The global Dry Bulk Shipping market is expected to expand at 5.10% CAGR during the period up to 2027, according to an analysis by Market Research Future.
Dry bulk shipping is the movement of significant bulk commodities such as iron ore, coal and grains in vessels, as also lumber, steel products such as coils, plates, rods, and other commodities.
The global dry bulk shipping industry is expected to witness substantial growth during the forecast period, it said, with demand expected to be driven by the growth of seaborne trade and an increase in iron ore and coal transportation.
The dry bulk shipping market is segmented based on type and application. On the basis of type, the market is segmented as Capesize, Panamax, Supramax and Handysize. The Capesize segment is expected to dominate the market, as per the analysis.
On the basis of application, the global dry bulk shipping market is segmented as iron ore, coal, grains, bauxite/alumina, phosphate rock, etc. The iron ore segment is expected to dominate the market as it is the largest traded commodity across various developing and developed nations, it was pointed out.
Geographical analysis of the dry bulk shipping market spans across China, Europe, North America, India, Japan, South America, the Middle East and Africa, and the rest of the world. China is anticipated to lead the market during the forecast period, followed by Europe, it was emphasised.