Marine Trade Market Outlook
According to the report by Expert Market Research (EMR), the global Marine Trade Market Analysis reached a value of approximately 60,842 billion ton-miles in 2022. Aided by the expanding demand for international trade and the ever-increasing utility of marine routes in global commerce, the market is projected to further grow at a CAGR of 2.20% between 2023 and 2028 to reach a value of 69,191 billion ton-miles by 2028.
Marine trade involves the global transportation of goods using maritime routes, mainly utilising cargo ships. It is a crucial component of the global economy, enabling the cost-effective and large-scale movement of commodities across borders. Marine trade facilitates the exchange of various types of goods including, but not limited to, oil and gas, agricultural products, raw materials, and manufactured goods.
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The rising demand for international trade is a key driver for the global marine trade market growth. As economies become increasingly interconnected, the need for efficient, reliable, and extensive marine trade networks has grown significantly. Furthermore, the proliferation of free trade agreements and the liberalisation of markets have stimulated cross-border commerce, consequently escalating the demand for marine trade services.
In addition, the inherent benefits of maritime transportation lend substantial impetus to the marine trade market expansion. Given its high carrying capacity and energy efficiency, marine transportation is often deemed the most economical and environmentally friendly mode of freight transport. This has not only reinforced the dominance of marine trade in global logistics but has also invigorated its growth amidst rising environmental consciousness.
On the other hand, the expanding applications of marine trade across various sectors also contribute to the marine trade market development. The energy sector, for instance, relies heavily on marine routes for the international transport of oil and gas. The agricultural sector utilises marine trade for the export of produce, while the manufacturing sector depends on it for the supply of raw materials and the export of finished goods. Such widespread applications underline the pivotal role of marine trade in global commerce, invigorating the marine trade market growth.
Moreover, advancements in shipping technology and infrastructure have substantially bolstered the efficiency and capacity of marine trade. Developments in ship design, automation, and digitalisation have not only amplified the speed and safety of maritime transport but have also augmented it carrying capacity. Concurrently, enhancements in port infrastructure and logistics have streamlined marine trade operations, thus propelling the marine trade market growth.
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Marine Trade Market Segmentation
The market can be divided based on cargo type and region.
Market Breakup by Cargo Type
- Other Dry Cargo
- Minor Dry Bulk
- Main Bulks
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Marine Trade Market Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global marine trade companies.
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