LONDON--(BUSINESS WIRE)--The global barge transportation market is expected to grow at a CAGR of close to 4% during the period 2018-2022, according to a new market research study by Technavio.
The report categorizes the global barge transportation market by type of barge that include dry cargo barges and liquid cargo barges. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: growth in world seaborne trade
The global seaborne trade has been increasing since 2010. In 2015, it was valued that the global outcome of sea freight was around USD 370 - USD 390 billion that is equal to around 4%-5% of the global trade. Between 2009-2014, the global seaborne trade was primarily dominated by the dry bulk trade followed by the container trade. However, during the middle of 2015 the slowdown of coal imports by China, which is one of the major contributors to the growth of the global seaborne trade of around 32% affected the global seaborne dry bulk transportation.
According to a senior analyst at Technavio for transportation and distribution research, “The oil trade is gaining a higher share in the world seaborne trade than dry bulk trade. From 2015, the seaborne oil trade has been showing an incremental growth. The rise of around 7.9% in the crude oil import by Europe in 2015 is the major reason for the rise in the seaborne oil trade. Also, the increase in China's crude oil import to lower price in 2015, has also contributed to the growth of the global seaborne oil trade positively.”
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Market trend: high opportunities in ethanol transportation
The global ethanol production is witnessing an upward growth after a slight decline in 2012. The US and Brazil are the major ethanol producers. Both the countries held around 84%-86% of the global ethanol production in 2016. Europe, China, and Canada are also contributing to the global ethanol production. The ethanol market is well-established in North America, whereas in APAC and Europe, the market is still in its growth stage. It is expected that the ethanol market in Europe will witness a progressive growth during the forecast period. The growth in ethanol production is expected to have an impact on the growth of barge service providers. This is because barges are one of the commonly used ways of transportation of ethanol, especially for inland ways.
Market challenge: decreasing sea freight rates
The overall sea freight rates across the globe have been fluctuating since 2006. The high dependency of sea freight rates on marine trade opportunities and marine cargo quantity is the primary reason for the fluctuation of the sea freight rates. Therefore, the change in trade function and marine cargo capacity will directly reflect on the sea freight rates. Since 2009, the sea freight rate has been showing a decreasing trend. Huge marine trade opportunities and high marine cargo capacity are the main reasons that reduce the cost of sea freight rates.
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Some of the companies in the global barge transportation market are:
- ACBL
- Danser Group
- Ingram Marine Group
- Kirby
- SEACOR
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