The Hazardous Goods Logistics Market Size is valued at 210.82 Billion in 2022 and is predicted to reach 376.87 Billion by the year 2031 at a 6.8% CAGR during the forecast period for 2023-2031.
The market for hazardous goods logistics is expanding as a result of the rising demand for hazardous waste management to protect the environment. The Environmental Protection Agency (EPA) estimates that 23,700 companies and generators produced 34.9 million tonnes of hazardous waste earlier in the United States. Hazardous waste is produced in large quantities as industrialization grows. Various toxic, chemical, and combustible chemicals are included in hazardous waste. Additionally, chemically reactive components can release dangerous vapours when exposed to other components. These factors have a severe impact on the environment. Hence careful disposal is required.
Furthermore, governments in several nations have implemented strict restrictions regarding the improper handling, storage, and transportation of hazardous waste. For instance, the enormous J.R. Simplot Company in Boise was fined $775,000 in July 2020 for breaking federal hazardous waste regulations. These situations are expected to accelerate the market for hazardous product logistics and, in turn, hazardous waste management.
Competitive Landscape:
Some major key players in the Hazardous Goods Logistics Market:
- Deutsche Post DHL Group
- DSV
- Ceva Logistics
- Bollore Logistics
- DGD Transport
- Toll Group
- YRC Worldwide Inc.
- DB Schenker
- Hellmann Worldwide Logistics
- Agility Logistics
- Kuehne + Nagel
- XPO Logistics
- United Parcel Service
- GEODIS
- Rhenus Logistics
Market Segmentation:
The Hazardous Goods Logistics market is segmented based on Service and Destination. Based on the service, the market is segmented as transportation, warehousing and distribution, and value-added services. By destination, the market is segmented into domestic and international.
Based On Service, The Value-Added Services Segment Is Accounted As A Major Contributor In The Hazardous Goods Logistics Market
Value-added services (VAS) are extra services that a business offers to its clients. A form of logistics service called value-added service works to raise the value of the shipments of products. This can involve handling in a specific way, such as packaging and labelling. High-value or delicate shipments that require particular attention are frequently shipped using value-added services. VAS can be delivered through a variety of channels, including physical stores, online marketplaces, call centres, etc., and can be either digital or physical.
The International Application Segment Witnessed Growth At A Rapid Rate
In terms of revenue, the international application segment dominated the global hazardous products logistics market. The development can be linked to the rise in businesses that provide logistical services for the import and export of goods like pharmaceuticals, chemicals, and other goods across different nations. Additionally, expanding international trade has increased the transportation of these commodities, which has further fueled the expansion of the market as a whole.
In The Region, The North America Hazardous Goods Logistics Market Holds A Significant Revenue Share
In terms of revenue share, North America held the world market. Due to factors like a developed economy, an established infrastructure system, and a high demand for effective logistics services, the region is predicted to maintain its dominance over the projection period. Additionally, it is predicted that rising trade activity with Canada and Mexico will fuel regional growth over the forecast period. Growing exports and imports from different countries in the Asia Pacific region, together with expanding economies like China, India, and Japan, among others. This will fuel regional growth during the forecast period; the region is likelyto experience significant growth.
Hazardous Goods Logistics Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 210.82 Billion |
|
Revenue Forecast In 2031 |
USD 376.87 Billion |
|
Growth Rate CAGR |
CAGR of 6.8 % from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Billion and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Services, By Destination |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Deutsche Post DHL Group, DSV, Ceva Logistics, Bollore Logistics, DGD Transport, Toll Group, YRC Worldwide Inc., DB Schenker, Hellmann Worldwide Logistics, Agility Logistics, Kuehne + Nagel, XPO Logistics, United Parcel Service, GEODIS, and Rhenus Logistics. |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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