Chemical logistics market size is worth approximately $ 371.28 billion
Seoul, October 20, 2021 (GLOBE NEWSWIRE) – According to Precedence Research, the chemical logistics market size was valued at US $ 265.2 billion in 2021. Chemical logistics can be defined as the transport of chemicals through the supply chain using services such as warehousing and transportation provided by companies logistics. The chemical sector is a crucial part of any business, as almost all industries depend on chemicals for the manufacture of their products. Some of the industries that depend on chemicals for manufacturing their end-use products include pharmaceuticals, food production, plastics processing, automotive manufacturing, and many more. The chemical can be in liquid or solid form and they act as an essential component in the production of pharmaceuticals, foodstuffs and other products. These chemicals must be handled with care to avoid hazards such as contamination and deterioration.
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The crucial factors responsible for the growth of the market are:
- Increased demand for chemicals in various industry verticals.
- Rising concerns about the safe transport of hazardous chemicals.
- The demand for the implementation of automation technologies and green storage.
- Governments around the world are investing heavily in the development of advanced chemical logistics infrastructure.
- The rise of the free trade agreement between countries and the development of a trade bloc will significantly contribute to the growth of the market.
Scope of Chemical Logistics Market Report
|Cover of the report||Details|
|Market size in 2021||265.2 billion US dollars|
|Growth rate from 2021 to 2030||4% CAGR|
|Year of reference||2021|
|Forecast period||2021 to 2030|
|The biggest market||Asia Pacific|
|Fastest Growing Market||LAMEA|
|Covered segments||Robinson Worldwide Inc., A&R Logistics, Agility, Deutsche Post AG (DHL), BASF, BDP International, BDtrans, CH Deutsche Bahn (DB) Schenker, Rhenus Logistics and Ryder System Inc.|
Highlights of the report
- The Asia-Pacific region is expected to grow at the highest CAGR during the forecast period due to the presence of thriving economies with rapid industrialization.
- Strict rules and regulations regarding worker safety and the environment will drive the growth of the market.
- The increase in the use of chemicals in various industry verticals will drive the growth of the chemical logistics market.
- By geography, LAMEA holds a significant share of the chemical logistics market in terms of revenue share due to the presence of oil and chemical wells in the region.
LAMEA is experiencing significant growth in 2021 in terms of market share due to the presence of oil wells in the region and is expected to experience remarkable growth during the forecast period. Saudi Arabia is the main contributor in this region due to the presence of large oil wells and government investments in the development of advanced chemical logistics infrastructure. For example, on April 29, 2021, the state-owned energy company of Aramco in Saudi Arabia announced that it was transferring marketing and sales responsibility for a number of Aramco petrochemicals and polymers to SABIC. These changes will fuel operational efficiency, strengthen both companies’ brands and their combined product and service offering, and help maintain competitiveness.
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Driver – The increase in the use of chemicals in various end-use verticals such as chemical industry, pharmaceutical industry, cosmetics industry, oil and gas industry, specialty chemicals industry , diet and the like is the main factor that is expected to stimulate the growth of the chemical. logistics market. In addition, factors such as the increase in free trade agreements between countries and the development of a trade bloc between countries have played an important role in the positive impact on the growth of the market. For example, in February 2021, GAC (leading transport and logistics company) signed an agreement with the Qatar Free Zones Authority (QFZA) to establish a contract logistics facility and office in the Ras Bufontas Free Zone. . The agreement with GAC is expected to play an important role in expanding QFZA’s logistics capacity, supporting Qatar’s position as a trade hub.
Detention – The major restraining factor which will negatively impact on the growth of the chemical logistics market includes the high cost involved in transporting the chemicals by following all the safety precautions to avoid any uncertain event.
Opportunity – Through the use of innovative technologies, the chemical finds its utility in various other industries which will provide huge opportunities for the growth of the chemical logistics market. In addition, the growing demand for green storage will have a significant impact on the growth of the market.
Challenges – The major and most important challenge facing the chemical logistics market is transportation safety. As chemicals are dangerous in nature, their transport must be handled with care to avoid any incidents.
- In February 2021, Agility, one of the world’s leading logistics providers, along with its digital innovation arm Shipa, a trusted player in last-mile delivery and e-commerce logistics, launched a freight network express road bonded to connect businesses and consumers through the CCG. .
- On May 26, 2021, A&R Logistics, a North American supply chain services company for the chemical industry, announced that it had started operations at its new liquid chemicals transloading station at Moncks Corner, in South Carolina, near Charleston. This will help customers to more transparently manage the global distribution of products.
The main players operating in the chemical logistics market are A&R Logistics, Rhenus Logistics, BASF, BDP International, Agility, BDtrans, CH Robinson Worldwide Inc., Deutsche Bahn (DB) Schenker, Deutsche Post AG (DHL) and Ryder System Inc .
By mode of transport
- Transport and distribution
- Storage and warehousing
- Customs and security
- Green logistics
- Consulting and management services
By end user
- Chemical industry
- Pharmaceutical industry
- Cosmetics industry
- Oil and gas industry
- Specialty chemical industry
- North America
- The rest of europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
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