Trade liberalization and global economic growth boost the cargo shipping market. In the past decade cargo shipping market has fared quite successfully. With economic growth and development there is a direct increase in commodity consumption, which drives the cargo shipping market. Depending on the cargo and the type of storage, loading, unloading and securing it would require various types of ships for transportation.Investments in port infrastructure and the global supply-demand cycle will have a positive impact on the shipping market. Growth in countries forging free trade agreements like AFTA (ASEAN Free Trade Area), TPSEP (Trans-Pacific Strategic Economic Partnership), and NAFTA (North American Free Trade Agreement) will drive the cargo shipping market. Transport is an essential link for trading, and the aim is to obtain raw materials for manufacturing industries, or trade manufactured goods in good condition, as and when they are required. Demand and supply for sea transportation has increased and five key things to be considered in the cargo shipping market are: economy, average haul, seaborne commodity, random shocks and transport cost. The cargo shipping industry is segmented on the basis of cargo and industry type. Infrastructure initiatives such as development of new ports and extension of existing ports leads to growth of the cargo shipping market. Container cargos load food, manufacturing industry’s raw materials and electrical & electronic goods. Liquid bulk cargos are loaded with oil from the oilfields at sea – to do this they moor bow type tankers, known as shuttle tankers. Developing economies in Asia-Pacific account for the significant market share; especially China, since it is a major exporter. Growth rate in Europe is presently steady and is expected to grow in the near future; owing to various initiatives by the European Union. Middle East and African regions have the highest potential in the coming years due to availability of oilfields; this is estimated despite the fall in oil prices internationally.
Global Cargo Shipping Market: Segmentation
On basis of cargo type, the global [URL=https://www.futuremarketinsights.com/reports/cargo-shipping-market]Cargo Shipping Market[/URL] is segmented into:
Container cargo
20 foot (6.08 m) Twenty-foot Equivalent Unit (TEU)
40 foot (12.8 m) Forty-foot Equivalent Unit (FEU)
45 foot (13.7m)
48 foot(14.6m)
Bulk cargo
Commodity
Materials
Oil
General cargo
Solids
Raw materials
On basis of industry type, the global cargo shipping market is segmented into:
Food and Manufacturing
Fruits, drinks
Solids
Manufactured raw materials
Oil and ores
Petrol
Diesel
Iron ore
Electrical and electronics
Electrical equipment’s
Electronic equipment’s
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Global cargo shipping market: Regional outlook
Developing economies in Asian countries drive the cargo shipping market and are estimated to hold the largest share of the cargo shipping market. European countries like UK, Spain, Germany and France, along with Russia will account for the second largest share. North America is projected to be third largest market share.