New York, April 04, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Bulk Liquid Global Market Report 2022" - https://www.reportlinker.com/p06250370/?utm_source=GNW
The global bulk liquids market is expected to grow from $50.65 billion in 2021 to $55.31 billion in 2022 at a compound annual growth rate (CAGR) of 9.2%. The market is expected to grow to $75.17 billion in 2026 at a compound annual growth rate (CAGR) of 8%.
The bulk liquids trucking market consists of sales of bulk liquids trucking services and related goods by entities (organizations, sole traders, and partnerships) that provide over-the-road transportation of bulk liquids. Only goods and services traded between entities or sold to end consumers are included.
The main types in the bulk liquids trucking market are edible liquids and non-edible liquids.Edible liquids are anything liquid and edible that is safe for human consumption.
The market is segmented by properties into flammable and non-flammable and by end-use into chemical, dairy, beverages, and others.
Asia Pacific was the largest region in the abulk liquids trucking market in 2021.North America was the second largest region in the bulk liquids trucking market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Increasing production and consumption of chemicals drives the demand for the bulk liquids transportation market.According to the American Chemical Council, tons of products are supplied to the chemicals industry through rail, truck, waterborne modes, and pipelines According to the Eurostat statistics released in 2020, the production and consumption of hazardous chemicals in the EU stood at 230 million tons.
Therefore, high production and consumption of chemicals and related products are projected to generate high demand for bulk liquids trucking transportation and subsequently fuel the growth of the market.
The driver shortage is one of the major factors restricting the growth of the bulk liquid trucking market.According to the American Trucking Associations report of 2019, there is a need for 60,000 more commercial drivers to keep America’s trucking industry moving.
The report also suggests that the industry needs to hire an average of 110,000 drivers per year to meet both increasing demands for new truck drivers and to replace retiring drivers. The severe scarcity of drivers is negatively impacting the growth of the bulk liquid trucking market.
Electronic Logging Devices (ELD) are increasingly being adopted by the trucking industry to regulate the working hours of truck drivers.An electronic logging device is a technology used by drivers of commercial motor vehicles (CMVs) to automatically record driving time and Hours of service (HOS) records, capture data on the vehicle’s engine, movement, and miles driven.
Increased digitization and the use of telematics technology are also boosting growth in the market.The USA is among the early adopter of this technology and has mandated ELD for all commercial vehicles.
As of December 2019, all vehicles are expected to be using ELDs to track hours of service in the USA. In June 2019, Canada has also announced mandating of ELD which will come into action in 2021.
In December 2019, Heniff Transportation, a US-based liquid bulk transportation leader, acquired Superior Bulk Logistics for an undisclosed amount.This deal will help Heniff Transportation to develop a giant bulk carrier along with improved customer service capabilities.
Superior Bulk Logistics is a US-based company leading in innovative bulk truck transportation and logistics services. It was founded in 1966.
The countries covered in the bulk liquids trucking market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Read the full report: https://www.reportlinker.com/p06250370/?utm_source=GNW
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