Liquid & Bulk Transportation Vessels Market: Introduction
The global liquid & bulk transportation vessels market was valued at US$ 783.3 Bn in 2019. The global liquid & bulk transportation vessels market is anticipated to expand at a CAGR of 3% during the forecast period. Based on vessel type, the dry cargo vessel segment dominated the global liquid & bulk transportation vessels market in 2019. Dry cargo vessels are used to carry solid dry goods that have higher tolerance to heat and cold. These goods include metal ores, coal, steel products, forest products, and grains. The dry cargo vessel segment of the global liquid & bulk transportation vessels market is anticipated to be highly attractive during the forecast period.
In terms of application, the industrial segment accounted for a leading share of the global liquid & bulk transportation vessels market in 2019. This can be primarily ascribed to an increase in demand for steel production in several end-use industries such as building & construction. Based on transport type, the deep sea tankers segment dominated the global liquid & bulk transportation vessels market in 2019. The demand for deep sea tankers is increasing due to the rise in demand for transport of goods on intercontinental routes.
The liquid & bulk transportation vessels market in Asia Pacific is estimated to expand at a substantial pace during the forecast period, owing to high investments in the shipping industry in the region. The demand for sea trade activities has increased due to rapid industrialization and urbanization. Asia Pacific is a major hub for manufacturing of marine vessels. China, South Korea, and Japan accounted for a major share of global ship production in 2018.
Major Drivers of Liquid & Bulk Transportation Vessels Market
The demand for refined products has been increasing in developing countries, such as China and India, owing to rapid industrial development and rise in household income in these countries. For instance, as per BP stats, consumption of petroleum products increased from 94.40 million barrels per day in 2014 to 98.27 million barrels per day in 2019 across the globe. The increase in global demand for oil & gas products is creating the need for trade activities in petroleum products. Oil tankers are used to transport petroleum products. This is anticipated to propel the liquid & bulk transportation market in the near future. The demand for clean fuel energy has been increasing significantly across the globe. The growth in demand for clean fuel energy can be ascribed to the introduction of stringent regulations to limit GHG emissions in end-use industries. LNG is a prominent clean fuel, as it offers cost effectiveness over other fuels and ease of transportation and storage.
Benefits associated with LNG and its availability have boosted the consumption of liquefied natural gas across the globe. The demand for LNG is linked with the demand for gas carriers, as gas carriers are used to transport LNG from one place to another. Thus, rise in demand for LNG is anticipated to drive the global liquid & bulk transportation vessels market during the forecast period.
Asia Pacific Offers Lucrative Opportunities to Liquid & Bulk Transportation Vessels Market
Asia Pacific is projected to be a highly lucrative region of the global liquid & bulk transportation vessels market during the forecast period. The liquid & bulk transportation vessels market in the region is estimated to expand at a significant pace between 2020 and 2030, due to significant investments in the shipping industry. The rise in urbanization and globalization in the region is likely to fuel the demand for liquid & bulk transportation vessels in the near future.
Seaborne trade has increased in countries such as China, Japan, and India over the past few years. This is expected to boost the demand for liquid & bulk transportation vessels in the region.
Major Developments in Liquid & Bulk Transportation Vessels Market
In July 2020, MISC Berhad announced plans to purchase six newly built 98,000-cubic meter very large ethane carriers for US$ 726 Mn. Samsung Heavy Industries Co Ltd and Hyundai Heavy Industries Co Ltd, shipyards in South Korea, are constructing three vessels each. The charters for the vessels are expected to commence in the fourth quarter of 2020.
In April 2018, Team Tankers International Ltd. acquired Laurin Shipping AB and Anglo-Atlantic Steamship Company. These companies are engaged in the Medium Range (MR) tanker shipping sector. These acquisitions are anticipated to strengthen the company’s medium range product portfolio.
Competition Landscape of Liquid & Bulk Transportation Vessels Market
The global liquid & bulk transportation vessels market is fragmented. Various international and regional players operate in the global liquid & bulk transportation vessels market. Leading players operating in the global liquid & bulk transportation vessels market are Stolt-Nielsen, IINO KAIUN KAISHA, LTD., MISC Berhad, MOL Chemical Tankers Europe A/S, UPT United Product Tankers GmbH & Co. KG, Stena Bulk, Team Tankers International Ltd., Nordic Tankers, DAL/JTE, and SEATRANS AS.
Global Liquid & Bulk Transportation Vessels Market: Segmentation
Liquid & Bulk Transportation Vessels Market, by Vessel Type
Liquid & Bulk Transportation Vessels Market, by Application
Liquid & Bulk Transportation Vessels Market, by Transportation Type
Liquid & Bulk Transportation Vessels Market, by Region
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