The dangerous/ hazardous goods logistics market is growing continually. The rising handling, storing, and transportation of hazardous materials, improvements in the hazardous material regulations (HMR), and compliance to harmonize with the international regulations, drive the market growth. Growing automation across the logistic industry has certainly impacted the market growth positively.
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The market is likely to grow exponentially with improving amendments to the HMR authorizing the motor carrier or rail transportation of Dangerous Goods Regulations (TDG Regulations). According to Market Research Future (MRFR), the global dangerous/ hazardous goods logistics market is estimated to garner significant gains by 2027, posting an impressive CAGR during the review period (2020 – 2027).
Logistic businesses worldwide are seeing the benefits that digitization and automation can deliver. Moreover, advances in technologies and production & manufacturing processes have sped up the growth of the market. Growing uptake of dangerous/ hazardous goods logistics escalates the market growth.
Additionally, the rising focus on improving the productivity, performance, and security of logistics-intensive businesses bolsters market size. Furthermore, the increasing adoption of dangerous/ hazardous goods logistics to execute shipments and rates, audit, and pay transportation invoices, push the market shares. Rise in global trade and imports & exports of dangerous materials substantiate the market revenues.
Market Segmentation
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.
COVID-19 Analysis
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.
Regional Analysis
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
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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