Dry Bulk Materials Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Dry Bulk Materials Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • May 2021 •
  • 175 pages •
  • Report ID: 6071870 •
  • Format: PDF
Major players in the dry bulk materials trucking market are Melvin Orr Trucking, C.H. Robinson, J.B. Hunt Transport Services Inc., YRC Freight, Swift Transportation, Landstar System Inc., Transpro Burgener, Bulkmatic, Kenan Advantage Group, and Quality Distribution.

The global dry bulk materials market is expected to grow from $284.86 billion in 2020 to $306.53 billion in 2021 at a compound annual growth rate (CAGR) of 7.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $389.46 billion in 2025 at a CAGR of 6.2%.

The dry bulk materials trucking market consists of sales of dry bulk materials trucking services by entities (organizations, sole traders, and partnerships) that provide over-the-road transportation of dry bulk materials. Only goods and services traded between entities or sold to end consumers are included.

The dry bulk material trucking market is increasingly using technology for higher output and efficiency which is gaining significant popularity in the dry bulk materials 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, digitizes 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.

The dry bulk materials trucking market covered in this report is segmented by commodity type into iron ore, coal, and pet coke, grains and agricultural products, cement/ aggregates, fertilizers, others, by application into food and beverages, construction, automotive, energy and mining, agriculture, chemicals, others.

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. to expand its footprints in the USA specialized truckload business. CCC Transportation is a USA-based bulk carrier company that offers dry vans, intermodal, dedicated fleets, logistics, and retail direct delivery.

Rising demand for raw material 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.According to the United States, Environmental Protection Agency’s report of transportation greenhouse gas emissions published in 2018, 23% of greenhouse gases are emitted by heavy-duty trucks which include dry bulk and other materials.

These high CO2 emission rates can cause hazardous environmental effects such as ozone depletion, climate change, and others.To control the CO2 release, in May 2018, 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 it increases operational expenditure, thus, restricting the growth of the dry bulk material trucking market.