Wilmington, Delaware, United States, Aug. 03, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Analysis of trends in chemical storage and logistics in various industries reiterate the fact that outsourcing of hazardous material warehousing presents the largest opportunity for chemical warehousing market. Production and transportation of hazardous materials (hazmat) has been steadily growing, which has resulted in an uptick in demand from third-party logistics (3PL) providers, confirms the chemical warehousing market demand analysis.
The global chemical warehousing market is projected to reach US$ 22.1 Bn by 2031. Evolving requirements of specialty chemicals storage are expanding the horizon for 3PL for warehouse management. Of note, the TMR study found that the segment held largest revenue share in chemical warehousing market in 2021. Shipping of non-hazardous as well as hazardous chemicals is growing to meet the needs of industrialized nations around the world.
Compliance to regulations for hazardous materials need providers to support the objectives of HAZMAT certified warehouse. A number of customers have partnered with 3PL providers, whereby they offer expertise for storing and shipping hazardous materials and thus will enrich the future market outlook for chemical warehousing. Some of the notable norms they meet include Globally Harmonized System (GHS) and Customs-Trade Partnership Against Terrorism. Government agencies such as Occupational Safety and Health Administration and EPA are at the forefront of laying down regulations for the storage of hazmat.
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Key Findings of Chemical Warehousing Market Study
- Outsourcing of Warehousing to 3PL to Steer Revenue Growth: The trend of third-party logistics (3PL) providers has picked up considerable pace. Businesses in end-use industries have come to acknowledge the role cutting-edge technologies to help them regulatory norms for hazardous materials. Hence, 3PL providers are tapping into the profitable avenues in the chemical warehousing market by adopting advanced IT solutions for warehouse management. They have proved to be especially adept in meeting the regulatory requirements for their customers where the packing and shipping includes all modes of transport
- Demand for Specialty Chemicals Warehousing Management to Rise: Rise in demand for agrochemicals has spurred revenue streams for logistics companies. Demand for novel chemicals for next-gen fertilizers, pesticides, and herbicides will pave the way to new opportunities. Other end-use industries that utilize specialty chemicals particularly additives used in fast-moving consumer goods (FMCG) has unlocked incredible avenues in the chemical warehousing market in recent years. Of note, globally, the specialty chemicals warehouse segment held the leading market share of 68% in 2021.
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Chemical Warehousing Market: Key Drivers
- Rise in production and international trade in chemicals notably for hazardous chemicals is a key driver of the chemical warehousing market. The FMCG industry in particular will contribute to enormous demand for chemical warehousing facilities.
- Increasing trend of third-party logistics (3PL) providers for a range of warehousing, distribution, transportation, and inventory management services will expand lucrative avenues in the chemical warehousing market.
Chemical Warehousing Market: Regional Growth Dynamics
- Asia Pacific held a major share of the chemical warehousing market in 2021. The regional market is projected to advance at CAGR of 4.1%, during 2022-2031. Enormous demand, mainly due to the remarkable production of range of chemicals in the region, will fuel the prospects of the market.
- North America is a lucrative market, with growth increasingly propelled by rise in demand for chemical warehousing in the U.S. A bulk of demand is likely to come from warehousing textile chemicals, agrochemicals, polymer, and plastic industries.
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Chemical Warehousing Market: Key Players
Customers are forging long-term contracts with 3PL providers, and these dynamics will influence the competition landscape of the chemical warehousing market. Some of the key players in the market are:
- Affiliated Warehouse Companies
- Deutsche Post DHL Group
- Broekman Logistics
- Commonwealth Inc.
- KEMITO
- Anchor 3PL
- Rinchem Company, Inc.
- Warehouse Specialists Inc.
- Brenntag SE
- Univar Solutions
- International Trade of Chemicals
Chemical Warehousing Market Segmentation
- By Type
- General Warehouse
- Specialty Chemicals Warehouse
- By Chemical Type
- Petrochemical
- Consumer Chemicals
- Synthetic Rubber
- Agrochemicals
- Polymer and Plastic
- Construction Chemicals
- Textile Chemicals
- Others
Regions
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Countries
- U.S.
- Canada
- Germany
- U.K.
- France
- Spain
- Russia & CIS
- Rest of Europe
- China
- India
- Japan
- ASEAN
- Rest of Asia Pacific
- GCC
- South Africa
- Rest of Middle East & Africa
- Brazil
- Mexico
- Rest of Latin America
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