Market Highlight
Over the years, the construction industry has endured much advancement, which has resulted in the development of dry bulk shipping industry. Thus, with this development, the global market for construction was acknowledged. As per the Market Research Future’s analysis, the global dry bulk shipping market has proficiently witnessed a remarkable growth at 4.65% CAGR during the foretell period. Therefore, with such hype in the market, it is expected that it will expand its size and valuation of 6,100.0 Million tons tremendously by 2025.

Top Market Drivers & Challenges

The experts reveal that the dry bulk shipping looks promising in the present and will keep increasing during the anticipated period. The significant factors being causative are demand of bulk commodities such as coals, iron ore, steel products that includes coils, plates, rods, and other commodities.

At the same time, the global dry bulk shipping industry is also probable to by stand substantial growth during the assessment period. The demand for dry bulk shipping is mainly driven by the expansion of seaborne trade and rise in iron ore and coal transportation. Even in International trade, the bulk transport of raw materials, and the import & export of food and manufactured goods are essential to stable an economy, which is another factor responsible for the growth of market.

The study also reveals that, as per the International Chamber of Shipping, international shipping industry is accountable for carrying around 90% of the world trade. Apart from this, the boost in industrialization and the liberalization of national economies has also led to the demand for iron ore and coal, which primarily the industries to expand and giving the market a considerable boost.

In dry bulk shipping, coal and iron ore are the most important raw materials used for producing electricity and building a sustainable infrastructure. Thus, the hasty surge in electricity demand has raised the need for importing and exporting coal. Such factors have been essential drivers boosting the market for dry bulk shipping for the future valuation.

On the turnover, the factor of stagnant economic condition in certain developing countries might hamper the growth of global dry bulk shipping during the assessment period.

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Segmentation of Market: Global Dry Bulk Shipping
The global dry bulk shipping market, as per MRFR’s analysis, is segmented by the elements of type and application.

The market by segment of type includes panama, supramax, capesize, and handy size. Among which, the capesize segment can lead the market in the foreseeable years.

The market by segment of application includes iron ore, bauxite/alumina, grains, coal and phosphate rock. Wherein, the iron ore segment can lead the market, as it is the largest traded commodity across various developing and developed nations.

Geographical: Top Drivers
Geographical analysis of the dry bulk shipping market spans across key regions of Asia Pacific, North America, South America, Middle East & Africa, and the rest of the world.

Among these, in Asia Pacific region, China is probably to go ahead with the dry bulk shipping market during the forecast period. The development of China’s GDP was at a rate of 6.9% in 2017, which was a positive face for shipping and maritime trade for dry bulk shipping. A steep rise in iron ore imports to China along with improved growth in minor bulk trades support the expansion of the market. Overall, it has been witnessed that a strong import demand in China remained the main factor behind the growth of the global dry bulk shipping.

Apart from this, in 2017, China’s industrial activities and manufacturing improved drastically. The industrial production amplified by 6.5 % from 6 % that was back in 2016. As per UNCTAD, in 2018, China was the largest ship-owning country in concern with vessel numbers, with 5,512 commercial ships of 1,000 gross tons and over. Such factors cumulatively compel the growth of the market for dry bulk shipping in the country.

Market Key Players
The well-known players of global dry bulk shipping industry are listed as Star Bulk Carriers Corporation (Greece), Scorpio Bulkers, Inc (Monaco), Golden Ocean (Bermuda), Diana Shipping Inc. (Greece), Pacific Basin Shipping Limited. (Hong Kong), Western Bulk (Norway), DryShips Inc (Greece), Oldendorff (Germany), Marine Services Co. Ltd. (Saudi Arabia), Dampskibsselskabet Norden A/S (Denmark). Other than these, more players such as Genco Shipping & Trading Limited (US), Masterbulk Pte Ltd (Singapore), Western Bulk (Norway), Belships ASA (Norway), Oldendorff (Germany), Ultrabulk A/S (Denmark), Marine Services Co. Ltd. (Saudi Arabia), Marquette Transportation Company LLC. (US) are also equally responsible in gaining prominence for the market’s share.