Bulk terminals are crucial components of the industrial infrastructure because they guarantee the efficient and safe transportation of vital resources. Despite the COVID-19 pandemic’s current declines in seaborne trade, the world’s minor bulk trade has grown significantly. According to Future Market Insights (FMI) analysts, the amount of minor bulk traded globally has increased to 1.74 billion tonnes.
Bulk Terminals Market is anticipated to grow at stable CAGR during 2020-2030, Such an expected rise in demand for petroleum products and crude oil is influencing market players to center their focus on liquid bulk terminals. According to an FMI report, the production of steel and forest products accounted for 43% of minor bulk trade. Additionally, metals and minerals have taken up about 37% of minor bulk trade, followed by agricultural products at 20%.
Agricultural yield is majorly concentrated on countries such as the US, Argentina, Brazil, China, and India, which accounts for over ¾ of export and import of several grains as minor bulk commodities.
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Bulk Terminals Market Size Study
- Sales of bulk terminals to remain stable over the forecast period, 2020-2030
- Dry bulk continues to generate greater total returns to shareholders (TRS)
- Nearly 190 terminals were under expansion worldwide in June 2019, with an additional 49 under construction
- Markets in Europe and North America to generate relevant value through 2030
COVID-19 Impact on Bulk Terminals Market
The COVID-19 pandemic is triggering huge supply chain disruptions for bulk terminals market due to strict lockdown measures, especially in Asian supplier regions. Such stringent measures have led to dearth of workers – truck drivers and labors – at port terminals.
In addition, the market is suffering due to shortage of transportation facilities such as. Studies reveal that trucks and containers dropped by about 50% due to decreasing number of trailers and unavailability of drivers. This has further slowed down transshipping operations at terminals.
Driven by rising concerns regarding worker safety, several end-use industrial operators have brought manufacturing processes to temporary halt, thereby, hurting the demand for bulk terminals.
In an effort to stay afloat amid the COVID-19 crisis, upgradation in automation capabilities will be critical for bulk terminal market players in immediate future.
Bulk Terminals Market – Competitive Intelligence
Leading players in global bulk terminals market are focused on inorganic growth strategies such as mergers and acquisitions (M&A) as well as contracts in order to boost theor market presence. Case in point,
- Ultramar Group has entered into transshipment collaboration with Acron Group to transship over 1.2 million tons per year (tpy) of mineral fertilizers.
- Noatum Maritime has taken over multi-purpose bulk terminal business from Noatum Ports.
- Teck Resources and Westshore Terminals have entered into an agreement for new throughput contract for export of metallurgical coal beginning in April 2021. The contract will witness 5-7 million mt of metallurgical coal exported from April through December 2021.
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To Know More About Bulk Terminals Market:
A new market research report published by Future Market Insights (FMI) on the global bulk terminals market report offers comprehensive insights into the market demand trends and analysis of opportunities over the forecast period, 2020-2030. The report examines the bulk terminals market through two different segments – bulk type, and region. The bulk terminals market report also provides extensive assessment of pricing by different key market dynamics, life cycle analysis, and technologies that are being deployed in the manufacturing of barcode printers and product adoption across several end-use industries.
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