Dangerous/ Hazardous Goods Logistics Market is projected to grow at 5% CAGR during the forecast period (2022 to 2030).
New York, United States - February 8, 2022 /MarketersMedia/ —
Dangerous Goods Logistics Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Dangerous/ Hazardous Goods Logistics Market Research Report: by Service (Transportation, Warehousing and Distribution and Value-added Services), by Destination (Domestic and International) and Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2030”, the market is projected to generate market growth at 6.8% CAGR for the forecast period of 2022 to 2030.
Eminent industry players profiled in the global dangerous/hazardous goods logistics market report include
Ceva Logistics (Switzerland)
Bollore Logistics (France)
DHL (Germany)
DSV (Denmark)
DB Schenker (Germany)
Hellmann Worldwide Logistics (Germany)
DGD Transport (US)
Toll Group (Australia)
YRC Worldwide Inc. (US)
United Parcel Service (US)
GEODIS (France)
Rhenus Logistics (Germany)
Agility Logistics (Kuwait)
Kuehne + Nagel (Switzerland)
XPO Logistics (US)
Among others
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The global dangerous/hazardous goods logistics market is both fragmented & also competitive for the presence of numerous international and also domestic industry players. Such key players have incorporated various innovative strategies for remaining at the vanguard and also catering to the burgeoning need of the esteemed clients including, partnerships, contracts, collaborations, new product launches, geographic expansions, joint ventures, and more. Besides, they are also investing in numerous research & development activities.
Market Analysis
The global dangerous/hazardous goods logistics market will grow at a 6.8% CAGR by 2030, states the latest Market Research Future report.
Drivers
Booming Oil & Gas Industry to Boost Market Growth
The booming oil and gas industry will boost market growth over the forecast period. The global need for oil has gone up as there is an increase in the United States. Big petrochemical projects have reduced the need for gasoline. The growing need for petrochemical in the US has automatically boosted the need for trucking services to transport oil and gas that are hazardous. Besides, it is projected via the International Energy Agency that the United States will boost the oil supply globally, making it a top oil producer via overtaking Saudi Arabia and Russia in the globe. The oil & gas sector completely rests on shipping companies to transport their products. This will boost market growth.
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Market Opportunities
Strict Government Rules & Regulations to offer Robust Opportunities
The strict government rules and regulations will offer robust opportunities for the market over the forecast period. Hazardous goods must have their respective identification label or mark that can be used on goods carriers at the time to transport hazardous goods. Besides, this will help in safer transportation. Hazardous goods packaging must be done as per the safety standards and regulations. Every package for instance that has dangerous/hazardous goods must possess a distinct class label. The goods carriers that carry hazardous goods must be fitted with tachographs that are utilized for measuring acceleration, time speed, and other such vitals. Thus, adhering to such norms, the safer hazardous goods transportation is likely to boost market growth.
Restraints
High Cost of Transportation to act as Market Restraint
The high cost of transportation and probable risk may act as market restraints over the forecast period.
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Challenges
Complex Regulations to act as Market Challenge
The complex regulations that constantly change may act as market challenge over the forecast period.
Market Segmentation
The global dangerous/hazardous goods logistics market is bifurcated based on destination and service.
By service, the transportation service segment will lead the market over the forecast period and at a high CAGR.
By destination, the domestic destination segment will dominate the market over the forecast period for the increasing use of road transport.
COVID-19 Analysis
The COVID-19 outbreak possessed a positive impact on the dangerous/hazardous goods logistics market. Growing need for medical oxygen in hospitals has boosted the need for transportation. Besides, materials like healthcare hazardous substances, virus samples, nuclear medicine, and clinical waste like surgical instruments need to be transported. Due to lockdowns, transportation of dangerous/transportation goods became faster and easier. Most chemical factories had been closed for the unavailability of labor thus cutting down the need of transportation. This market is an evolving sector that was impacted for the virus because of which every form of operation across affected countries has been disrupted. According to the European Industrial Gases Association, there has been a growing need for medical oxygen that is much more than usual. Besides, there has been an increase in need for other products which are used or generated in hospitals and needs to be transported with special care. All these have impacted market growth.
Regional Analysis
Europe to Command Dangerous/Hazardous Goods Logistics Market
Europe will command the global dangerous/hazardous goods logistics market over the forecast period. Road freight transit being the key means of transportation, increase in the movement of dangerous products in the European Union, and increasing transfer of flammable liquids, corrosives, and gases are adding to the development of the global dangerous/hazardous goods logistics market in the region.
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North America to Hold Phenomenal Growth in Dangerous/Hazardous Goods Logistics Market
North America will have phenomenal growth in the global dangerous/hazardous goods logistics market over the forecast period. The presence of industry players in the United States coupled with the presence of robust infrastructure are adding to the growth of the dangerous/hazardous goods logistics market in the region. Besides, the developing oil trade in the US is also adding market growth.
Segmentation of Market covered in the research:
Dangerous/ Hazardous Goods Logistics Market Research Report: by Service (Transportation, Warehousing and Distribution and Value-added Services), by Destination (Domestic and International) and Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2030
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