Global Marine Trade Market Report and Forecast 2024-2032

Global Marine Trade Market Outlook

The global marine trade market size reached approximately 62,180.52 billion ton-miles in 2023. The market is expected to grow at a CAGR of 2.20% between 2024 and 2032, reaching 75,483.70 billion ton-miles by 2032.

Key Trends in the Market

Marine trade or maritime trade refers to the trade of goods where marine vessels are used to transport the goods across water bodies such as seas and oceans. Shipping and transportation via water routes is low cost and efficient, suited for various manufactured, mined, and grown goods, particularly in large volumes.

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• Rising demand for cost efficient ways to transport goods from one country to another is fuelling the growth of the marine trade market as it is expected to support the economic growth of the developing nations.

• Growing popularity of environment friendly hybrid propulsion for marine vessels is helping the market for marine trade expand. These marine vessels have lower exhaust emissions, reducing the environmental impact of larger cargo ships.

• Increasing development of manufacturing centres in various regions in the world are driving the demand for marine trade, by manufacturing large volumes of products to be shipped to other areas of the world for final sales and usage.

Market Analysis

Based on cargo type, the market is segmented into chemicals, gas, oil, other dry cargo, containers, minor dry bulk, and main bulks. On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the key players in the marine trade market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

Market Share by Cargo Type

The main bulks segment accounts for a significant share of the market for marine trade based on cargo type as they involve transporting large quantities of non-packable commodities. Bulky and heavy goods such as coal, gravel, grain, and scrap metal, among others, are in high demand from construction and other similar industries. Transporting heavy and bulky cargo can be expensive and time consuming by road or air, due to which marine routes are preferred. Marine vessels used for main bulk cargo are designed in such a way that they can carry heavy and hazardous materials with complete safety. The main bulk containers are locked and sealed properly during transportation for extra safety for faster and easier transportation.

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Market Share by Region

The Asia Pacific accounts for a sizable share of the marine trade market owing to the strong presence of manufacturing base in countries like China, and extensive coastline surrounding multiple countries. With large scale production capacities and extensive exports, marine trade routes are commonly utilised to ship products to other countries. Both loaded and unloaded freight are common for marine trade in the Asia Pacific. A highly developed port network, growing shipbuilding activities, and increasing industrialisation are further contributing to the growth of the market for marine trade in the Asia Pacific region.

Key Highlights of the Report