According to a new report published by Allied Market Research, titled, “Hazardous Goods Logistics Market,” The hazardous goods logistics market was valued at $200 billion in 2021, and is estimated to reach $382.9 billion by 2031, growing at a CAGR of 7% from 2022 to 2031.
In 2021, Asia-Pacific region is dominating the market in terms of revenue, followed by North America, Europe, and LAMEA. U.S. and China dominated the hazardous goods logistics market during the forecast period. Increased adoption of outsourced logistics services in the region is driving the growth of the market in Asia-Pacific. Moreover, high government support for development of logistics infrastructure in the region is boosting the market growth.
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There are prominent key factors that drive the growth of the hazardous goods logistics market, such as stringent rules and regulations for hazardous goods transportation & storage, surge in digitization, increase in use of drones for delivering hazardous goods and rise in oil & gas industry. The global logistics has experienced tremendous transformation in the past few years. The COVID-19 pandemic is making the shippers are focusing on using faster and cost-effective method of shipping the cargo which is expected to fuel the market for hazardous goods logistics. Moreover, several chemical companies requires transport of raw materials and finished chemical products that are used in several industries such as oil & gas, pharmaceuticals, process industries, and others. Manufacturers and 3PL logistical companies are adopting federal and state safety regulations while transporting dangerous goods to minimize the risk involved during transportation. For instance, 3PL providers offer chemical shipment that includes services such as non-asset logistics management that includes shippers to choose carriers and manage their goods in enhanced manner. Thus, rise in need for handling and distributing dangerous chemical products drives the growth of the hazardous goods logistics market.
COVID-19 Scenario:
- The outbreak of the COVID-19 had negatively impacted the growth of the global hazardous goods logistics market, owing to disruption of supply chain in logistics and transportation sector.
- Lockdown during the COVID-19 pandemic created impediments for global trade and transport, thereby hampering the growth of the global market.
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KEY FINDINGS OF THE STUDY
- By operation, the seaways segment is projected to lead the global hazardous goods logistics market
- By business type, the transportation segment is expected to register a significant growth during the forecast period.
- By product, the Bio-hazardous segment is projected to lead the global hazardous goods logistics market
- By application, the healthcare segment is projected to lead the global hazardous goods logistics market
- Region-wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
The key players that operate in this hazardous goods logistics market are Agility, Bollore Logistics, Ceva Logistics, DB Schenker, DGD Transports, DHL Supply Chain, DSV, GEODIS, Hellmann Worldwide Logistics, Kuehne + Nagel, Rhenus Logistics, Toll Holdings Ltd., United Parcel Service of America, Inc., XPO Logistics, Inc., Yellow Corporation, Ych Group, and Yusen Logistics Co., Ltd.
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