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Dry Bulk Materials Market to Record 7.6% CAGR Growth Through 2029 | Global Analysis Report
Dry Bulk Materials
Dry Bulk Materials Market Outlook: How is the Market Expected to Grow by 2025?
In the past few years, there has been a significant expansion in the dry bulk materials market. It is projected to surge from a valuation of $403.57 billion in 2024 to $434.35 billion in 2025, with a compound annual growth rate (CAGR) of 7.6%. The historic growth in this market can be credited to several factors like escalated shipping of steel and coal, the surge in seaborne trading, substantial economic development in emerging markets, a rise in industrialization, and expanding urbanization.
Dry Bulk Materials Market Forecast: What Size Will It Reach By 2029?
The market size of dry bulk materials is projected to experience robust growth in the upcoming years, anticipated to reach a value of $583.11 billion in 2029 with a 7.6% Compound Annual Growth Rate (CAGR). This growth during the forecast period can be ascribed to an escalation in the transportation of iron ore and coal, a rising requirement for dry bulk shipping, an upsurge in the shipping of steel, an expansion in infrastructure projects, and an increasing demand for iron ore, coal, grain, bauxite/alumina. Significant trends for the forecast period include technology advancements, sustainable materials, fluctuating prices of raw materials, decreased investments in newbuilds, and market intelligence.
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What Are the Strategic Drivers Boosting Dry Bulk Materials Market Performance?
The boom in the dry bulk material trucking market is fueled by the increasing need for raw materials in industries such as manufacturing, defense, and infrastructure. This rise in demand can be linked to factors like industrial growth, population increase, and urbanization. For example, the World Bank's report highlights that the European mineral raw materials industry saw a significant rise in the production minerals needed for clean energy technologies, illustrating the need for various minerals and metals for the application of renewable energy strategies and their associated infrastructures. By 2050, the demand for minerals like graphite, lithium, and cobalt is projected to surge by as much as 500%. To meet this demand, efficient dry bulk trucks are required to transport these dry bulk materials, thus boosting the growth of the dry bulk materials market.
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What Are the High-Growth Segments in the Dry Bulk Materials Market?
The dry bulk materials market covered in this report is segmented -
1) By Commodity Type: Iron Ore, Coal And Pet Coke, Grains And Agricultural Products, Cement Or Aggregates, Fertilizers, Other Commodity Types
2) By Application: Food And Beverages, Construction, Automotive, Energy And Mining, Agriculture, Chemicals, Other Applications
3) By End Use: Iron Ore, Steel Products, Lumber or Log, Other End Users
Subsegments:
1) By Iron Ore: Fine Ore, Lump Ore
2) By Coal And Pet Coke: Thermal Coal, Metallurgical Coal, Pet Coke (Petroleum Coke)
3) By Grains And Agricultural Products: Wheat, Corn (Maize), Rice, Soybeans, Barley, Other Agricultural Products
4) By Cement Or Aggregates: Cement, Limestone, Sand And Gravel, Crushed Stone
5) By Fertilizers: Nitrogenous Fertilizers, Phosphatic Fertilizers, Potassic Fertilizers, Compound Fertilizers
6) By Other Commodity Types: Bauxite, Sulphur, Steel Products, Wood Pellets, Salt, Other Miscellaneous Commodities
Which Global Trends Are Driving Dry Bulk Materials Market Expansion?
Major players in the dry bulk shipping market are concentrating on improving safety, operational efficiency, and eco-friendliness through innovative approaches. For example, in August 2024, the UK's independent not-for-profit industry group, Dry Bulk Centre of Excellence (DBCE), within the dry bulk shipping industry, introduced the Dry Bulk Management Standard (DryBMS) portal. This portal is intended to offer comprehensive advice derived from industry norms and best practices for ship operators. The drive is aimed at minimizing incidents, enhancing operational methodologies, and fostering sustainability throughout the industry, thereby highlighting the increasing focus on safety systems throughout the industry and ongoing progress in the dry bulk shipping market.
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Who Are the Fastest-Growing Companies in the Dry Bulk Materials Industry?
Major companies operating in the dry bulk materials market include C.H. Robinson, Transpro Burgener, Bulkmatic Transport, Kenan Advantage Group Inc., Quality Distribution Inc., Trimac Transportation Services Inc., Foodliner Inc., Heniff Transportation Systems LLC, Superior Bulk Logistics Inc., Groendyke Transport Inc., Ruan Transportation Management Systems, Dupre Logistics LLC, Eagle Transport Corporation, Martin Transport Inc., Florida Rock And Tank Lines Inc., United Petroleum Transport Ltd., Tankstar USA Inc., Coastal Transport Co. Inc., Apex Logistics International Inc., Cliff Viessman Inc., J and M Tank Lines Inc., Andrews Logistics LP, Grammer Industries Inc., Prime Inc., Belships ASA, Berge Bulk Singapore Pte. Ltd., Diana Shipping Inc., Freeseas Inc., Genco Shipping and Trading Limited, Globus Maritime Limited, Golden Ocean Group Ltd., Gulf Agency Company Ltd., Star Bulk Management Inc., Western Bulk Management AS, Cargill Incorporated., Archer Daniels Midland Company, Bunge Limited, Louis Dreyfus Company BV
What Is the Regional Outlook for the Dry Bulk Materials Market by 2029?
Asia-Pacific was the largest region in the dry bulk materials market in 2024. North America was the second largest region in the dry bulk materials market. The regions covered in the dry bulk materials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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