Barge Transportation Segmentation
Application (Coal, Crude & Petroleum Products, Liquid Chemicals, Agricultural Products, Pharmaceuticals)
In terms of application, the crude & petroleum products segment is anticipated to account for the largest barge transportation market share of 15% during the time period between 2024-2037. This can be attributed to escalating demand for coal. In addition, the growth of this segment is supported by rising demand for crude oil and an increase in ethanol production.
As per research, the global demand for crude oil comprising biofuels was 99.57 million barrels per day in the year 2022 and is poised to grow to 101.89 million barrels per day by the end of 2023. As a result of strict regulations being drawn up by various governments to reduce air pollution and prevent environmental damage caused by burning, coal consumption has declined in recent times. In parallel, there has been a growing trend towards the use of clean and lower-cost fuels like gas.
Type of Cargo (Liquid, Gaseous, Dry)
The dry cargo segment is set to hold 40% barge transportation market share by the end of 2037, impelled by the increased volumes of farm produce going on barges. The growth of the market is expected to be further supported by a growing need for cost-effective transport of products such as iron ore, steel, timber, and gravel around the world. However, dry cargo segment growth is likely to be slowed down in the coming years due to a diminishing demand for coal.
Our in-depth analysis of the global market includes the following segments:
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