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Dry Bulk Shipping Market Size

Report ID: GMI7789
Published Date: Jan 2024
Report Format: PDF

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Dry Bulk Shipping Market Size

Dry Bulk Shipping Market size was valued at USD 162.6 billion in 2023 and is estimated to register a CAGR of over 4% between 2024 and 2032. Rapid urbanization propels the market as the growing cities demand vast quantities of construction materials such as cement and steel. The need for infrastructure development fuels increased shipments of bulk commodities, driving the demand for specialized vessels.

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According to a World Bank report published in April 2023, over 50% of the global population lives in urban areas. By 2045, the world's urban population will increase 1.5 times to 6 billion. The expanding urban landscape intensifies the reliance on dry bulk shipping, contributing to market growth and economic significance.

Dry Bulk Shipping Market Report Attributes
Report Attribute	Details
Base Year:	2023
Dry Bulk Shipping Market Size in 2023:	USD 162.6 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	4%
2032 Value Projection:	USD 239.5 Billion
Historical Data for:	2018 - 2023
No. of Pages:	250
Tables, Charts & Figures:	354
Segments covered:	Commodity Type, Vessel Type, Design
Growth Drivers:	Increased industrial production and construction activities Increasing urbanization and population growth Changes in commodity flows, export-import dynamics, and international trade agreements Innovations in vessel design and technology
Pitfalls & Challenges:	Overcapacity and oversupply Infrastructure limitations

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The rising adoption of green policies and investments in efficient vessel design are expanding the dry bulk shipping market. As environmental concerns drive regulatory changes, companies invest in eco-friendly technologies, optimizing fuel efficiency and reducing emissions. For instance, in October 2023, Berge Bulk introduced a ship featuring steel-and-composite sails to reduce fuel consumption and carbon emissions. This innovative approach aims to harness wind power and optimize efficiency. Berge Bulk intends to retrofit more vessels on routes where favorable wind conditions can be leveraged for sustainable and environment-friendly shipping practices.

Volatility in commodity prices impedes the dry bulk shipping industry. Fluctuations in prices of key bulk commodities including coal and iron ore directly impact the shipping demand. Sudden changes in market conditions can lead to uncertainties in trade patterns and reduce the willingness of producers and traders to transport goods. The industry's vulnerability to price variations makes it challenging for stakeholders to predict and plan for shipping activities, affecting the overall market stability.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of dry bulk shipping was over USD 162.6 billion in 2023 and is set to record over 4% CAGR from 2024 to 2032, owing to rapid urbanization and the growing number of cities demanding vast quantities of construction materials, such as cement and steel worldwide.

The capsize vessel type segment held 32% of the market share in 2023, attributed to increased demand for bulk commodities, particularly iron ore, and coal.

Asia Pacific registered over 37% of the market share in 2023, due to the robust economic expansion and industrial activities in the region.

Bahri, Diana Shipping Inc., Bulk Shipping Inc., Eurodry Ltd., Euronav, Fednav, Genco Shipping & Trading Limited, Golden Ocean Group, Navios Maritime Partners L.P., Oldendorff, and Pacific Basin Shipping Limited, are some of the major dry bulk shipping companies worldwide.