Hazardous Goods Logistics Market Outlook 2028 –
Hazardous goods consist of materials subjected to chemical regulations, which when transported can be risk to health, property, safety, and environment. Hazardous goods cover a significant portion of the global freight, which includes widely used commodities and products such as batteries and gasoline. People handling transportation of hazardous goods such as explosives, radioactive, flammable, and biohazardous products are required to have special training. Therefore, transporting of hazardous goods requires special precautionary measures, careful handling, and good packaging. In addition, there are special safety regulations and standards for transportation of hazardous goods via pipeline, rail, highway, air, and marine vehicles. Some goods logistics policies and standards are set related to hazardous goods transportation. International organizations, domestic institution, aviation, and shipping division have issued new stringent policies for better management of hazardous goods. These policy implementations are expected to boost growth of the hazardous goods logistics market in the coming years.
COVID-19 Impact Analysis:
The COVID-19 pandemic had a positive effect on the hazardous goods logistics market growth. Increase in demand for medical oxygen in hospitals has increased requirement for transportation. In addition, materials such as nuclear medicine, virus samples, healthcare hazardous substances, and clinical waste such as surgical instruments are required to be transported. Since, there were lockdowns due to the COVID-19 pandemic, transportation of hazardous goods became easier and faster. Many chemical factories were closed due to unavailability of workforce, thus reducing the need of transportation. The hazardous goods logistics market is an evolving sector, which got hampered due to the ongoing virus, owing to which all type of operations across affected countries had been disrupted.
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Top Impacting Factors
Rise in the oil & gas industry, stringent government rules & regulations for hazardous goods transportation, and increase in transportation of nuclear medicines, virus samples, and similar products during the COVID-19 pandemic drives growth of the market.
However, probable risk and high cost of transportation is expected to hamper growth of the market.
Moreover, new market players entering the hazardous logistics goods market and shift toward nuclear energy would require transportation, which acts as an opportunity for the market growth.
Market Trends
Rise in the oil & gas industry
Global demand for oil has increased since there is a sharp growth in the U.S. Large petrochemical projects have reduced demand for gasoline. For instance, increase in petrochemical demand in the U.S. has increased demand for trucking service for transportation of oil & gas, which is a hazardous good. Moreover, it is projected by the International Energy Agency, that the U.S. would drive the global oil supply for the next five years, making it leading oil producer by overtaking Russia and Saudi Arabia in the world. The oil & gas industry completely depends on shipping companies for transportation of their products around the world. This is subsequently expected to drive growth of the hazardous goods logistics market.
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Stringent government rules & regulations
Hazardous goods should have their own identification mark or a label, which can be used on the goods carriers while transporting hazardous goods. Moreover, this would make the transportation much safer. Packaging of hazardous goods should be done according to safety regulations and standards. For instance, every package containing hazardous good should have a distinct class label. Goods carriers carrying hazardous goods should be fitted with a tachograph, which is used to measure time speed, acceleration, and other vitals. Therefore, adhering to these norms, safer transportation of hazardous goods is expected to propel the market growth.
Key Benefits of the Report:
This study presents the analytical depiction of the hazardous goods logistics market along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with challenges of the hazardous goods logistics market.
The current market is quantitatively analyzed from 2020 to 2028 to highlight the hazardous goods logistics market growth scenario.
The report provides detailed hazardous goods logistics market analysis based on competitive intensity and how the competition will take shape in coming years.
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Questions answered in the hazardous goods logistics market research report:
Which are the leading market players active in the hazardous goods logistics market?
What would be the detailed impact of COVID-19 on the market?
What current trends would influence the market in the next few years?
What are the driving factors, restraints, and opportunities in the hazardous goods logistics market?
What are the projections for the future that would help in taking further strategic steps?
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