Impact of Covid-19 Outbreak on Dry Bulk Shipping Market

30/lug/2020 07:11:21 Automotive Market Research Reports Contatta l'autore

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As per Market Research Future findings, the global dry bulk shipping market is expected to expand at 4.65% CAGR and attain a market size worth USD 6,100.0 Million tons by 2025. The growing need for shipping significant bulk commodities, such as coils, plates, rods, coal, iron ore, grains in vessels, lumber, steel products, and others due to increase in consumer consumption across the world is expected to spur the growth of the global dry bulk shipping market. 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. Escalation of the world economy supporting rigorous import and export of manufactured goods and food via water is expected to add to the momentum of the global dry bulk shipping market. Other growth inducers of the market are; fast industrialization and growing urban populace, those responsible for the surge in electricity needs. On the downside, the unstable economic condition in some countries is likely to hinder the expansion of the dry bulk shipping market.

Segmental Outline

The worldwide dry bulk shipping market is assessed by application and type. By type, the market is segmented into Panama, Supramax, Capesize, and Handysize.  The capesize segment is expected to contribute majorly to the expansion of the global dry bulk shipping market. The increase in demand for the transportation of commodity raw materials, coal, and iron ore. Capesize offers the most substantial volume for bulk carriage and is used for the transportation of ores between countries. In 2018, MRFR recorded that the segment was valued at 2,233.5 million. MRFR states that the Capesize segment is expected to touch a valuation of USD 3,004.6 million by 2025. The Panamax segment is expected to thrive at a 4.79 % CAGR through the review period.

By application, the market is segmented into coal, iron ore, bauxite or alumina, grains, and phosphate rock. In 2018, MRFR recorded that the iron ore segment valued at USD 1,839.5 million. MRFR states that the segment is anticipated to touch a valuation of USD 483.0 million by 2025. The coal segment is expected to thrive at a CAGR of 4.74% across the evaluation period.

Detailed Regional Analysis

In Asia Pacific, China is expected to lead the regional dry bulk shipping market growth across the assessment period. The dry bulk shipping activities largely contribute to China’s GDP. It can have a significant impact on APAC market expansion. Besides, the surge in iron ore imports to China is influencing the global coal trade, which, in turn, is expected to not only surge the APAC dry shipping market growth but benefit the global market. The improved growth in minor bulk trades is expected to serve as another supporting factor for the regional market expansion. Overall, the growing import demand for iron ire in China remains the chief factor behind the dry bulk shipping market in APAC.

Competitive Dashboard

MRFR listed important companies that are operating in the global dry bulk shipping market. They are; Star Bulk Carriers Corporation (Greece), Scorpio Bulkers, Inc (Monaco), Golden Ocean (Bermuda), Pacific Basin Shipping Limited. (Hong Kong), Dampskibsselskabet Norden A/S (Denmark), Diana Shipping Inc. (Greece), Masterbulk Ptv Ltd (Singapore), Belships ASA (Norway), DryShips Inc (Greece), Genco Shipping & Trading Limited (US), Western Bulk (Norway), Oldendorff (Germany), Ultrabulk A/S (Denmark), Marquette Transportation Company LLC. (US), and Marine Services Co. Ltd. (Saudi Arabia).

Note: The COVID-19 pandemic disruption is estimated to transform the XX market in the years to come drastically, and its after-effects will be persistently seen in the years ahead. The MRFR report on the XX market meticulously tracks the COVID-19 pandemic effect for the years ahead. Moreover, the precise analysis of drivers and restraints in a post-COVID-19 market offers a coherent understanding of future growth cues.

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