Hazardous Goods Logistics Market: Current Analysis and Forecast (2022-2028)

Hazardous Goods Logistics Market: Current Analysis and Forecast (2022-2028)

Hazardous goods logistics can be defined as shipment of dangerous goods such as explosive, gases, flammable liquids, toxins, radioactive material and corrosive and miscellaneous dangerous goods. These are the type of goods require special authorization to store, use, and transport. The strong growth of the pharmaceutical and medical industry, significant demand of for flammable liquids are the factors driving the growth of the market. Moreover, the growing collaboration between the key market players to help in transportation the hazardous goods and chemicals in protective way is also considered a factor driving the growth of the market. For instance, In July 2020, March 2021, Suttons Tankers signed a three-year contract with Azelis UK for the transportation of bulk nitrogen chemical liquids and gases.

The Hazardous Goods Logistics Market is expected to grow at a steady rate of around 5% owing to the increase in demand for hazardous waste management to prevent environment is propelling the growth of the hazardous logistics market. For instance, According to the environmental Protection Agency, in 2019, the U.S. generated 34.9 million tons hazardous waste were generated by 23,700 industries

• Based on service, the market is segmented into transportation, warehousing and distribution and value-added service. The Transportation segment is expected to hold highest CAGR and to dominate the market throughout the forecast period owing to prevent accidents to people, property, goods, or the environment. The appropriate equipment of the vehicle fleet and necessary training of employees are mandatory to ensure the safe transport of hazardous goods.
• On the basis of destination, the market is categorized into domestic and international. Among these, the domestic segment is expected to hold higher CAGR during the forecast period. They can used a variety of modes of transportation for moving hazardous goods such as road, rail, ocean, or air. The dangerous goods produced in the region is first catered in the local market and domestic shipping is must cheaper then the international countries. Hence, these are the factors driving the growth of the segment.
• For a better understanding of the market adoption of the logistics industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. Due to its substantial output of chemicals, petrochemicals, flammable gases, etc., China is the largest contributor in the region due to its substantial output of chemicals, petrochemicals, flammable gases, etc. It is one of the top exporters of chemical goods worldwide. Approximately 575,000 harmful items and 1.62 million people were employed in the transportation of dangerous goods as of the first three quarters of 2021. Since the sector has been flourishing in recent years, the need for lithium batteries has increased, which has boosted its logistical activities. Additionally, with increased industrialization came a surge in the demand for chemical goods and crude oil in emerging economies. This thus increases the trading of harmful items. Moreover the government organizations around are working on the policies to implement the guideline on how to handle and ship dangerous goods safely. For instance, IATA helps identify the risks and works with ICAO (International Civil Aviation Organization) to amend the regulations providing stakeholders with the most current guidelines on how to handle and ship dangerous goods safely.
• Some of the major players operating in the market include Deutsche Post DHL Group, DSV, Ceva Logistics, Bollore Logistics, Go Freight Hub, Toll Holdings Limited, Yellow Corporation, DB Schenker, Hellmann Worldwide Logistics, and Agility