Dangerous/hazardous goods logistics Market: Type of Goods Insights
dangerous/hazardous goods logistics market segmentation based on the type of goods consists of flammable liquids, compressed gases, corrosives, oxidizing substances and others. The market is being propelled by an uptick in the transport of combustible liquids.
Because of the booming chemical industry, recent market statistics indicate that the proportion of hazardous materials in total freight is increasing rapidly. Two-thirds of all hazardous goods carriers also transport flammable petroleum liquids including kerosene, gasoline, LPG, naphtha, etc. Accidents involving the shipping of such substances are more common than with other types of goods. Fire, explosion, injury, loss of property, and damage to the environment are just some of the terrible outcomes that can come from being involved in a traffic accident. Most of the need is attributable to the transportation of flammable liquids.
In Europe, for instance, flammable liquids will account for more than half of risky goods transportation by road in 2021, followed by compressed gasses and corrosives.
In 2021, 57% of all Class 3 flammable liquid-carrying rail tank cars in the United States were built by the new DOT-117 or DOT-117R standards. There were no phase-out dates in 2021. In 2023, ethanol transport restrictions will apply to all DOT-111 and CPC-1232 tank vehicles, which is the next major deadline. This is poised to keep the US dangerous/hazardous goods logistics market poised for revenue growth opportunities in the future.
Figure 2: dangerous/hazardous goods logistics market, by Type of Goods, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review
Dangerous/hazardous goods logistics Service Type: Market Insights
The dangerous/hazardous goods logistics market data is segmented into three subsets based on service type: transportation, warehousing & distribution and value-added services. By far the most popular service category is transportation logistics which is valued at USD 123.08 billion in 2022. Medical, nuclear power, oil and gas, and the petrochemical industries are only a few examples of the widespread usage of hazardous materials in a developing or advanced economy. used. Transporting dangerous commodities safely requires the right vehicles, the right equipment, and the right people.
Transport companies transporting hazardous materials must adhere to standard practices for the security of their vehicles and ships. Other federal agencies' rules on hazardous products, workplace safety, and environmental protection are also included. During the market forecast period, the hazardous products logistics market stands to benefit enormously from increasingly stringent government restrictions. The US Department of Transportation's (DOT) Pipeline and Hazardous Materials Safety Administration (PHMSA) is in charge of formulating and implementing national standards for the safe transportation of hazardous materials.
When transporting dangerous commodities to, from, or within the United States, it is imperative that you adhere to the Hazardous Materials Regulations (HMR: 49 CFR Part 100–185).
To ease trade and ensure the safe and efficient movement of dangerous products, the United Nations Model Regulations on the Carriage of Dangerous Goods serve as a basis for the development of standardized regulations for all forms of transport. Every two years, there is a brand new edition. Labels or marks designed specifically for transporting dangerous commodities on cargo ships must be affixed to the harmful items. More importantly, it helps make transportation safer.
Figure 2: dangerous/hazardous goods logistics market, by Service Type, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review
Dangerous/hazardous goods logistics End-Use Industry: Market Insights
The dangerous/hazardous goods logistics Market may be divided into three types of end-users: industrial, medical and others. Out of these medical accounts for the largest market share out of all the three end-users. Worldwide, hospitals and other healthcare facilities produce considerable amounts of potentially infectious and dangerous waste daily. Biomedical waste and hospital waste pose substantial risks to both human and environmental health if disposed of or exposed to them without proper precautions being taken. Become. An increase in medical waste was also produced because of the pandemic's effects on the manufacturing of testing kits, transportation, testing, and waste disposal.
The World Health Organization (WHO) estimated in February 2022 that between March 2020 and November 2021, 87,000 tons of personal protective equipment (PPE) was purchased and transported to support countries' urgent COVID-19 response needs through a joint UN emergency operation. The logistics of transport are crucial in the management of biomedical waste. To get rid of their trash, hospitals often use outside companies. Whether by train, tanker, truck, barge, or any other means, biomedical waste transportation entails moving the material from one location to another.
There has been a rise in the need for hazardous waste transportation as people become more aware of the dangers that toxic waste poses to both the environment and human health. As a result, the increasing need for biological waste treatment creates promising new avenues for the development of the hazardous products logistics industry.
The Nagaland Health Project (NHP), for instance, convened a conference at the district level in September 2022 to discuss the rollout of universal biomedical waste management (BMWM) at the Kifia District Hospital.
Dangerous/hazardous goods logistics Regional Market Outlook
By Region, the study segments the market into North America, Europe, Asia-Pacific and the Rest of the World. The North America dangerous/hazardous goods logistics market accounted for USD 69.50 billion in 2022 and is expected to exhibit a 6.45% market CAGR during the study period.
Figure 3: DANGEROUS/HAZARDOUS GOODS LOGISTICS MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review
In 2022, the Asia Pacific dangerous/hazardous goods logistics market was valued at USD 69.50 billion, with China’s dangerous/hazardous goods logistics market taking up more than half of the total. In the wake of a dramatic shift in the United States, oil consumption around the world has risen. Large-scale petrochemical developments lessen the gasoline demand. For instance, due to rising domestic demand for petrochemicals, more hazardous goods like oil and gas are being shipped throughout the country via trucking services.
The U.S. is expected to be the world's biggest oil producer within the next five years, according to the International Energy Agency, surpassing both Russia and Saudi Arabia in that time. In the end, shipping companies are what the oil and gas sector needs to get its goods to customers all over the world. The market for hazardous goods logistics should expand as a result of these market trends. When transporting hazardous materials, it is important to use a label or other identifying indicator on the cargo carriers. In addition, this would greatly improve transit security.
Dangerous materials must be packaged by applicable laws and guidelines. Thereby, US dangerous/hazardous goods logistics market is poised to remain one of the most attractive regions for manufacturers to target.
Approximately 23,700 companies and generators produced 34.9 million tons of hazardous waste in the United States in 2019, as reported by the Environmental Protection Agency (EPA). Industrialization's rising waste output poses a serious problem. Toxic, chemical and combustible materials are all examples of hazardous waste. In addition, when exposed to other components, chemically reactive components can release toxic vapours. Due to their significant impact on the environment, appropriate disposal of these items is essential.
Europe dangerous/hazardous goods logistics market is valued at USD 53.35 billion, with Germany dangerous/hazardous goods logistics market accounting for nearly one-fifth of the total market. As a result, the expansion of the market should be spurred by the increased demand for transporting dangerous commodities by these standards. The high price of transportation and the presence of possible dangers are seen as threats that will slow the expansion of the market. In addition, new market participants entering the hazardous goods logistics sector and transitioning to nuclear energy necessitate a vehicle, which creates an opening for expansion.
