- Press Release -

Recently published intelligence by Fact.MR estimates that the global barge transportation market will register a CAGR of 4.5% from 2021-2031, reaching US$ 191.45 Bn. Extensive reliance on maritime transportation in lieu of diminishing water borders is principally driving adoption of barges across continents and countries.

From 2016 to 2020, the industry experienced a modest incline of 3%, with bulk of the trade happening across the petrochemicals and hydrocarbons sector. As of 2020, the market was valued at US$ 119.92 Bn, experiencing a Y-o-Y growth rate of 3.4% to reach US$ 123.29 Bn in 2021. Recessionary pressures as a result of contracting maritime trade due to COVID-19 temporarily stalled barge transportation uptake.

In the future, global demand for barge transportation is expected to remain reliant on the ever proliferation growth opportunities in maritime trade, particularly in countries across Asia. According to the UN Conference on Trade and Development, Asia maintained a 41% share of total goods loaded in 2020, despite the pandemic induced recession. Countries such as the Philippines, China and Indonesia are expected to emerge as highly lucrative hotspots for maritime trade, followed by India, Japan and other Asian giants.

Key Takeaways from the Market Study

• Dry bulk cargo barge transportation to capture 55% of total market revenue through 2031
• Increasing petrochemicals shipping to widen tank barge growth prospects, capturing 30% of global revenue
• By voyage, inland transportation to account for major barge transportation adoption, growing at 6% CAGR
• U.S to emerge as the fastest expanding market, clocking a CAGR worth 5.3% through 2031
• India to experience major uptake amid high focus on building inland waterways, flourishing at 5% CAGR

“Higher freight rates and the desire to reduce traffic on land will increase demand for barge transportation over the coming years,“ says a Fact.MR analyst.

Competitive Landscape

Strategic collaborations enable manufacturers to increase production and meet consumer demand which will increase revenue and market share. Trade will become more efficient and seamless by using new ports and technologies. The result of a strategic collaboration can help the company to increase its production capacity.

• In August 2021, SEACOR Holdings Inc. announced the completion of its acquisition of U.S Shipping Corp- a privately owned, leading provider of long-haul marine transportation for chemical and petroleum cargo, rendering it as one of the largest Jones Act tanker operators, with a fleet of 15 coastwise vessels ranging from 150,000-300,000 barrels of capacity
• On September 28th, 2021, Taiwan-based Franbo Lines announced that it would be acquiring three bulk carriers as part of its fleet expansion. In addition, it will also purchase you two newly-built bulk carriers: one 40,000 ton bulk carrier acquired from a Japanese firm and one 20,360 ton bulk carrier acquired from a Panamanian company

More Insights Available

Fact.MR's, in its new offering, presents an unbiased analysis of the barge transportation market, presenting historical demand data (2016-2020) and forecast statistics from 2021 to 2031.

The study divulges essential insights on the market based on barge type (dry bulk cargo barge, liquid cargo barge, car-float barge, power barge and construction barge), vessel type (open barge, covered barge and tank barge) voyage (inland, offshore and ocean), and propulsion (towed barge and self-propelled barge) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).

About the Automotive Division at Fact.MR

Expert analysis, actionable insights, and strategic recommendations of the highly seasoned automobile team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.

For more information, refer to our market research report or contact the PR author.

Mohit Loshali

Fact.MR

Consultant – Automotive

E-mail: mohit@factmr.com