Hazardous Goods Logistics Market to Grow at 6.8% CAGR, Reaching US$ 376.87 Million by 2031 with Expanding Demand for Safe Hazardous Material Transport

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Hazardous Goods Logistics Market- (By Services (Transportation, Warehousing and Distribution, Value-Added Services), By Destination (Domestic, International)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Hazardous Goods Logistics Market is valued at US$ 210.82 Million in 2022, and it is expected to reach US$ 376.87 Million by 2031, with a CAGR of 6.8% during a forecast period of 2023-2031.

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Hazardous materials represent a significant portion of global freight, encompassing a wide range of commonly used products, with petroleum-based items, including gasoline, making up a substantial share. The ongoing oil boom, driven by hydraulic fracturing and a regulatory environment that favors fuel development, reflects unprecedented growth in recent years. The United States currently leads the world in oil production.

The oil and gas industry has flourished due to the deregulation of environmental protection standards and the easing of restrictions on access to sensitive ecosystems and emissions. Additionally, offshore drilling activities have expanded within the U.S. As a result, the country now exports more gasoline than it imports. Production of natural gas is also expected to rise in the coming year. Consequently, the market is projected to experience continued growth, driven by increased U.S. exports of oil and gas.

List of Prominent Players in the Hazardous Goods Logistics Market:
• Deutsche Post DHL Group
• DSV
• Ceva Logistics
• Bollore Logistics
• DGD Transport
• Toll Group
• YRC Worldwide Inc.
• DB Schenker
• Hellmann Worldwide Logistics
• Agility Logistics
• Kuehne + Nagel
• XPO Logistics
• United Parcel Service
• GEODIS
• Rhenus Logistics

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Market Dynamics:
Drivers:
The rapid exchange of information facilitated by digitization has significantly enhanced the logistics of hazardous materials. Data and reports regarding the handling and transport of dangerous goods can now be shared instantly with all relevant parties, including management, ground staff, pilots, airlines, and shippers. Many organizations are accelerating their digitization efforts to streamline operations, improve compliance, and boost productivity by eliminating the reliance on spreadsheets and paper-based processes. This digital transformation has become a key enabler for the safe transportation of hazardous materials, thereby driving the growth of the hazardous product logistics market.

Challenges:
The transportation of hazardous materials involves a variety of vehicles, including trucks, and includes products such as kerosene, gasoline, LPG, and naphtha. These materials pose significant risks of accidents during transit, which can result in fires, explosions, property damage, personal injuries, and environmental pollution. Maritime transport, which often involves hazardous chemicals, is particularly vulnerable to risks such as uncontrolled liquid releases, outgassing, and waste formation. A notable example occurred in June 2021, when a merchant ship's fuel tank ruptured, releasing 10 kiloliters of oil into the Bay of Bengal. Such incidents present substantial challenges to the growth of the market.

Regional Trends:
North America represents the largest and fastest-growing regional segment, with a strong projected growth rate during the forecast period. The United States, as a major producer of synthetic chemicals, petrochemicals, and other substances, is a key player in this region. It is also a leading exporter of goods made from these materials globally. The industry has witnessed significant growth in recent years, driven by strategic initiatives and a growing demand for lithium batteries. Additionally, the rising industrialization in emerging economies has fueled an increased demand for crude petroleum and chemical products, further enhancing the exchange of hazardous goods.

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Recent Developments:
• In October 2022, Chemet will equip recently created railway tank cars with cutting-edge Nexxiot technology. Nexxiot has been selected by Chemet, one of Europe's leading manufacturers of stationary and mobile pressure tanks and vessels for liquefied gases, to digitize its range of railway tank cars. Chemet, a corporation with operations in France and Poland, is the first organization in Europe to commit to fully digitizing its rail tank car products.

Segmentation of Hazardous Goods Logistics Market-
By Service-
• Transportation
• Warehousing and Distribution
• Value-added services
By Destination-
• Domestic
• International
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

Read Overview Report- https://www.insightaceanalytic.com/report/hazardous-goods-logistics-market/1953

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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.