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The dry bulk materials market has witnessed robust growth, surging from $402.16 billion in 2023 to a projected $437.21 billion in 2024, reflecting a formidable Compound Annual Growth Rate (CAGR) of 8.7%. The remarkable upswing in the historic period can be attributed to various factors such as increased shipping of steel and coal, the rise of seaborne trade, strong economic growth in emerging markets, the swell of industrialization, and the acceleration of urbanization.

Projected Momentum: 2024-2028

The dry bulk materials market is poised for sustained momentum, with expectations of reaching $598.14 billion by 2028, driven by a CAGR of 8.2%. This growth in the forecast period is underpinned by key factors including the increased transportation of iron ore and coal, a rising demand for dry bulk shipping, augmented shipping of steel, escalating infrastructure projects, and the growing demand for essential commodities such as iron ore, coal, grain, and bauxite/alumina. Notable trends in this period include technological advancements, a focus on sustainable materials, managing volatile raw material prices, reduced investment in new builds, and an emphasis on market intelligence.

Industrial & Infrastructure Need: Driving Dry Bulk Material Trucking

– Rising Demand for Raw Materials

The surge in demand for raw materials, driven by manufacturing, defense, and infrastructure needs, is a significant catalyst for the growth of the dry bulk material trucking market. Factors such as industrialization, population growth, and urbanization contribute to this upswing. For instance, the European mineral raw materials industry, according to the World Bank, has seen substantial growth in the production of minerals crucial for clean energy technologies.

Waste Management Boosting Market Growth

– Coping with Increased Waste

The mounting volume of waste, both hazardous and non-hazardous, is expected to bolster the growth of the dry bulk materials market. The rapid rise in population and urbanization has led to an increase in waste generation. Dry bulk materials play a crucial role in ensuring the safe disposal of waste, addressing environmental concerns and potential risks to manual handlers. The World Bank estimates that waste generation could reach 3.88 billion tons by 2050, highlighting the importance of effective waste disposal mechanisms.

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Industry Leaders

– Pioneering Companies

Major players shaping the dry bulk materials market include C.H. Robinson, Bulkmatic Transport, Kenan Advantage Group Inc., and Heniff Transportation Systems LLC. These companies play a vital role in meeting the escalating demand for dry bulk materials, contributing to the industry’s sustained growth.

Material Handling Innovation

– Electric Material Handling Equipment

Innovation takes center stage as major players focus on creating advanced material handling equipment. Electric material handling equipment, exemplified by Linde Material Handling’s introduction of heavy-duty forklift trucks, reflects the industry’s commitment to efficiency and technological advancement.

Strategic Acquisitions

– Industrial Magnetics and Walker Magnetics Group

Strategic acquisitions, like Industrial Magnetics Inc.’s acquisition of Walker Magnetics Group Inc., showcase the industry’s pursuit of strengthening positions and expanding capabilities. Such moves contribute to the development of industrial magnetic technology and systems, ensuring a diverse and high-quality range of lifting solutions.

Market Segmentation

– Diverse Commodity Types and Applications

The dry bulk materials market is diverse, segmented by commodity types such as iron ore, coal and pet coke, grains and agricultural products, cement/aggregates, and fertilizers. Applications span industries like food and beverages, construction, automotive, energy and mining, agriculture, chemicals, and other applications. The end-use segmentation includes iron ore, steel products, lumber or log, and other end-users.

Regional Dominance

– Asia-Pacific Leading the Way

In 2023, Asia-Pacific emerged as the largest region in the dry bulk materials market. The region’s dominance underscores its pivotal role in steering the industry’s growth, reflecting the global nature of the market.

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The Dry Bulk Materials Global Market Report 2024  provides an overview of the dry bulk materials market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The dry bulk materials market forecast analyzes dry bulk materials market size, dry bulk materials market share, leading competitor and their market positions.

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