Hazardous Goods Logistics Market to rise at CAGR of 6.15% through 2028 – Report by Market Research Future (MRFR)
New York, Sept. 23, 2021 (GLOBE NEWSWIRE) — Dangerous/ Hazardous Goods Logistics Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Dangerous/ Hazardous Goods Logistics Market Research Report, Service, Destination and Region – Forecast till 2028” the market to grow at 6.15% CAGR from 2021 to 2028 (forecast period).
Key Players
List of the Key Companies Profiled in the Dangerous/ Hazardous Goods Logistics Market Research Report are:
- Ceva Logistics (Switzerland)
- Bollore Logistics (France)
- DHL (Germany)
- DSV (Denmark)
- DB Schenker (Germany)
- Hellmann Worldwide Logistics (Germany)
- DGD Transport (US)
- Toll Group (Australia)
- YRC Worldwide Inc. (US)
- United Parcel Service (US)
- GEODIS (France)
- Rhenus Logistics (Germany)
- Agility Logistics (Kuwait)
- Kuehne + Nagel (Switzerland), and
- XPO Logistics (US).
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Market Research Future’s Review on Dangerous/ Hazardous Goods Logistics Market
Several Factors Contributing to Market Growth
Dangerous goods, abbreviated as DG, are substances that pose a risk to health, property, safety, or the environment when transported. Hazardous materials are harmful goods that pose risks even when not being transported. Chemical regulations are frequently applied to hazardous compounds. Hazardous material teams are professionals who have been professionally trained to handle dangerous items such as explosive, radioactive, flammable, oxidizing, corrosive, biohazardous, pathogenic, asphyxiating, toxic, or allergic materials.
Since they contain numerous commonly used goods and products, hazardous materials account for a large share of worldwide freight. Gasoline and other petroleum products are expected to account for a sizable portion. Transporting hazardous materials necessitates extra procedures, handling, and packaging. Pipelines, rail, highway, air, and marine vehicles transporting hazardous materials are subject to specialized safety rules, standards, and reporting systems. These particular standards identify occurrences involving the transportation of hazardous items, which can have an impact on the environment as well as the possibility of injuries and deaths. Concerning dangerous goods logistics, some policies and standards are set into place. International organizations, local institutions, as well as major aviation and shipping divisions have adopted new policies for the management of dangerous goods logistics that are more stringent. In the future years, the implementation of these new policies is projected to strengthen the dangerous/hazardous goods logistics sector. The global dangerous/hazardous goods logistics market is predicted to grow rapidly during the forecast period, owing to the expanding oil and gas industry worldwide. In the next years, this is likely to fuel demand for dangerous/hazardous goods logistics.
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Competitive Landscape
The hazardous goods logistics market is fairly fragmented, with significant worldwide firms as well as small and medium-sized local players. To suit market needs and demand, most global logistics businesses include a dangerous/hazardous goods logistics section. Furthermore, local players are expanding their capabilities in terms of inventory management, service offerings, products handled, and technology. With the increasingly strict control of dangerous goods logistics, the market is gradually eliminating a large number of freight forwarding companies with insufficient professional capabilities and insufficient comprehensive resources, leaving fewer freight forwarding companies that can provide professional dangerous goods logistics full chain services independently.
COVID-19 Impact on the Global Market
The COVID-19 pandemic boosted the growth of the hazardous goods logistics market. The rising demand for medical oxygen in hospitals has resulted in a greater need for transportation. Furthermore, nuclear medicine, viral samples, healthcare hazardous substances, and clinical waste such as surgical equipment must be transported. Due to the lockdowns caused by the COVID-19 pandemic, the transportation of hazardous goods has become easier and faster. Many chemical factories were closed due to a lack of labor, reducing the requirement for transportation. The hazardous goods logistics market is a developing sector that has been impacted by the ongoing virus, which has interrupted all types of operations across affected countries.
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Market Segmentation
The global dangerous/ hazardous goods logistics market has been segmented based on service and destination.
Based on service, the global dangerous/ hazardous goods logistics market has been divided into transportation, warehousing and distribution, and value-added services. The transportation service segment is projected to hold a significant share of the market during the forecast period.
Based on the destination, the global dangerous/ hazardous goods logistics market has been segmented into domestic and international. The domestic destination segment captured a significantly large share in the global market because of the rising use of road transport.
Regional Analysis
Europe to Dominate the Global Market
Europe is expected to be a significant market for dangerous/ hazardous goods logistics. In Europe, road freight transit is the primary means of transportation. In terms of road transport, the movement of dangerous products in the European Union (EU-28) has increased year after year during the last five years. More than two-thirds of risky goods movement in nearly half of European countries took place on national territory. Flammable liquids accounted for more than half of the overall commodity group, followed by gases and corrosives.
Segmentation of Market covered in the research:
Dangerous/ Hazardous Goods Logistics Market Research Report: by Service (Transportation, Warehousing and Distribution and Value-added Services), by Destination (Domestic and International) and Region (North America, Europe, Asia-Pacific and Rest of the World) – Forecast till 2028
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