NEW YORK, July 16, 2021 /PRNewswire/ — Technavio’s latest report on the chemical logistics market projects growth of USD 507.36 billion, decelerating at a CAGR of over 10% during 2021-2025. According to the report, the Air Freight & Logistics industry will have a NEGATIVE impact due to the continued spread of the COVID-19 pandemic. Also, the report provides a detailed analysis of the pre-and post-impact of COVID-19 on businesses.
Based on the service, the transportation segment offered significant growth opportunities for market players in 2020. Factors such as an increase in free trade agreements and the formation of a trade bloc between countries played a crucial role in driving the growth of the segment. In terms of geography, the market witnessed maximum growth in APAC in 2020, and the region is expected to continue its dominance in the market during the forecast period. Increasing investments in the manufacturing sector, coupled with improved cold chain warehouse infrastructure are fostering the growth of the chemical logistics market in APAC.
Chemical Logistics Market: Major Growth Drivers
The chemical logistics market report the following factors as major growth drivers during the forecast period:
- Growth of the chemical industry
- Increased use of multimodal transportation in chemical logistics
- Growth in port infrastructure and reduced dwelling time of vessels at ports
Also, the ongoing trend of increased demand for the large capacity of sea vessels is expected to have a positive impact on the growth of the chemical logistics market during 2021-2025. The global container shipping capacity grew by 3.5% – 3.7% during 2018 following the expansion project of the Panama Canal and Suez Canal. This increased the demand for large-capacity vessels with increased load handling capacity that can transfer larger quantities of chemicals in one go. This, in turn, is increasing the transportation of chemicals, thereby driving market growth.
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Chemical Logistics Market: Key Vendor Offerings
Agility Public Warehousing Company KSCP: The company delivers chemical goods across the world through ocean and air freight operations.
BDP International Inc.: The company offers air, ocean, and ground transportation services to meet our needs.
C.H. Robinson Worldwide Inc.: The company delivers chemical logistics solutions for various types of hazardous and non-hazardous materials.
Schenker AG: The company delivers chemicals through bulk transport.
Deutsche Post DHL Group: The company delivers chemical goods through air, ocean, road, and rail.
Reasons to Buy Chemical Logistics Market Report:
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will assist chemical logistics market growth during the next five years
- Estimation of the chemical logistics market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the chemical logistics market across APAC, North America, Europe, MEA, and South America
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of chemical logistics market vendors
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