LONDON, Aug. 14, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Chemical Logistics Global Market Report 2023, the global chemical logistics market has charted an upward trajectory, expanding from $269.84 billion in 2022 to $279.31 billion in 2023, with a robust 3.5% compound annual growth rate (CAGR). This growth is projected to continue on a progressive path, as the chemical logistics market size is anticipated to escalate to a substantial $317.88 billion by 2027, maintaining a notable 3.3% CAGR.
Chemical Production Upswing Fuels Market Momentum
Driving this upward surge is the flourishing landscape of chemical production. A surge in chemical output, catering to industries ranging from food production and pharmaceutical manufacturing to automobile production and engineering, amplifies the demand for safe and efficient transportation and distribution services. Noteworthy data highlights this trend: the American Chemistry Council cites a 3.2% rise in chemical volumes and an 8.2% increase in shipments in 2022. India's chemical sector echoes this growth, projecting an 18-23% revenue expansion in FY2022 and an expected leap to $304 billion by 2025, spurred by a 9.3% annual growth rate. Thus, heightened chemical production remains a potent driving force for the chemical logistics market.
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Strategic Collaborations and Partnerships Shape the Chemical Logistics Market
Collaborations and partnerships have risen as pivotal trends within the chemical logistics realm. Industry leaders are uniting forces to foster innovative, technologically advanced solutions. One example is the partnership between Arkema S.A. and Nexxiot, employing IoT devices and a cutting-edge cloud platform to enhance service quality. Similarly, Agility logistics and Shipa have jointly launched an express road freight network, bolstering customers' LTL and FTL options and streamlining export processes.
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Key Players and Market Segmentation
Major players in the chemical logistics domain, such as A&R Logistics, Deutsche Post, and C.H. Robinson, are shaping the industry's evolution. In terms of geographical segmentation, Asia-Pacific claimed the largest share of the market in 2022. The comprehensive market report includes analysis of regions like Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Segmented by services, mode of transportation, and end-users, the global chemical logistics market presents a diverse landscape for stakeholders to navigate. The market's growth trajectory remains robust, driven by industry collaborations, increased chemical production, and strategic advancements in technology.
Chemical Logistics Global Market Report 2023 by The Business Research Company provides insights on the chemical logistics market size, chemical logistics market segments, chemical logistics market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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