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Chemical Logistics Market Outlook, Trends, Analysis, Insights, Overview And Forecast To 2033
Chemical Logistics Market Outlook
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According to The Business Research Company's, The chemical logistics market size has grown steadily in recent years. It will grow from $286.85 billion in 2023 to $299.59 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The growth in the historic period can be attributed to rise in industrialization, increased globalization, regulatory compliance, supply chain optimization.
The chemical logistics market size is expected to see steady growth in the next few years. It will grow to $362.58 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to sustainability initiatives, digitalization and iot integration, advanced analytics, market demand fluctuations, e-commerce growth. Major trends in the forecast period include green logistics, autonomous vehicles, blockchain adoption, resilient supply chains, 3d printing in manufacturing.
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Market Drivers and Trends:
The rise in chemical production is expected to propel the growth of the chemical logistics market. An increase in the production of chemicals to supply to various industries, including food production, pharmaceutical manufacturing, automobile manufacturing, and engineering, leads to a rise in the need for safe corners of transportation and distribution services. For instance, according to the American Chemistry Council, Chemical volumes in the United States increased by 1.4% in 2021 and 3.2% in 2022, while shipments increased by 8.1% in 2021 and 8.2% in 2022. Furthermore, according to the government of India, India's chemical sector (including fertilizers and pharmaceuticals) showcased a 18-23% revenue growth in FY2022 and is predicted to expand to USD 304 billion by 2025, with an annual growth rate of 9.3%. Therefore, the rise in chemical production is driving the growth of the chemical logistics market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
A&R Logistics LLC, Deutsche Post DHL Group, CH Robinson Worldwide Inc., Baltimore, Detroit and Philadelphia Line, Rhenus Logistics LLC, Deutsche Bahn AG, BASF SE, Ryder System Inc., CEVA Logistics LLC, FedEx Corporation, Montreal Chemical Logistics, Schneider National Inc., Odyssey Logistics & Technology Corporation, Univar Solutions Inc., Bd Trans-Logistics Sp. z o. o., Henus Logistics LLC, Kuehne + Nagel International AG, DACHSER SE, DHL Global Forwarding Pte. Ltd., Expeditors International of Washington Inc., GEODIS, Hellmann Worldwide Logistics SE & Co KG, Kerry Logistics Network Limited, Nippon Express Co. Ltd., Panalpina World Transport Ltd., Sinotrans Limited, UPS Supply Chain Solutions Inc., Yusen Logistics Co. Ltd., Agility Logistics Pvt. Ltd., Damco Solutions Pvt. Ltd.
Chemical Logistics Market 2024 Key Insights:
• The chemical logistics market size is expected to see steady growth in the next few years. It will grow to $362.58 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%.
• Chemical Production Surge Ignites Growth In The Chemical Logistics Market
• Strategic Collaborations And Partnerships Drive Innovation And Connectivity In The Chemical Logistics Market
• Asia-Pacific was the largest region in the chemical logistics market in 2023
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