Bulk Terminals Market Is Expected To Exhibit Revenue US$ 21,504.7 Mn with CAGR of 3.5% During The Forecast Period 2020-2027

 

Bulk Terminals Market

Dry bulk is a product that is shipped in large quantities and in unpackaged form by a bulk carrier. In general, dry bulk products are divided into two categories: major dry bulk and minor dry bulk. Major dry bulk includes grains, coal, and iron ore, while minor dry bulk includes minerals, fertiliser, cement, woods, sugar, bauxite/alumina, and so on. In terms of volume, coal is the second-largest bulk commodity after iron ore. Oil, petroleum products, chemicals, gas, and processed fuels are examples of liquid bulk commodities. The liquid bulk segment accounts for more than 30% of total bulk trade-in volume throughput worldwide. Gas bulk trade involves a variety of gases such as compressed natural gas, liquefied natural gas, and a variety of other gases such as hydrogen, among others.

Since the level of emissions from power plants and automobiles has significantly increased, it has become necessary to find alternatives to conventional fuels such as coal and other petroleum-based fuels. As a result, many major consumer economies have expressed an interest in using natural gas as an effective substitute with lower emissions. According to Coherent Market Insights, global natural gas production increased by approximately 2.2% in 2015 over the previous year, while consumption increased by 1.7%. Natural gas exports have increased significantly in countries such as Australia, Qatar, and Norway. According to the same source, global LNG trade was valued at approximately 244.8 MT in 2015, a nearly 4.7 MT increase over 2014.

The global Bulk Terminals Market was valued at 16,548.1 Mn Tons in terms of volume in 2019 and is forecast to reach a value of US$ 21,504.7 Mn by 2027 at a CAGR of 3.2% between 2020 and 2027.

Thus, increased emphasis on natural gas from both developed and emerging economies is expected to drive growth in the global Bulk Terminals Market over the forecast period. Growing demand for grain and minor bulks is expected to drive the growth of the Global Bulk Terminals Market during the forecast period. According to the United Nations (UN), the global population has surpassed 7 billion and is expected to surpass 8 billion during the forecast period, growing at a rate of 1.15%. The rapid increase in population has resulted in an increase in agricultural product consumption.

Furthermore, agricultural production is highly concentrated in countries such as the United States, Brazil, Argentina, China, and India, which account for more than 75% of grain import and export as minor bulk commodities. According to Coherent Market Insights, global seaborne grain trade reached 453 million tonnes in 2015, with wheat and coarse grain accounting for roughly 72% of the traded volume. As a result, these factors are anticipated to drive Global Bulk Terminals Market growth in the near future.

Many governments around the world, including India, Spain, and Italy, have declared a state of emergency to prevent the spread of COVID-19 disease. For example, India has declared a state of emergency from March 25 to May 1 until further notice. The lockdown caused a labour shortage at the ports. Ports are struggling to move cargo due to a lack of manpower. Furthermore, transportation facilities such as trucks and trains are in short supply. Because of the aforementioned factors, the COVID-19 pandemic is expected to limit market growth in 2020.

Major Companies Covered are- Thessaloniki Port Authority SA., Ultramar Group, Global Ports Investments PLC, Noatum Ports, S.L.U., Ports America, Inc., DP World Ltd., China Merchants Port Holdings Co.

Get Press Release- https://www.coherentmarketinsights.com/press-release/bulk-terminals-market-3168

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