According to the new market research report “Cargo Shipping Market by Cargo Type (Liquid, Dry, General, Container), Industry Type (Food, Electrical/Electronics, Mineral Fuels & Oils, Manufacturing), Trade Routes, Infrastructure, Regulations, and by Freight Forwarding – Global Trends and Forecast to 2021”, published by MarketsandMarkets™, Cargo shipping market is projected to reach 12.52 billion tons at CAGR of 3.5% from 2016 to 2021. The cargo shipping market is estimated to gain momentum from 2018 onwards after years of sluggish growth.
Global economic growth, the rise in the global commodity demand that results in increased seaborne trade that ultimately acts as key drivers of the growth of global cargo shipping trade. The study segments the cargo shipping trends on the basis of cargo type, industry type, and major trade routes.
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Rise in global seaborne trade in order to meet the consumer demand would drive the cargo shipping market
As per the United Nations Conference on Trade and Development (UNCTAD), the global seaborne trade volume touched 10 billion tons in 2015, which included exports and imports of dry cargo including bulk commodities and containerized trade. The constantly increasing containerized trade coupled with the rising trend of port automation to cope up with the increased demand has led to growing size of port terminals to accommodate the goods, which, in turn, is driving the demand for cargo shipping market globally.
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General cargo is estimated to leads the cargo shipping market, by cargo type. The factors that drives the growth of this market are improving economic conditions of the European nations, trade agreements being formed between major developing and developed countries. With the improving economic conditions, the import & export trade of goods and products becomes more prominent for which general cargo would provide significant transportation model. Advantages such as individual transport of commodities that help in reduced ship time at port terminals, and enhanced utilization of ship space. All of these factors would prompt the demand of General cargo in the coming years.
Asia-Pacific is projected to lead the cargo shipping market during the period of 2016 to 2021. The growth of the cargo market is primarily triggered by the increasing population, infrastructural development, and manufacturing activities. Furthermore, the rising trend of globalization and demographic changes are also few other key drivers for Asia-Pacific. The Shanghai Port (China), Shenzhen Port (China), Hong Kong, S.A.R.(China), and Ningbo-Zhoushan, China), Singapore Port & Keihin Port (Japan) are some port terminals that handle millions of TEU annually that subsequently drive the growth of in Asia Pacific market.
Rising infrastructural development at the port terminals to accommodate the growing demand of cargo Shipping
The increasing investment in port infrastructure, global supply & demand cycle are also key driving factors for the cargo shipping industry. Expansion of trade passages such as Panama Canal and Suez Canal increases waterways’ capacity and allow the passage of larger vessels is beneficial for cargo shipping. An increasing number of countries forging free trade agreements will boost the cargo shipping industry. Further, different free trade agreements such as NAFTA, AFTA, TPSEP, and others have helped countries significantly towards strengthening their economies. These agreements not only are responsible for the growth in trade between nations but also have a direct impact on the shipping industry. Also, the developing country in past years is driving the economic growth. The improved specialization in the supply chain for marine trade has gathered huge development as developing countries continue to gain greater market share in the cargo shipping business.
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The ecosystem of the cargo shipping industry consists of shipping companies such as A.P. Moller Maersk (Denmark), CMA CGM SA (France), and Mediterranean Shipping Company S.A (Switzerland). Freight forwarders such as DHL Global Forwarding (Germany), Panalpina (Switzerland), Ceva Logistics (Netherlands), DB Schenker (Germany) are also a vital part of an ecosystem. Shipbuilding and shipping containers manufacturers are also part of the cargo shipping ecosystem. There are few trade statistical portals such as the International Trade Centre (ITC), and the United Nations Conference on Trade and Development (UNCTAD) among others.