The Dangerous/Hazardous Goods Logistics Market is predicted to grow at a 5% CAGR in the forecast period (2020- 2027), states the latest Market Research Future (MRFR) report.
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Booming Oil and Gas Industry to Boost Market Growth
The growing oil and gas industry will boost market growth over the forecast period. Global need for oil has gone up since there is a huge growth in the US. Big petrochemical projects have reduced the demand for gasoline. Increase in petrochemical demand for instance in the US has increased demand for trucking service for transportation of oil and gas that is a hazardous good. Besides, it is projected by the International Energy Agency, that the United States will drive the global oil supply for the upcoming years, making it a leading oil producer via overtaking Saudi Arabia and Russia in the world. The oil and gas industry rests entirely on shipping companies to transport their products across the globe. This in turn will boost market growth.
Strict Government Rules and Regulations to offer Robust Opportunities
Strict government rules and regulations related to transporting hazardous goods will offer robust opportunities for the market over the forecast period. Hazardous goods must have their own identification label or mark that can be utilized on the goods carriers at the time of transporting hazardous goods. This will make the transportation safer. The packaging of hazardous goods must be done as per the safety standards and safety regulations. Every package for instance contains hazardous good must have a distinct class label. The goods carriers carrying hazardous goods must be fitted with a tachograph that is used for measuring time speed, acceleration, and other vitals. Thus, adhering to such norms, safer transportation of hazardous goods is predicted to fuel market growth.
Probable risk to act as Market Restraint
The probable risk coupled with high cost of transportation may act as a market restraint over the forecast period.
Complex Regulations to act as Market Challenge
The complex regulations that change constantly may act as a market challenge over the forecast period.
COVID-19 had a positive impact on the dangerous/hazardous goods logistics market growth. There has been a burgeoning need for medical oxygen that is about 5-10 times more than usual. Besides, there has been a growing need for other products which are generated or utilized in hospitals and should be transported with utmost care such as clinical waste like surgical instruments which are transported for central decontamination units, healthcare hazardous substances, infectious substances/biological specimens/hospital samples, and radiopharmaceuticals for nuclear medicine. The outbreak has a positive impact on the hazardous goods logistics market growth. The increase in demand for medical oxygen in hospitals has increased the need for transportation. Many chemical factories were closed for the unavailability of workforce thus reducing the requirement of transportation. The market is an evolving sector that got hampered for the ongoing virus for which all forms of operations across the affected countries have been disrupted.
The dangerous/hazardous goods logistics market is bifurcated based on service and destination.
By service, the transportation service segment will lead the market over the forecast period.
By destination, the domestic destination segment will dominate the market over the forecast period.
Europe to Remain Forerunner at Dangerous/Hazardous Goods Logistics Market
Europe will remain forerunner at the dangerous/hazardous goods logistics market over the forecast period for the prime mode of transport being road freight transport. Concerning road transport, transporting dangerous goods in the European Union continued in increasing year by year in the last five years. In fact in more than half of the European countries, more than two-thirds of the transport of dangerous goods had been performed within the national territory. With regards to commodity group, flammable liquids took over more than half of the total, followed by corrosives and gases.
Key players profiled in the global dangerous/hazardous goods logistics market report include 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).
Key players have incorporated several strategies to stay at the forefront such as mergers, partnerships, acquisitions, new product launches, and others.
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