The cement carriers services market size is expected to witness a growth at a CAGR of more than 3 percent between 2021E and 2026F, according to CW Research's 2021 update of the World Cement Carrier Services and Market Forecast Report.
Asia Pacific and the Far East, which currently is the largest market and accounts for approximately 53 percent of the global market size. It is projected to grow at a CAGR of more than 4 percent during the period, as trade volumes are forecast to see robust increase.
“Asia Pacific, Western Europe and the US are expected to account for an estimated 74 percent of the global cement carrier services market size in 2026F. However, these services in Western Europe and in the US are estimated to cost 3 to 5 times more than in Asia Pacific. The region is also expected to continue being the least expensive market for operations by the forecasted period given that many regional cement companies have their own carrier fleets”, states Juliana Vieira, Business Analyst at CW Group.
West Coast South America expected to be the fastest growing cement carriers services market
Asia Pacific and Western Europe are expected to continue dominating the global cement carrier services market in 2026F. However, the fastest growing region is expected to be West Coast South America, where cement carriers services market size is projected to see an increase on the back of continued infrastructure investment by regional governments in combination with a focus on affordable housing which is expected to lead to increased cement imports from Mexico and remaining the main trade route in the region.
Meanwhile, the West and Central Africa region is expected to be the second fastest growing region in terms of market size driven by a robust growth in trade volumes as regional governments focus on major infrastructure projects and regional cement producers seek out export markets to increase utilization rates.
Asia Pacific cement carrier services market growth to slow marginally over the next five years
In the Asia Pacific region, growth is also expected to slow down, growing at a CAGR of 4 percent in the 2021E-2026F period, compared to breakneck growth that occurred over the past five years, with trade within the region dominated by coastal vessels, especially in markets including Japan, Korea and Indonesia.
The US East Coast cement carriers services market size is expected to see a marginal increase between 2021E and 2026F as growth is expected to be driven by higher importing volumes from Canada and Mexico. While US imports are expected to substantial increase over the period, imports from the Med Basin and Europe are on bulkers for the transoceanic route.
Global cement carrier services market to rebound in 2021E
While in 2020, a stable cement carrier fleet saw a decline in utilization rates due to the impact of the pandemic, in 2021E demand is set to see a recovery as economic growth and trade return to its prior trajectory.
The global cement carriers services market size is expected to increase by over 8 percent in 2021E compared to 2020, as economies regain growth trajectories and vaccination advances worldwide.
The World Cement Carrier Services and Market Forecast provides an in-depth forecast analysis with a five-year retrospective and outlook of the specialized cement carrier market demand by type and market size in USD. The report is meant to serve end users, builders and convertors of cement carriers who need to understand the existing and future supply-demand balance of the segment. Scrapping rates, new builds, conversions, freight, demand and key trends and drivers for major regions and markets worldwide are fully presented and comprehensively explained. The information is provided in a data-rich format that combines qualitative insights with extensive facts and data series to allow readers to make critical business decisions.
Find out more about the report here.