Bulk Market to Grow by Heaps and Bounds
The global bulk terminals market is expected to grow from US$5.20 billion in 2016 to $7.41 billion by 2023 with a CAGR of 5.1%, according to a report by Stratistics MRC.
Bulk Terminals – Global Market Outlook (2017-2023) has seen demand increase due to industrial output, with the use of bulk commodities and affordability in emerging countries fuelling the growth.
The dry bulk segment has acquired the largest market share as developing countries' cleaner energy approach has restricted coal consumption.
China and North America have been forecasted large growth due to increasing demand in their grain bulk terminals.
However, the downfall of coal consumption and business reforms are factors that are hindering progress for the market as a whole.
Leading shipping trade body BIMCO recently noted a reversal of three years of bad fortune for US seaborne coal exports, which have now risen for the third quarter in a row in a windfall for bulk trade.