Chemical logistics can be defined as the movement of chemicals along a supply chain with the help of warehousing provided by chemical logistics companies.
PORTLAND, OR, UNITED STATES, January 26, 2022 /EINPresswire.com/ — The global chemical logistics market size was valued at $253.71 billion in 2019, and is projected to reach $322.54 billion by 2027, registering a CAGR of 3.9% from 2020 to 2027. Asia-Pacific accounted for the highest share in the global chemical logistics market in 2019, in terms of revenue, and LAMEA is anticipated to exhibit remarkable growth rate during the forecast period.
Chemical logistics can be defined as the movement of chemicals along a supply chain with the help of services such as transportation and warehousing provided by chemical logistics companies. The chemicals sector can be considered as an essential part of business for almost all industries such as processing plastics, pharmaceuticals, food production, and automobile manufacturing. Majority of industries depend on products made by the chemical industry. Chemicals, either in liquid or solid state, act as essential basis for pharmaceutical products, food products, and other everyday products. Transportation of these chemicals requires special care in transportation, handling, and storage to prevent any safety hazards such as contamination and spoilage. In addition, chemical logistics service providers must adhere to changing federal and state regulations to minimize hazards for workers and general public.
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Major Market Players:
• A&R Logistics
• BDP International
• C.H. Robinson Worldwide Inc.
• Deutsche Bahn (DB) Schenker
• Deutsche Post AG (DHL)
• Rhenus Logistics
• Ryder System Inc.
Rapid spread of COVID-19 has left the complete supply chain with unpredictable challenges and issues such as OEM shutdowns, insufficient labor, output reduction, and raw material shortage, which, in turn, has affected the chemical logistics market. In addition, it has led to either suspension or closure of production activities in various industries across the world, which has significantly impacted the chemical logistics industry as well.
Increase in demand for chemical logistics, owing to rise in chemical production and safety concerns for transportation, storage, and distribution of dangerous chemicals drives growth of the chemical logistics market. However, complexities in chemical logistics, safety concerns, and poor infrastructure hinders growth of the market. Further, rise of tech-driven logistics services, coupled with growth in adoption of IoT enabled connected devices provide remarkable growth opportunities for players operating in the market.
Production of various chemicals is on the rise since recent years. Rise in use of shale gas as a feed stock in the energy industry has enhanced need for transportation of shale gas the industry. For instance, in August 2020, according to the American Chemistry Council (ACC), the U.S. chemical industry has improved production of chemicals by 0.8%, which increased as compared to 2016 and is expected to account for 3% rise in the year 2020. Thus, manufactured chemicals need to be safely transported, which, in turn, is anticipated to boost the demand of global chemical logistics market in the future. Thus, increase in chemical production for various end use industries is anticipated to propel growth of the chemical logistics market.
Several chemical logistics companies include transport of raw materials and finished chemical products that are used in several industries such as oil & gas, pharmaceuticals, and process industries. Manufacturers and third party logistics companies are adopting federal and state safety regulations during transport of dangerous goods to minimize the risk involved. For instance, 3PL providers offer chemical shipments that include services such as non-asset logistics management, which allows shippers to choose carriers and manage their goods in enhanced manner. Thus, rise in need for handling and distribution of dangerous chemical products drives growth of the chemical logistics market.
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Key Benefits For Stakeholders
• This study presents analytical depiction of the global chemical logistics market analysis along with current trends and future estimations to depict the imminent investment pockets.
• The overall market opportunity is determined by understanding the profitable trends to gain a stronger foothold.
• The report presents information related to the key drivers, restraints, and opportunities of the market with a detailed impact analysis.
• The current market is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.
• Porter’s five forces analysis illustrates the potency of buyers and suppliers in the industry.
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