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Bulk Liquid Market 2024 - By Size, Share, Price, Growth, Analysis, Outlook And Forecast Report 2033
Bulk Liquid Market
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According to The Business Research Company's, The bulk liquid market size has grown strongly in recent years. It will grow from $60.58 billion in 2023 to $65.3 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to shifts in energy consumption, regulatory changes, emergence of petrochemical industry, global trade expansion, industrial revolution impact.
The bulk liquid market size is expected to see strong growth in the next few years. It will grow to $86.59 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to global economic growth, shift in energy demands, environmental regulations, supply chain optimization, market volatility impact. Major trends in the forecast period include shifts in consumer behavior, market volatility impact, risk management & security, infrastructure developments, demand for specialized services.
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Market Drivers and Trends:
Increasing production and consumption of chemicals drives the demand for the bulk liquid market. According to the American Chemical Council, tonnes of products are supplied to the chemical industry through rail, truck, waterborne modes, and pipelines. According to the Eurostat statistics, 86.4 million tons of environmentally harmful chemicals were consumed in 2021, an enormous 7% rise from the year before. Therefore, high production and consumption of chemicals and related products are projected to generate high demand for bulk liquid truck transportation and subsequently fuel the growth of the bulk liquid market.
Electronic logging devices (ELD) are increasingly being adopted by the trucking industry to regulate the working hours of truck drivers. An electronic logging device is a technology used by drivers of commercial motor vehicles (CMVs) to automatically record driving time and hours of service (HOS) records, capturing data on the vehicle's engine, movement, and miles driven. Increased digitization and the use of telematics technology are also boosting growth in the market. The USA was an early adopter of this technology and has mandated ELD for all commercial vehicles. For instance, in July 2022, according to Geotab Inc., a Canada-based telematics solutions company, Canada mandates the use of ELD for all motor vehicle commercial motor vehicle drivers to record drier and vehicle activity.
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Major Key Players of the Market:
Florida Rock & Tank Lines, Prime Inc., Martin Transport Inc., Quality Distribution Inc., Kenan Advantage Group Inc., Apex Logistics, Tidewater Transit Co., Dupre'Logistics LLC, Eagle Transport Corp., Ruan Transportation Management Systems Inc., HeniffTransportationSystemsLLC, GroendykeTransport, Foodliner, A&RLogistics, J&M TankLines Inc., Grammer LogisticsInc., Cliff Viessman Inc., Coastal Transport Co., HermanR.Ewell Inc., CLI Transport LP, Superior Bulk Inc., Tankstar Inc., Trimac Transportation, Andrews Logistics, CCC Transportation LLC, ATOStransportes auto tanques ochoa - ATOSA, Solar Transport, Service Transport Co., Schilli Corp., Liquid Trucking
Bulk Liquid Market 2024 Key Insights:
• The bulk liquid market size is expected to see strong growth in the next few years. It will grow to $86.59 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.
• Surge In Chemical Production Drives Demand For Bulk Liquid Market
• Rising Adoption Of Electronic Logging Devices (ELD) In Trucking Industry And Its Impact On Hours Of Service (HOS) Compliance
• Asia-Pacific was the largest region in the bulk liquids market in 2023
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