Wilmington, Delaware, March 06, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Chemical Warehousing Market by Warehouse Type (General Warehouse and Specialty Chemical Warehouse) and Chemical Type (Petrochemical, General Chemicals, Agriculture Chemicals, Polymer and Plastic, Construction Chemicals, Textile Chemicals, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global chemical warehousing industry size generated $15.80 billion in 2022, and is anticipated to generate $22.37 billion by 2032, witnessing a CAGR of 3.67% from 2023 to 2032.
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• 116 - Tables
• 45 - Charts
• 189 – Pages
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Prime Determinants of Growth
The global chemical warehousing market has experienced significant growth and transformation, driven by increase in demand for warehousing and distribution logistics in the e-commerce industry, and rise in the need to handle and distribute dangerous chemicals. Production of various chemicals have increased in recent years. Also, post COVID-19, major chemical manufacturers shifted tier focus away from China and diversified their manufacturing facilities in other parts of the worlds, which is likely to shape the industry's future.
Report Coverage and Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size In 2022 | $15.80 Billion |
| Market Size In 2032 | $22.37 Billion |
| CAGR | 3.67% |
| No. Of Pages in Report | 189 |
| Segments Covered | Warehouse Type, Chemical Type, And Region. |
| Drivers | Increase In Chemical Production Increase In Demand for Warehousing and Distribution Logistics in The E-Commerce Industry Rise In Need to Handle and Distribute Dangerous Chemicals |
| Opportunities | Introduction Of Blockchain Technology Technological Growth |
| Restraints | Lack Of Control of Manufacturers Poor Infrastructure and Higher Cost |
Russia-Ukraine War Scenario
- The impact of the Russia-Ukraine conflict has been notably adverse for chemical warehousing sector, primarily affecting Ukraine and Russia but also sending ripples across neighboring nations and beyond. Disruptions in supply chains have emerged due to the close proximity of vital chemical manufacturers and supply centers in both countries.
- Russia and Ukraine are among a major exporter of chemicals globally. These chemicals are extensively used in different end use industry such as agriculture, petroleum, construction, textile and others. The war resulted in trade containment policies. Countries have implemented sanctions and trade restrictions on Russia, affecting global trade dynamics.
Key Developments in the Chemical Warehousing Industry
To fortify their market positions, leading companies are implementing strategic initiatives, including acquisitions, agreements, expansions, partnerships, contracts, and product launches.
On November 13, 2023, Odyssey Logistics & Technology Corporation underwent a brand transition, consolidating its services under four core divisions—transport & warehouse, intermodal, integrated marine logistics, and managed services. This move enhances transparency and streamlines service offerings for clients.
On April 13, 2023, Odyssey Logistics & Technology Corporation sold its bulk tank transport subsidiary, Linden Bulk Transportation LLC, to Boasso Global. This strategic decision aligns with Odyssey's neutral transport solutions approach, enabling the utilization of a broader carrier range for customer benefits.
On September 5, 2023, Univar Solutions LLC. acquired FloChem Ltd., a Canadian bulk liquid chemicals distribution company. This acquisition aims to expand Univar Solutions LLC.'s market presence, particularly in Eastern Canada, and enrich its product portfolio.
On June 7, 2023, Rinchem Company, LLC inaugurated a new HAZMAT warehousing facility in Cornelius, Oregon. This facility aligns with Rinchem's business strategy of nationwide expansion, establishing chemical storage facilities to cater to a diverse customer base.
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The general warehouse segment to maintain its leadership status during the forecast period
By warehouse type, the general warehouse segment held the highest market share in 2022, and is estimated to maintain its leadership status during the forecast period 2023 to 2032 with the highest CAGR of 3.99%. This is attributable to rise in inclination towards online shopping resulting in companies investing more on warehousing facilities, along with increasing investment in warehousing, which allows companies to streamline the supply chain and make them more efficient.
The chemical type segment to maintain its leadership status during the forecast period
By chemical type, the petrochemical segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period, owing to increase in urban population, resulting in rise in demand for petrochemicals and its related products. However, the polymer and plastic segment is projected to attain the highest CAGR of 4.54% from 2023 to 2032, owing to its broad range of applications across various industries, including packaging, construction, automotive, electronics, healthcare, and consumer goods.
Asia-Pacific to maintain its dominance by 2032
Region-wise, Asia-Pacific held the highest market share in terms of revenue in 2022 and is estimated to maintain its leadership status during the forecast period. Similarly, the Asia-Pacific region is expected to witness the fastest CAGR of 4.6% from 2023 to 2032, owing to increase chemical production and investment in chemical industry resulting in more demand for chemical storage. The region is a major player in global trade. The growth of international trade in chemicals necessitates the development of sophisticated warehousing facilities to handle storage, handling, and distribution activities efficiently.
Key Highlights of the Chemical Warehousing Market Report:
- The comprehensive study on the chemical warehousing market spans across 14 countries. It encompasses regional and segment analyses of each country, presenting values in terms of millions of dollars for the projected period of 2023-2032.
- This research amalgamates high-quality data, professional insights, analyses, and critical independent perspectives. The intended research approach aims to offer a well-rounded view of global markets, aiding stakeholders in making informed decisions to realize their ambitious growth objectives.
- To gain profound market insights, the study extensively reviewed over 3,700 product literature pieces, annual reports, industry statements, and comparable materials from major industry participants.
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Leading Market Players: -
- Odyssey Logistics & Technology Corporation
- Univar Solutions LLC
- Rinchem Company, LLC
- Anchor 3PL
- BRENNTAG
- Broekman Logistics
- Commonwealth Inc
- DHL
- RSA TALKE
- KEMITO B.V.
The report provides a detailed analysis of these key players in the global chemical warehousing market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
