Wilmington, Delaware, United States, Nov. 02, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global liquid & bulk transportation vessels market stood at US$ 910 billion in 2023 and is projected to reach US$ 1.1 trillion in 2031. The global liquid & bulk transportation vessels market is anticipated to expand at a CAGR of 3% between 2023 and 2031.
The global liquid & bulk transportation vessels industry remains relevant and resilient as a global pillar of logistics and energy sectors. The ongoing expansion of international trade and increase in need for energy and resources are fueling the liquid & bulk transportation vessels market size. The liquid & bulk transportation vessels market progress is inextricably tied to various sectors such as energy, agriculture, and industrial manufacturing.
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Liquid & bulk transportation vessels act as a way of transferring critical resources to locations where they are most needed. Tankers are vital in the energy sector as they allow crude oil and LNG to be delivered from production locations to distribution hubs and consumer markets. These vessels are critical in providing a consistent supply of energy to the power industry and families worldwide.
Bulk carriers specialize in delivering dry bulk cargo such as grains, ores, and minerals. They contribute to the global food supply chain and provide raw materials for diverse industries. The liquid & bulk transportation vessels business exhibits its resilience and inventiveness, particularly in reaction to changes in energy choices and environmental concerns. Furthermore, it remains an important economic indicator, closely monitoring worldwide economic swings. Global commerce and economic growth significantly impact the demand for liquid & bulk transportation vessels.
As the global economy grows, so does the demand for the global movement of products and resources. Globalization and market interconnection have raised the amount of international commerce significantly over the years. Increase in economic activity is propelling demand for bulk carriers and tankers to transport critical commodities such as raw materials, agricultural products, energy resources, and completed items.
Tankers and specialized boats play a critical role in easing the transfer of oil, natural gas, and other energy commodities in a society that is largely reliant on energy resources. The necessity for efficient and dependable transportation technologies becomes more apparent as global energy consumption rises, particularly as emerging countries industrialize and urbanize.
Competitive Landscape of Liquid & Bulk Transportation Vessels Market
- Stolt-Nielsen
- Iino Kaiun Kaisha Ltd.
- MISC Berhad
- MOL Chemical Tankers Europe A/S
- UPT United Product Tankers GmbH & Co. KG
- Stena Bulk
- Team Tankers International Ltd.
- Nordic Tankers
- DAL/JTE
- Seatrans AS
Key Takeaways of Market Report
- Global liquid & bulk transportation vessels market to generate absolute dollar opportunity worth US$ 1.1 trillion until 2031.
- The global liquid & bulk transportation vessels market from 2023 to 2031 is 3%
- The global liquid & bulk transportation vessels market is valued at US$ 824.5 billion in 2022.
- The global liquid & bulk transportation vessels market stood at US$ 910 billion in 2023.
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Liquid & Bulk Transportation Vessels Market: Growth Drivers
- Rapid growth in global trade is converting the shipping sector into an essential component in the worldwide supply chain. Bulk carriers play an important role in moving large amounts of dry bulk commodities such as coal, iron ore, and cereals from producing areas to consuming centers.
- Tankers are critical for the transfer of liquid cargo, most notably crude oil and liquefied natural gas, to fulfill the energy demands of countries across the globe. Thus, rapid economic development and surge in population are driving demand for various commodities and resources, thereby boosting the liquid & bulk transportation vessels market value.
- Exploration for resources, particularly in the energy sector, is fueling the liquid & bulk transportation vessels market revenue. Demand for specialized boats, such as offshore supply ships, LNG carriers, and shuttle tankers to transfer these resources from offshore regions to refineries and distribution hubs, is growing with a surge in the discovery of new oil & gas reserves throughout the world.
- These vessels are outfitted with cutting-edge technology to meet the demands of resource research, which frequently takes place in hostile locations, deep oceans, or cold temperatures.
Liquid & Bulk Transportation Vessels Market: Regional Landscape
- According to the latest liquid & bulk transportation vessels market forecast, Europe is projected to hold largest share from 2023 to 2031. In 2022, the region accounted for 43.3% share and was valued at US$ 362.4 Bn. Rise in crude oil imports is fueling the market dynamics of the region.
- Surge in maritime commerce in China and Japan and rise in investment in the shipping sector are propelling the market expansion in Asia Pacific. In 2022, Asia Pacific accounted for 36.9% market share.
Liquid & Bulk Transportation Vessels Market: Key Developments
- MOL Chemical Tankers Pte. Ltd. and Fairfield-Maxwell Ltd. signed an agreement in principle by which MOL Chemical Tankers would acquire the business of Fairfield Chemical Carriers.
Liquid & Bulk Transportation Vessels Market: Segmentation
- By Vessel Type
- Dry Cargo Vessel
- Liquid Vessel
- Specialized Vessel
- By Application
- Natural Gas & Crude Oil
- Chemical
- Industrial
- Others
- By Transport Type
- Inland Tankers
- Short Sea Tankers
- Deep Sea Tankers
- Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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