Global Cargo Shipping Transportation Market

Global cargo shipping transportation market stood at USD157.49 billion by value in 2020 and is forecast to grow at a CAGR of 5.87% until 2026, owing to the rising imports and exports of liquid, dry, general, and container cargo trade in the Asia Pacific & Middle East countries like India and Brazil.

On the basis of Cargo Type, the market can be bifurcated into Bulk Cargo, Oil & gas and Liquid Cargo, Container Cargo, General Cargo and Others. Bulk cargo accounted for share of 41.12% in 2020 and the segment is expected to maintain its market dominance during the forecast period, owing to the rebound in economies after the opening of country wise lockdowns. Moreover, rapid urbanization and industrialization are likely to propel the demand for bulk cargo shipping. Growing infrastructure development, which requires significant use of steel products and iron ore, is also the key factor driving the bulk cargo segment.

Based on Industry, the market can be segmented into Oil & Gas, Ores, Manufacturing, Food, Electrical and Electronics and Others.Oil & Gas segment accounts for the largest market share due to crude oil, refined petroleum products and gas, which continued to grow amid a surplus in oil market supply and low oil prices.

Total seaborne trade volumes of oil tanker trade reached 3.1 billion tons in 2019 indicating a continuous increase over the previous years. Oil imports have continued at a steady rate in order to increase the inventory for crude oil and refined oil products. Such positive trends were supported by strong demand for crude oil imports in China, India and the United States and large quantities of exported petroleum products from India and China