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Hazardous Goods Logistics Market Exclusive Report on Current Trends and Future Insights
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 constitute a substantial segment of international freight, encompassing a wide range of commonly used substances and products. Petroleum and related fuel products represent a significant share of this category. The recent surge in oil production can be largely attributed to advancements in hydraulic fracturing techniques and a regulatory environment that has become more conducive to fuel development. Currently, the United States stands as the leading global producer of oil.
The growth of the oil and gas sector has been supported by the easing of environmental regulations and the relaxation of restrictions on accessing sensitive ecological areas and emission controls. Furthermore, offshore drilling activities have expanded significantly within the country. At present, the U.S. exports more petroleum products than it imports, and gas production is projected to increase in the coming year. This expansion is expected to drive market growth, fueled by the country's rising exports of oil and gas to international markets.
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
Market Dynamics:
Drivers-
Digitization has significantly enhanced the efficiency and speed of information exchange within hazardous materials logistics. Real-time data and reporting on the acceptance and handling of dangerous goods can be instantly shared among all stakeholders, including management, ground personnel, pilots, airlines, and shippers. Many organizations have accelerated their digital transformation efforts to streamline operations.
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Challenges:
The transportation of hazardous materials involves various modes, such as trucks and maritime vessels, carrying substances like kerosene, petrol, LPG, and naphtha. These materials inherently pose significant risks, with potential incidents leading to fires, explosions, property damage, personal injuries, and environmental pollution. Maritime transport, which handles a considerable volume of hazardous chemicals, faces particular environmental risks from uncontrolled liquid spills, gas emissions, and waste generation.
Regional Trends:
North America represents the largest and fastest-growing segment in this sector, projected to maintain strong growth throughout the forecast period. The United States is a key player due to its significant production of synthetic chemicals and petrochemical products, making it a major global exporter of hazardous materials. The recent industry expansion has driven strategic initiatives and increased interest in advanced technologies such as lithium batteries. Moreover, accelerated industrialization in emerging economies has heightened demand for crude oil and chemical products, further facilitating the exchange and transportation of hazardous materials within and beyond the region.
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.
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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
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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 a 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.https://www.insightaceanalytic.com/images_data/148861653.
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