Press release
Hazardous Goods Logistics Industry Growth Outlook: 7.6% CAGR and $336.98 Billion by 2029
Hazardous Goods Logistics Market
What Is the Long-Term Growth Forecast for the Hazardous Goods Logistics Market Size 2025?
The market size for hazardous goods logistics has seen considerable growth in the past years. The market is projected to expand from $233.66 billion in 2024 to $251.13 billion in 2025, signaling a compound annual growth rate (CAGR) of 7.5%. Factors contributing to this growth during the historic period include increased industrialization, escalating globalization, and heightened consciousness concerning safety and security in dealing with hazardous goods.
What CAGR is Forecasted for the Hazardous Goods Logistics Market Through 2029?
The market for hazardous goods logistics is predicted to experience substantial growth in the coming years. Projections put it at $336.98 billion by 2029, growing at a compound annual growth rate (CAGR) of 7.6%. This expected growth during the forecast period can be associated with the increase in e-commerce, the steady expansion of the global economy, the resilience of the supply chain, and environmental sustainability. Noteworthy trends expected to influence the market within the forecast period are digitization and blockchain, innovations in hazardous materials packaging, the establishment of cooperative partnerships, the growth of multimodal transportation, and emergency response readiness.
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What Are the Critical Factors Driving Hazardous Goods Logistics Market Development?
The growth of the hazardous goods logistics market is anticipated to be propelled by the burgeoning oil and gas industry. The oil and gas sector, a significant division of the global economy, is engaged in searching for, extracting, manufacturing, refining, disseminating and marketing hydrocarbon resources, predominantly in the form of crude oil and natural gas. Hazardous goods logistics are frequently utilised in this industry due to the characteristics of the materials involved in the different stages such as exploration, production, refining, and distribution. For example, the International Energy Agency, a France-based intergovernmental body, stated in June 2023 that global oil demand is predicted to surge by 6% from 2022 to 2028, attaining 105.7 million barrels per day (mb/d). This growth is foreseen to be steered by robust demand emanating from the petrochemical and aviation sectors. Hence, the escalation in the oil and gas industry becomes a catalyst for the growth of the hazardous goods logistics market.
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How Does the Hazardous Goods Logistics Market Break Down Across Major Segments?
The hazardous goods logistics market covered in this report is segmented -
1) By Product: Flammable, Explosive, Radioactive, Bio-Hazardous, Other Products
2) By Business Type: Transportation, Warehousing, Value-Added Services
3) By Operation: Seaways, Roadways, Railways, Airways, Storage And Services
4) By Application: Industrial, Healthcare, Agriculture, Other Applications
Subsegments:
1) By Flammable: Liquids, Solids, Gases
2) By Explosive: Detonators, Ammunition, Other Explosive Materials
3) By Radioactive: Medical Isotopes, Nuclear Fuel, Other Radioactive Materials
4) By Bio-Hazardous: Medical Waste, Pathological Waste, Sharps Waste
5) By Other Products: Corrosive Materials, Toxic Substances, Compressed Gases
What Are the Major Trends Transforming the Hazardous Goods Logistics Industry?
Leading entities in the hazardous goods logistics market are pioneering novel logistic solutions, such as comprehensive logistics services, to optimize their market profitability. Comprehensive logistics services refer to the business or service provider offering a complete range of logistics services under one umbrella, facilitating convenience and efficiency for customers. For instance, FedEx Corporation, a US-based transportation enterprise, introduced a comprehensive logistics service for hazardous goods for Cebu-based firms in May 2023. Such comprehensive logistics services can offer cost-effectiveness and time-efficiency by providing a single platform for all logistics needs. This service empowers local enterprises in Cebu to export the nine categories of hazardous commodities.
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Which Players Are Driving Innovation in the Hazardous Goods Logistics Market?
Major companies operating in the hazardous goods logistics market are Deutsche Post DHL Group, YRC Worldwide Inc., FedEx Corporation, A.P. Moller - Maersk, Kühne + Nagel International AG, DSV A/S, United Parcel Service Inc. (UPS), DB Schenker, C.H. Robinson Worldwide Inc., Nippon Express Co.Ltd., Expeditors International of Washington Inc., Panalpina Welttransport Holding AG, Geodis Logistics LLC, Kerry Logistics Network Limited, Bollore Logistics, XPO Logistics Inc., Kawasaki Kisen Kaisha Ltd., Hitachi Transport System Ltd., Hellmann Worldwide Logistics SE & Co. KG, Yusen Logistics Inc., Nishi-Nippon Railroad Co. Ltd., MOL Logistics Co. Ltd., Agility Public Warehousing Company K.S.C.P., Ceva Logistics, Toll Group, Rhenus Logistics S.A., DGD Transport LLC, Sagawa Express Co. Ltd.
Which Regions Are Driving Global Hazardous Goods Logistics Market Expansion?
North America was the largest region in the hazardous goods logistics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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