US Barge Transportation Market is expected to reach US$ 50,010.20 million by 2030

According to our latest market study on "US Barge Transportation Market Forecast to 2030 – Country Analysis – by Type, Barge Fleet, and Application," the market is expected to grow from US$ 26,178.20 million in 2022 to US$ 50,010.20 million by 2030; it is anticipated to grow at a CAGR of 8.4% from 2022 to 2030. Key factors bolstering the US barge transportation market size include Surging Trade of Agriculture Commodities and Metal Boosts US Barge Transportation Market Growth

Metal and mineral mining is one of the major industries in the US as it contributes significantly to the growth of the national economy. According to American Mine Services, as of 2019, there were ~13,000 active mines, with an estimated valuation of US$ 61 billion, in the country. Their worth indicates the importance of the mining sector in revenue generation and employment opportunities. The growing mineral and metal extraction activities boost the contribution of the US in the global metal trade. Owing to an upsurge in local and international trade activities in the US, metal ore is expected to account for a significant share of the cargo industry throughout the forecast period. The US is one of the world's leading exporters of metal ore. Automotive sales and construction activities are the major contributors to the demand for metal ores. According to a report by the US International Trade Commission (USITC), the domestic mineral and metal exports value grew by US$ 8.2 billion (8%) to reach US$ 108 billion in 2021, compared to the previous year. The country has also marked an increase in the exports of unprocessed and refined gold, precious metals and non-numismatic coins, steel mill products, ferrous scrap, copper, unwrought aluminum, zinc ore, and concentrates. In terms of value, mineral and metal imports in the US climbed by US$ 17.2 billion (9%) to reach US$ 200.1 billion in 2021, compared to the previous year. Imports of steel mill goods, precious metals, unwrought aluminum and aluminum mill products, copper and associated items, and ferroalloys recorded the biggest nominal rise. Thus, the increasing scale of metal trade propels the growth of the US barge transportation market size.

The increasing trade of agricultural, and oil and gas commodities is driving the US barge transportation market growth. The barge transportation of commodities such as wheat, soybeans, steel, lumber, coal, scrap iron, refined petroleum products, gypsum, rock, and manufactured equipment was valued at US$ 2–3 billion annually from the Arkansas River in the US in 2020.

Annual Barge Movement in US, by Agricultural Commodity, 2019–2021 (Million Ton)

Sources: US Government 

With growing exports and imports through waterways, the US is expected to offer tremendous growth opportunities to service providers and barge fleet operators. Barge transportation is also perceived as a cost-effective and high-capacity mode compared to road, rail, and air transportation. The US is spending considerable amounts on research and development to develop technologically advanced barges. The country also supports LNG-powered (i.e., liquefied natural gas-powered) barge fleets as an environmentally friendly alternative to conventional diesel-powered barges. The barge transportation industry is highly influenced by the latest communication and navigation technologies that increase the safety and efficiency of barges. Developments and price fluctuations in crude oil and petrochemical industries impact the US barge transportation market. According to the US Department of Energy, the US produced over 13.9 billion gallons of ethanol in 2020, becoming the world's largest producer. Thus, the biofuel industry offers notable opportunities for the market in the US.

The US barge transportation market analysis is based on the following segments: type, fleet, and application. Based on type, dry cargo is estimated to hold a significant US barge transportation market share by 2030. The increased production of dry bulk commodities, innovation in dry cargo shipping, and growth in online freight platforms drive the dry cargo segment. On the basis of barge fleet, the market is segmented into the covered barge, open barge, and tank barge. The market for the covered barges segment is anticipated to grow the highest CAGR during the forecast period owing to their ability to aid protection against weather conditions. On the basis of application, the US barge transportation market share is segmented into coal, petroleum products, chemicals, metal products, food products, and others. The market for the petroleum products segment is anticipated to grow substantially in the coming years due to the expansion of the industrial sector and a high fuel consumption rate.

Bulk liquid commodities are often crude oil or oil distillation products or liquid gases carried at extremely low temperatures [-160°C for natural gas and -80°C for liquid petroleum gas (LPG)]. A few food products and beverages (wine, oil, etc.), and chemicals (ammonia) are also delivered in the form of these commodities. Pumping is required in all stages of liquid handling, including embarkation (loading from land) or disembarkation (unloading from vessels) of products. Large volumes of liquids are transported on specially designed boats called liquid bulk cargos, such as tankers. Liquid chemicals, petroleum products, and crude oil are examples of liquid cargo. The chemical industry is one of the major contributors to the US economy, as it contributes to more than 25% of the national GDP. Moreover, it is a crucial industry for the manufacturers of commercial and household goods. Such a well-established chemical industry has the potential to bolster the demand for liquid cargo barges in the US.

Americold Logistics Inc., Lineage Logistics LLC, United States Cold Storage Inc, Interstate Warehousing Inc, Newcold Cooperatief, Kloosterboer, Arcadia Cold Storage & Logistics, CTW Logistics, Burris Logistics, and VersaCold Logistics Services are among the key players analyzed in the US barge transportation market report. The report also includes growth prospects in light of current US barge transportation market trends and driving factors influencing the market growth.

The US barge transportation market report includes an analysis carried out by identifying and evaluating key players in the market. These companies highly adopt inorganic strategies. The market initiative is a strategy adopted by companies to expand their footprint across targeted geographies and to meet the growing customer demand. The players present in the US barge transportation market are also focusing on product and service enhancements by integrating advanced features and technologies into their offerings. A few recent developments by the key market players, as per their press releases, are listed below: 

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