Dry Bulk Materials Global Market Report 2024

The dry bulk materials market size has grown strongly in recent years. It will grow from $402.16 billion in 2023 to $437.21 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth observed during the historical period can be attributed to several factors, including an upsurge in the shipping of steel and coal, the expansion of seaborne trade, robust economic growth in emerging markets, the ongoing process of industrialization, and the increasing pace of urbanization. These factors have contributed to the historical growth of the dry bulk materials trucking industry.

The dry bulk materials market size is expected to see strong growth in the next few years. It will grow to $598.14 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The projected growth in the forecast period can be attributed to various factors, including an increase in the transportation of iron ore and coal, a rising demand for dry bulk shipping services, growth in the shipping of steel, the surge in infrastructure projects, and the growing demand for essential resources such as iron ore, coal, grains, and bauxite/alumina. Prominent trends in the forecast period encompass technological advancements in the industry, the emphasis on sustainable materials and practices, the impact of volatile raw material prices, reduced investments in new construction (newbuilds), and the utilization of market intelligence to drive informed decision-making. These trends are expected to drive growth in the dry bulk materials trucking market.

The growth of the dry bulk material trucking market is being propelled by the increasing demand for raw materials in the manufacturing, defense, and infrastructure sectors. This heightened demand is a result of factors such as industrialization, population growth, and urbanization. To illustrate, the World Bank's report highlights the substantial increase in the production of minerals crucial for clean energy technologies in the European mineral raw materials industry. It emphasizes the necessity for a wide range of minerals and metals to support renewable energy strategies and their associated infrastructure. The demand for minerals like graphite, lithium, and cobalt is expected to surge by up to 500% by 2050. This surge necessitates efficient dry bulk trucks to transport these materials, thereby contributing to the growth of the dry bulk material trucking market.

The primary commodity types within the dry bulk materials trucking market include iron ore, coal, pet coke, grains, agricultural products, cement, aggregates, fertilizers, and various other materials. Iron ore is a mineral-rich rock used for iron extraction. The market is further categorized by vessel type, including capesize, handysize, panamax, and handymax vessels, and by application, spanning various sectors like food and beverages, construction, automotive, energy and mining, agriculture, chemicals, and more. Additionally, it is divided by end-use, encompassing iron ore, steel products, lumber or logs, and other specific applications.

The dry bulk materials market research report is one of a series of new reports that provides dry bulk materials market statistics, including dry bulk materials industry global market size, regional shares, competitors with a dry bulk materials trucking market share, detailed dry bulk materials 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 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.

The growing volume of waste is anticipated to drive the growth of the dry bulk material trucking market in the foreseeable future. The rapid expansion of the global population and urban areas has led to an increase in both hazardous and non-hazardous waste. While non-hazardous waste disposal is relatively straightforward, the proper disposal of hazardous waste demands immediate attention. Dry bulk material trucks play a vital role in the safe disposal of such waste, preventing potential risks to both workers and the environment. As per an article by the World Bank in February 2022, the estimated solid waste generation in 2020 was 2.24 billion tons, equivalent to 0.97 kilograms of waste per person per day. With the continuous population growth and urbanization, annual waste generation is projected to surge by 73%, reaching 3.88 billion tons by 2050. Therefore, the increasing waste volume is fueling the expansion of the dry bulk material trucking market.

The restrictions on high levels of carbon emissions from dry bulk carrier trucks are expected to hamper the growth of the dry bulk material trucking market. The European Commission has proposed regulations to establish 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 projected to be 15% lower than in 2019. Such regulations may pose a threat to dry bulk carrier trucks, leading to increased operational costs and thereby restraining the growth of the dry bulk material trucking market.

The dry bulk materials market is increasingly adopting technology to enhance productivity and efficiency, a trend gaining significant traction in the industry. Technological advancements include the integration of artificial intelligence, automation, the use of specialized apps, and other innovations. For instance, in April 2020, Roger, a technology company focused on the trucking sector, developed an app providing real-time information about the status and location of active loads, greatly improving business efficiency. This technology reduces the time required for generating information, digitizes paperwork, tickets, and communication, and offers features like paperless tickets, speedy digital payment processing, integration with major industry ERPs, and access to a digital freight marketplace.

Major players in the industry are concentrating on the development of innovative equipment technologies, such as electric material handling equipment, to strengthen their market position. Electric material handling equipment is used for material movement, storage, and transportation in industrial and commercial settings. For example, in May 2022, Linde Material Handling, a German-based forklift truck and warehouse equipment manufacturer, introduced electric heavy-duty forklift trucks with load capacities ranging from 10 to 18 tonnes. This innovative series of compact heavy-duty trucks builds upon the eight-ton range, featuring double drive, double lifting hydraulics, two batteries, and scaled pumps.

In February 2021, Industrial Magnetics Inc., a significant player in the industrial magnet manufacturing industry, acquired Walker Magnetics Group Inc. for an undisclosed amount. This acquisition enhances Industrial Magnetics' position in industrial magnetic technology and systems, expanding its capabilities in lift magnets and work holding segments. With a broader range of lift magnets, Industrial Magnetics can offer customers an industry-leading selection of high-quality lifting solutions tailored to their specific requirements. Walker Magnetics Group Inc. is a US-based manufacturer of engineered industrial magnetic products.

Major companies operating in the dry bulk materials market include C.H. Robinson, Transpro Burgener, Bulkmatic Transport, Kenan Advantage Group Inc., Quality Distribution Inc., Trimac Transportation Services Inc., Foodliner Inc., Heniff Transportation Systems LLC, Superior Bulk Logistics Inc., Groendyke Transport Inc., Ruan Transportation Management Systems, Dupre Logistics LLC, Eagle Transport Corporation, Martin Transport Inc., Florida Rock And Tank Lines Inc., United Petroleum Transport Ltd., Tankstar USA Inc., Coastal Transport Co. Inc., Apex Logistics International Inc., Cliff Viessman Inc., J and M Tank Lines Inc., Andrews Logistics LP, Grammer Industries Inc., Prime Inc., Belships ASA, Berge Bulk Singapore Pte. Ltd., Diana Shipping Inc., Freeseas Inc., Genco Shipping and Trading Limited, Globus Maritime Limited, Golden Ocean Group Ltd., Gulf Agency Company Ltd., Star Bulk Management Inc., Western Bulk Management AS, Cargill Incorporated., Archer Daniels Midland Company, Bunge Limited, Louis Dreyfus Company BV

Asia-Pacific was the largest region in the dry bulk materials market in 2023. North America was the second largest region in the dry bulk materials market. The regions covered in the dry bulk materials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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

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.

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

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


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