Bulk Terminals Market Set to Witness High Growth owing to Rising Demand for Bulk Commodities
Bulk Terminals Market Set to Witness High Growth owing to Rising Demand for Bulk Commodities
Blog Article
Bulk terminals play an important role in the transportation, storage and handling of bulk commodities such as grains, coal, mineral ores, fertilizers and other dry bulk cargoes. Bulk terminals consist of storage silos, loading racks, material handling equipment, conveyors and other infrastructure. They serve as crucial nodes in the bulk commodity supply chain by facilitating efficient transportation between ships, trucks, barges and railcars. The global bulk terminals market has witnessed noteworthy growth in recent years driven by robust demand for bulk commodities from various end-use industries.
The Global Bulk Terminals Market was valued for US$ 17411.5 Mn in 2021 is expected to exhibit a CAGR of 3.5% % during the forecast period.
Key Takeaways
Key players operating in the Bulk Terminals Market include Vopak, Global Terminals, Euroports Holdings Sàrl, TPP S.A., DaLian Port (PDA) Company Limited, Ports America, Noatum Ports, S.L.U., China Merchants Port Holdings Co. Ltd. and HES International B.V.
Major opportunities in the Bulk Terminals Market Demand include capacity expansion at existing terminals and development of new terminals, especially in emerging economies of Asia Pacific and Latin America to cater to the rising trade of bulk commodities. Strategic investments by key players to develop world-class infrastructure will further boost the market growth over the coming years.
Globally, the Asia Pacific region dominates the bulk terminals market with China, India, Japan and South Korea among the major markets. North America and Europe are other prominent regions driven by strong presence of grain and coal exporting nations. Africa and Latin America are high potential markets and increasing investments in infrastructure development are likely to attract global players in these regions.
Market Drivers
Increasing global seaborne trade of dry bulk commodities is a key growth driver for the bulk terminals market. Rising population and rapid urbanization have propelled the demand for commodities like food grains, coal, fertilizers and ores. Continuous capacity additions at existing terminals and construction of new terminals helps meet the rising commodity trade volumes. Stringent environmental regulations regarding carriage of commodities via roads and rails have further augmented the dependence on sea transportation, benefitting bulk terminals industry.
PEST Analysis
Political: The government regulations regarding safety standards, environmental regulations are expected to impact the bulk terminals market. Stringent regulations may add to compliance costs.
Economic: Global economic growth, international trade, demand from end-use industries like oil and gas, mining, energy and power sectors influence the performance of bulk terminals market. Recession can negatively impact market growth.
Social: Factors like population growth, urbanization rate impact transportation and logistics industry which in turn influence bulk terminals infrastructural requirements.
Technological: Automation and digitization helps in efficient cargo handling and inventory management. Technologies like IoT, AI, data analytics enables remote monitoring and maximizes asset utilization of equipment handling bulk commodities.
Regions where market in terms of value is concentrated
The bulk terminals market concentrates maximum value in regions with largest oil producers and robust manufacturing industry. North America and Middle-East regions experience high bulk commodities movement led by strong petrochemical industry, rapid economic growth and urbanization. The regions together account for over 40% share of global bulk terminals capacity.
Fastest growing region for bulk terminals market
Asia Pacific region is projected to emerge as the fastest growing market during forecast period led by growing energy needs of China and India. Infrastructure development under China's Belt and Road initiative is expanding intra-regional trade routes boosting regional ports capacity for handling bulk cargo. Rapid industrialization and energy sector expansion across Southeast Asian economies drives growth of coal, iron ore and crude oil terminals in the region.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191) Report this page