Newark, March 07, 2023 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global chemical warehousing market is expected to grow from USD 16.02 billion in 2021 to USD 22.60 billion by 2030, at a CAGR of 3.90% during the forecast period 2022-2030.
The advancements in chemical & agricultural industries' research and the rapidly increasing population worldwide are anticipated to expand the demand for chemical warehousing enterprises during the projection period. Moreover, the rise of tech-driven warehouse services and the rise in requirement for distribution and handling of dangerous chemical products are also helping to propel market growth. However, the increasing organic fertilizer sector and the complexities in chemical warehousing, safety concerns, and poor infrastructure are restraining market growth. Furthermore, the growing trend of third-party logistics (3PL) providers for distribution, transportation, warehousing, and inventory management services are opportunities for market growth.
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Competitive Strategy
To enhance their market position in the global chemical warehousing market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
Market Growth & Trends
The growth of the chemical warehousing market is driven by the rise in chemical production and the growing demand for consumer goods & e-commerce industry. Moreover, the use of blockchain to improve traceability in logistics is the market growth trend. In addition, the blockchain enhances the capability to quickly pinpoint likely sources of contamination to control, contain or rectify outbreaks efficiently. Also, the use of blockchain technology helps to eradicate the need for a centralized authority to maintain records, making the supply chain more efficient and cost-effective. These factors are also helping to drive the market growth. Furthermore, the 3PL providers are tapping into profitable avenues in the chemical warehousing industry by adopting progressive IT solutions for warehouse management. This is also boosting to propel the market growth. Further, the recent advancement in the IT and transportation sector is the driving factor of the market growth. In addition, the rising trade activity in developing economies is another trend of market growth. Moreover, the other end-use initiatives that use specialty chemicals, especially additives utilized in fast-moving consumer goods (FMCG), have unlocked extraordinary avenues in the chemical warehousing market.
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Key Findings
• In 2021, the specialized warehouse segment dominated the market with the largest market share of 58.25% and market revenue of 9.33 billion.
The type segment is divided into the specialized warehouse and general warehouse. In 2021, the specialized warehouse segment dominated the market with the largest market share of 58.25% and market revenue of 9.33 billion. This growth is attributed to the ever-increasing R&D activities and liberal trade policies. In addition, the specialty chemicals such as specialty polymers, nanomaterials, and radioactive can be stored in chemical warehouses. Further, by 2030, the general warehouse segment will likely dominate the market due to the growth of commodities and fine chemicals.
• In 2021, the agrochemicals segment dominated the market with the largest market share of 21.15% and market revenue of 3.38 billion.
The chemical type segment is divided into synthetic rubber, petrochemical, agrochemicals, consumer chemicals, construction chemicals, polymer and plastic, textile chemicals, and others. In 2021, the agrochemicals segment dominated the market with the largest market share of 21.15% and market revenue of 3.38 billion. This growth is attributed to the increasing import & export of agricultural commodities, particularly in developing nations.
Regional Segment Analysis of the Chemical Warehousing Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The Asia Pacific region occurred as the largest market for the global chemical warehousing industry, with a market share of 48.29% and a market value of around 7.73 billion in 2021. The Asia Pacific dominates the chemical warehousing market due to the strong presence of chemical manufacturers and end-user industries. Moreover, the company of vital developing economies like Japan, China, and India is also helping to drive the region's market growth. Further, the North American region is expected to show the fastest CAGR of 5.12% over the projection period. This growth is attributed to the growing investment and production of reusable specialty chemicals. In addition, the ever-increasing industrial production and growing adoption of agrochemicals in developing countries also propel market growth in this region.
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Key players operating in the global chemical warehousing market are:
• Deutsche Post DHL Group
• Affiliated Warehouse Companies
• Commonwealth Inc.
• Broekman Logistics
• Brenntag SE
• Univar Solutions
• Rinchem Company, Inc.
• KEMITO
• Anchor 3PL
• International Trade of Chemicals
• Warehouse Specialists Inc.
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global chemical warehousing market based on below mentioned segments:
Global Chemical Warehousing Market by Type:
• Specialized Warehouse
• General Warehouse
Global Chemical Warehousing Market by Chemical Type:
• Synthetic Rubber
• Petrochemical
• Agrochemicals
• Consumer Chemicals
• Construction Chemicals
• Polymer and Plastic
• Textile Chemicals
• Others
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About the report:
The global chemical warehousing market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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