Pune, March 11, 2021 (GLOBE NEWSWIRE) -- Hazardous Market Analysis
The global dangerous/hazardous goods logistics market is anticipated to grow at a 5% CAGR over the forecast period (2020- 2026), reveals the current Market Research Future (MRFR) report. Dangerous goods or DG, simply put, are substances which, when transported, are indeed a risk to property, health, environment, or safety. Specific dangerous goods which pose risks despite being transported are called hazardous materials. Often hazardous materials are subject to chemical regulations. The hazardous material team comprises of personnel that are trained specially to handle dangerous goods that comprise of materials that are explosive, flammable, radioactive, corrosive, oxidizing, pathogenic, biohazardous, toxic, allergic, or asphyxiating.
Alluring Features that Bolster Market Growth
According to the MRFR report, there are numerous factors that are propelling the dangerous/hazardous goods logistics market growth. Some of these include the growing oil and gas industry globally, rapid development of the petrochemical industry, and increasing product application in the different end-user industries. Taking into consideration the dangerous goods logistics that also comprises lithium batteries, some standards and policies have been set into place. Major aviation divisions, domestic institutions, and international organizations, as well as shipping divisions, have issued higher stringent new policies to manage dangerous goods logistics. The implementation of such policies is likely to boost the market growth in the days ahead.
On the contrary, the complex regulations which constantly change may impede the market growth over the forecast period.
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COVID-19 Analysis
The COVID-19 outbreak had a positive effect on the dangerous/hazardous goods logistics market growth. As per the European Industrial Gases Association, there has been a burgeoning demand for medical oxygen, which is about 5 to 10 times more than usual. Apart from these, there has also been a demand for other products that are generated or used in hospitals and should be transported with utmost care like radiopharmaceuticals for nuclear medicine, infectious substances/hospital samples/biological specimens, healthcare hazardous substances, and clinical waste such as used surgical instruments that are transported to central decontamination units.
Market Segmentation
The Market Research Future report offers an inclusive analysis of the dangerous/hazardous goods logistics market based on destination and service.
By service, the global dangerous/hazardous goods logistics market is segmented into value-added services and transportation warehousing. Of these, the transportation warehousing segment will lead the market over the forecast period.
By destination, the global dangerous/hazardous goods logistics market is segmented into international and domestic. Of these, the domestic destination will spearhead the market over the forecast period. The rising use of road transport is adding to the growth of the segment.
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Regional Takeaway
Europe to Dominate Dangerous Goods Logistics Market
Geographically, the global dangerous/hazardous goods logistics market is bifurcated into the Asia Pacific (APAC), North America, Europe, & Rest of the World (RoW). Europe, among these will dominate the market over the forecast period. Road freight transport is the key mode of transport in the country. Taking into consideration road transport, the dangerous goods transportation in the European region continues to rise year by year in the past five years. In more than half of the European countries, more than two-thirds of the transportation of dangerous goods had been performed in the national territory. With regards to the commodity group, the flammable liquids took more than 50% of the total, followed by corrosives and gases.
North America to Have Phenomenal Growth in Dangerous Goods Logistics Market
In North America, the global dangerous/hazardous goods logistics market is predicted to have phenomenal growth over the forecast period. The presence of robust infrastructure, growing oil trade in the US, and the presence of top industry players in the US are adding to the global dangerous/hazardous goods logistics market growth in the region.
In the APAC region, the global dangerous/hazardous goods logistics market is predicted to grow at a fast pace, while that in the RoW is predicted to have sound growth over the forecast period.
Competitive Landscape
List of prominent players profiled in the global hazardous goods logistics market report include.
- XPO Logistics (US)
- Kuehne + Nagel (Switzerland)
- Agility Logistics (Kuwait)
- Rhenus Logistics (Germany)
- GEODIS (France)
- United Parcel Service (US)
- YRC Worldwide Inc. (US)
- Toll Group (Australia)
- DGD Transport (US)
- Hellmann Worldwide Logistics (Germany)
- DB Schenker (Germany)
- DSV (Denmark)
- DHL (Germany)
- Bollore Logistics (France), and
- Ceva Logistics (Switzerland), among others.
The global dangerous/hazardous goods logistics market is highly fragmented and competitive with the presence of several international and domestic market players. These players have incorporated several strategies to stay at the forefront and also cater to the customers growing needs, such as contracts, collaborations, joint ventures, and partnerships, and others. Besides, they are also investing in research and development activities to strengthen their portfolios and also create hold in the market.
The majority of the global logistics players have hazardous/dangerous goods logistics divisions to cater to the needs and demand of the market. Besides, the local players are increasingly improving their capabilities with regards to technology, products handled, service offerings, and inventory handling. With the strict growing control of dangerous goods logistics, an innumerable number of freight forwarding companies with insufficient comprehensive resources and insufficient professional capabilities are eliminated gradually by the market, and a handful of freight forwarding companies that can offer professional dangerous goods logistics full chain services independently.
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Industry Updates
- February 2021- The flydubai Cargo of the UAE has recently received approval for transporting dangerous goods beginning from February 1, 2021. This certification issued by the GCCA of the country will allow it to transport dangerous goods along with general cargo, live animals, couriers, perishables, postal mail, valuable cargo, and priority cargo.
Summary
The global dangerous/hazardous goods logistics market is predicted to have significant growth over the forecast period. Hazardous materials make up a huge part of global freight, as they have wide usage in products and commodities. Gasoline as well as other petroleum products is likely to account for a noteworthy share, and lithium batteries seem to have carved out their respective regulatory space. Value-added services and transportation warehousing are the different services, while the different destinations include international and domestic.
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