk shipping is anticipated to grow rapidly by 6,100.0 Million tons by 2025.
As per analysts, the growing movement of significant bulk commodities along with the growth of seaborne trade will drive the market growth throughout the forecast period.
The dry bulk shipping market research report by expert analysts is intended to help companies in the dry bulk shipping market.Get Free Sample PDF @ https://www.marketresearchfuture.com/sample_request/8308Market SegmentationThe global dry bulk shipping market has been segmented based on applications and type.
Additionally, the market on the basis of applications is segmented into bauxite/alumina, coal, grains, phosphate rock, and iron ore.Key influences such as unorganized supply chain could obstruct the dry bulk shipping market growth.
The dry bulk shipping market research report offers crucial details about the dry bulk shipping market based on the data and forecasts till 2025.Regional OverviewNorth America, Europe, Asia Pacific and the rest of the world regional market for dry bulk shipping are primarily covered in the global dry bulk shipping market research report.
In Asia-Pacific (APAC) region, the country-level dry bulk shipping markets covered are China, India, Japan, and others.
