Impact of Covid-19 Outbreak on Dry Bulk Shipping Market

04/ago/2020 08:33:18 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.

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