Chemical logistics market size to grow by USD 53.66 billion from 2022 to 2027; the Growth of the Global Chemical Industry will boost market - Technavio
NEW YORK, June 9, 2023 /PRNewswire/ -- The chemical logistics market size is forecast to increase by USD 53.66 billion from 2023 to 2027, at a CAGR of 3.65%, according to the recent market study by Technavio. The growth of the chemical logistics market depends on several factors, including the growth of the chemical industry, increasing use of multimodal transportation in chemical logistics, and growing port infrastructure reducing the dwelling time of vessels at ports. Charts & data tables about market and segment sizes for a historic period of five (2017-2021) years have been covered in this report. Download The Sample Report
Technavio has extensively analyzed 15 major vendors, including Agility Public Warehousing Co. K.S.C.P, BASF SE, BRENNTAG SE, C H Robinson Worldwide Inc., CMA CGM SA, CSX Corp., CT Logistics, Deutsche Bahn AG, Deutsche Post AG, Dow Inc., DSV AS, Dupre Logistics, FedEx Corp., Kintetsu Group Holdings Co. Ltd., North West Carrying Company LLP, PSA International Pte Ltd., Saudi Basic Industries Corp., Schneider National Inc., and Univar Solutions Inc.
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The market is segmented by service (transportation, warehousing, and others), end-user (chemical industry, pharmaceutical industry, specialty chemical industry, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America).
The market share growth by the transportation segment will be significant for the overall market growth during the forecast period. A rise in intra-regional trades and distribution of chemicals, as well as the relocation of manufacturing facilities to countries such as Brazil, China, India, Mexico, and South Africa, where labor costs are low, is spurring the demand for both domestic and international chemical transportation logistics. An increase in free trade agreements and the formation of a trade bloc between countries are also driving the demand for transportation services across the world.
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Chemical Logistics Market - Market Dynamics
The demand for chemical logistics is driven by the growth of the global chemical industry. The shift of the chemical logistics industry to emerging Asian countries is likely to propel market growth. For instance, the global sales of chemicals in Asia account for the largest share of chemical sales across the globe due to the presence of many emerging economies such as China, India, Singapore, Malaysia, and Vietnam. Chemical sales are expected to grow in Asia. By 2030, chemical sales in Asia will account for 64.60% of global chemical sales. This shift of chemical industries to Asian countries will strengthen the market during the forecast period.
One of the key trends emerging in the global chemical logistics market is the increased demand for large-capacity sea vessels. High-end sea vessels are characterized by ample dock space, increased storage capacity, high engine capacity, and high bollard pull. These large-sized vessels use the latest technology, such as a controllable pitch propeller. These large-sized vessels use the latest technology and have a higher utilization rate. Their load handling capacity is also high; hence, they can transport larger quantities of chemicals in one go, which also reduces the logistics cost. The increased demand for large containers in the global chemical sea transportation market will also drive the market.
The high cost of operations and capital-intensive business is the major challenge impeding market growth. The construction of a new chemical warehouse and storage facility is a highly capitate al-intensive task and requires complying with a wide range of specifications and obtaining certifications. In addition, the operational and maintenance costs of warehouses are very high. The warehousing sector is attracting various investments owing to the increasing demand for warehousing solutions. However, the successful and optimized operation of warehouses is a critical task. Appropriate financial modeling, demand mapping, and infrastructure analyses are some of the key aspects required for a feasible and efficacious warehouse and storage facility. Since the capital involved in the manufacturing and setting up of a warehouse is irreversible, the period required to receive the return on investment is long. Such high costs will hinder the market growth during the forecast period.
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Table of Content
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Service
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
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