Jersey City, NJ, Aug. 31, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Hazardous Goods Logistics Market- (By Services (Transportation, Warehousing and Distribution, Value-Added Services), By Destination (Domestic, International)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global Hazardous Goods Logistics Market is valued at US$ 210.82 Million in 2022, and it is expected to reach US$ 376.87 Million by 2031, with a CAGR of 6.8% during a forecast period of 2023-2031.
Hazardous materials account for a large portion of international freight since they include a variety of regularly used items and products. A significant portion is reportedly accounted for by petrol and other petroleum-based products. Due to the occurrence of hydraulic fracturing and an administration that has supported a more favourable climate for fuel development, the oil boom we are currently seeing may be the outcome of unprecedented growth in recent years. The USA currently produces the majority of the world's oil.
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The oil and gas business has prospered as a result of the deregulation of environmental protection regulations and the relaxation of numerous rules limiting access to fragile habitats and emissions. Additionally, offshore drilling has expanded within our country. Currently, the US exports more petrol than it imports. The production of gas should increase the next year. The market is anticipated to have upward expansion as a result of the US boosting its foreign oil and gas exports.
Recent Developments:
- In October 2022, Chemet will equip recently created railway tank cars with cutting-edge Nexxiot technology. Nexxiot has been selected by Chemet, one of Europe's leading manufacturers of stationary and mobile pressure tanks and vessels for liquefied gases, to digitize its range of railway tank cars. Chemet, a corporation with operations in France and Poland, is the first organization in Europe to commit to fully digitizing its rail tank car products.
List of Prominent Players in the Hazardous Goods Logistics Market:
- Deutsche Post DHL Group
- DSV
- Ceva Logistics
- Bollore Logistics
- DGD Transport
- Toll Group
- YRC Worldwide Inc.
- DB Schenker
- Hellmann Worldwide Logistics
- Agility Logistics
- Kuehne + Nagel
- XPO Logistics
- United Parcel Service
- GEODIS
- Rhenus Logistics
Hazardous Goods Logistics Market Report Scope:
| Report Attribute | Specifications |
| Market Size Value In 2022 | USD 210.82 Billion |
| Revenue Forecast In 2031 | USD 376.87 Billion |
| Growth Rate CAGR | CAGR of 6.8 % from 2023 to 2031 |
| Quantitative Units | Representation of revenue in US$ Billion and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments Covered | By Services, By Destination |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
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Market Dynamics:
Drivers:
Information exchange is swift and simple because of digitization. Data and reports about dangerous commodities acceptance can be distributed instantly to all parties, including management, ground staff, pilots, airlines, and shippers and airlines. To speed up processing, many businesses have stepped up their digitization efforts. Organizations may improve compliance, accelerate procedures, and increase productivity by doing away with spreadsheets and paper. As a result, digitization has emerged as the key to the safe transportation of hazardous materials, which is projected to propel the market for hazardous product logistics to new heights.
Challenges:
Hazardous materials are transported using a variety of vehicles, including trucks, as well as petroleum products, including kerosene, petrol, LPG, and naphtha. Such materials are more likely to cause mishaps when being moved. Consequences of traffic accidents might include fire, explosion, property damage, personal injury, and pollution. Many hazardous goods are transported by sea because of their chemical makeup.
The primary circumstances in the maritime transport of hazardous goods that influence the environment are uncontrolled liquid release, outgassing, and trash formation. For instance, a merchant ship's fuel tank cracked in June 2021, causing 10 kiloliters of oil to flow into the Bay of Bengal. This limits the market's growth.
Regional Trends:
North America is the largest and fastest-growing regional segment and is likely to grow at a rapid CAGR during the survey period. Due to the crucial production of synthetic compounds, petrochemicals, etc., US is the primary beneficiary in the region. It is a major exporter of goods made of substances worldwide.
The industry has boomed in recent years, which has fueled its strategic planning efforts and promoted the interest in lithium batteries. Additionally, as industrialization has increased, their need for crude petroleum and chemical products has flooded emerging economies. Thus, this facilitates the interchange of hazardous commodities.
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Segmentation of Hazardous Goods Logistics Market-
By Service-
- Transportation
- Warehousing and Distribution
- Value-added services
By Destination-
- Domestic
- International
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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