Dry Bulk Materials Global Market Report 2023

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New York, Feb. 24, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Dry Bulk Materials Global Market Report 2023” – https://www.reportlinker.com/p06250373/?utm_source=GNW

The global dry bulk materials trucking market will grow from $363.94 billion in 2022 to $393.83 billion in 2023 at a compound annual growth rate (CAGR) of 8.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The dry bulk materials trucking market is expected to grow to $525 billion in 2027 at a CAGR of 7.5%.

The dry bulk materials trucking market includes revenues earned by entities by providing transportation service for shipment of heavy goods from one place to another.The market value includes the value of related goods sold by the service provider or included within the service offering.

Only goods and services traded between entities or sold to end consumers are included.

Dry bulk materials trucking refers to the mode of transportation of raw substances that are transported in huge, unpackaged packages by using trucks, freight, and other modes of movement to provide over-the-road transportation from one place to another to reduce time, cover long distances, and reduce environmental pollution for dry bulk materials including coal, grains, metal, and related products.

Asia Pacific was the largest region in the dry bulk materials market in 2022.North America was the second largest region in the dry bulk materials market.

The regions covered in dry bulk materials trucking market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The main commodity types in the dry bulk materials trucking market are iron ore, coal, and pet coke; grains and agricultural products; cement and aggregates; fertilizers; and others.Iron ore is a rock from which iron is extracted in mineral form.

The market is segmented by vessel type into Capesize, handysize, pananmax, and handymax and by application into food and beverages, construction, automotive, energy and mining, agriculture, chemicals, and others. It is divided by end-use into iron ore, steel products, lumber or logs, and others.

Rising demand for raw materials for the manufacturing, defense, and infrastructure sectors is driving the growth of the dry bulk material trucking market.This upsurge in demand is attributed to the rise in industrialization, population, and urbanization.

For instance, according to the report of the World Bank, the European mineral raw materials industry demonstrated a considerable increase in the production of minerals needed for clean energy technologies.It additionally clarifies the requirement for a wide range of minerals and metals for implementing renewable energy strategies and their related infrastructure.

The demand for minerals such as graphite, lithium, and cobalt is expected to be as high as 500% by 2050. There is a need for efficient dry bulk trucks to carry these dry bulk materials, thereby driving the market for the dry bulk material trucking market.

The restrictions on high rates of carbon emissions from dry bulk carrier trucks are expected to limit the growth of the dry bulk material trucking market.The EU Commission proposed a regulation setting the first-ever CO2 emission performance standards for new heavy-duty vehicles.

The targeted reduction in average CO2 emissions from heavy-duty vehicles in 2025 is likely to be 15% lower than in 2019. Such impositions can cause a threat to dry bulk carrier trucks as they increase operational expenditure, thus restricting the growth of the dry bulk material trucking market.

The dry bulk material trucking market is increasingly using technology for higher output and efficiency, which is gaining significant popularity in the dry bulk material trucking market.The use of technology includes artificial intelligence, automation, the use of apps, and others.

For instance, in April 2020, Roger, a technology company for trucks, has developed an app that will provide real-time information about the status and location of all their current loads, boosting the efficiency of the businesses.The technology reduces information generation time, digitises paperwork, tickets, and back-and-forth communication.

The app will have features such as paperless tickets, fast digital payment processing, integrations with major industry ERPs, and a digital freight marketplace.

In September 2020, TFI International Inc., a Canada-based transport and logistics company operating across the USA, Canada, and Mexico, acquired CCC Transportation for $6.8 million. The company acquired all the assets of CCC Transportation and related real estate and equipment. The acquisition will help TFI International Inc. expand its footprint in the US specialised truckload business. CCC Transportation is a USA-based bulk carrier company that offers dry vans, intermodal, dedicated fleets, logistics, and retail direct delivery.

The countries covered in the dry bulk materials market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The dry bulk materials trucking market research report is one of a series of new reports that provides dry bulk materials trucking market statistics, including dry bulk materials trucking industry global market size, regional shares, competitors with a dry bulk materials trucking market share, detailed dry bulk materials trucking market segments, market trends and opportunities, and any further data you may need to thrive in the dry bulk materials trucking industry. This dry bulk materials trucking market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06250373/?utm_source=GNW

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