New York, United States , Aug. 05, 2024 (GLOBE NEWSWIRE) -- The Global Hazardous Goods Logistics Market Size is to Grow from USD 229 Billion in 2023 to USD 449 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 6.96% during the projected period.
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Hazardous goods are products or substances that could harm people's health, property, or the environment while being stored or transported. Hazardous goods, which include commonly used products and services including batteries, chemicals, petroleum, and biohazardous materials, make up an important part of international transportation. Transporting hazardous materials calls for additional safety measures, careful handling, and efficient packing. It is anticipated that the market for hazardous goods logistics will continue to increase as the oil and gas sector grows in importance. The area of the world economy that deals with the exploration, extraction, production, refining, marketing, and distribution of hydrocarbon resources mainly crude oil and natural gas is known as the oil and gas industry. The nature of the materials utilized in the processes of exploration, production, refining, and distribution makes hazardous product logistics an important use in the petroleum and natural gas vertical. However, there can be restricted chances for transporting some harmful kinds of goods. Stronger regulations on the air transport of some hazardous materials, can restrict the available logistics choices and increase up prices.
Browse key industry insights spread across 220 pages with 110 Market data tables and figures & charts from the "Global Hazardous Goods Logistics Market Size, Share, and COVID-19 Impact Analysis By Service (Transportation, Warehousing and Distribution, Value-Added Services), By Destination (Domestic and International), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The value-added services segment is anticipated to hold the greatest share of the global hazardous goods logistics market during the projected timeframe.
On the basis of service, the global hazardous goods logistics market is divided into transportation, warehousing and distribution, and value-added services. Among these, the value-added services segment is anticipated to hold the greatest share of the global hazardous goods logistics market during the projected timeframe. Value-added services (VAS) are extra services that a business offers to its clients. One kind of logistics that raises the value of product transportation is value-added services. Labeling and packing are two examples of particular handling techniques that are involved in logistics.
The international segment is predicted to hold the greatest share of the global hazardous goods logistics market during the estimated period.
On the basis of application, the global hazardous goods logistics market is divided into domestic and international. Among these, the international segment is predicted to hold the greatest share of the global hazardous goods logistics market during the estimated period. This growth can be linked to the expansion of businesses that provide logistical support for the import and export of products like chemicals, pharmaceuticals, and other products between nations.
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North America is expected to hold the largest share of the global hazardous goods logistics market over the forecast period.
North America is expected to hold the largest share of the global hazardous goods logistics market over the forecast period. A mature economy, a well-established infrastructure system, and a strong need for effective logistics services are some of the reasons why the North America region is predicted to continue growing in importance.
Asia Pacific is predicted to grow at the fastest pace in the global hazardous goods logistics market during the projected timeframe. China commanded a market share of more than 50% in the hazardous products logistics market in Asia Pacific. Precise petrochemical operations minimize gasoline usage.
Europe is anticipated to hold a significant share of the global hazardous goods logistics market over the predicted timeframe. The increasing demand for transporting hazardous products according to these regulations will drive market expansion in this region. The high cost of transportation and the possibility of hazards are threats to the growth of the Europe market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global hazardous goods logistics market include BlackBerry, FedEx Corporation, United Parcel Service, Hellmann Worldwide Logistics, Rhenus Logistics, XPO Logistics, DGD Transport, YRC Worldwide Inc, Ceva Logistics, Toll Group, Agility Logistics, Yusen Logistics, Bollore Logistics, DB Schenker, and Others.
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Recent Developments
- In September 2023, The launch of the H2M IS range of BlackBerry Radar devices, designed for transporters of hazardous materials, was disclosed by BlackBerry Limited. With the backing of an 'Intrinsically Safe' certification designation, the new series can target hazardous goods-moving logistics and transportation companies including railroads, fuel haulers, tank carriers, and ocean shipping lines with BlackBerry Radar, an asset tracking service.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global hazardous goods logistics market based on the below-mentioned segments:
Global Hazardous Goods Logistics Market, By Service
- Transportation
- Warehousing and Distribution
- Value-Added Services
Global Hazardous Goods Logistics Market, By Destination
- Domestic
- International
Global Hazardous Goods Logistics Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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