New York, Feb. 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Bulk Liquid Global Market Report 2023" - https://www.reportlinker.com/p06250370/?utm_source=GNW
The global bulk liquids market will grow from $55.35 billion in 2022 to $59.44 billion in 2023 at a compound annual growth rate (CAGR) of 7.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The bulk liquids market is expected to grow to $76.93 billion in 2027 at a CAGR of 6.7%.
The bulk liquids market consists of sales of hazardous chemicals, cooking oil, and liquid gases.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Bulk liquids are liquids that travel in large quantities commercially but typically exclude petroleum products such as hazardous chemicals, slurry of raw materials used in various industry applications, and construction materials used in larger industrial operations.
Asia Pacific was the largest region in the abulk liquids market in 2022.North America was the second largest region in the bulk liquids market.
The regions covered in the bulk liquids market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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 chemicals, dairy, beverages, and others.
Increasing production and consumption of chemicals drives the demand for the bulk liquid transportation market.According to the American Chemical Council, tonnes of products are supplied to the chemical 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 liquid truck 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.For instance, according to a December 2021 report published by the American Trucking Associations, a US-based national trucking industry trade organization, if the shortage of drivers persists, the trucking industry may require more than 160,000 drivers by 2030, exceeding the driver shortage ceiling of 80,000 in 2021.
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, capturing 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 was an early adopter of this technology and has mandated ELD for all commercial vehicles.
For instance, in July 2022, according to Geotab Inc., a Canada based telematics solutions company, Canada mandates the use of ELD for all motor vehicle commercial motor vehicle drivers to record drier and vehicle activity.
In November 2022, Heniff Transportation Systems, LLC, a US-based liquid chemical and food transportation company, acquired Coal City Cob Company, Inc. for an undisclosed amount. Through this acquisition, Heniff is able to maintain its industry-leading growth in the chemical sector of the tank truck market. In addition to a sizable rail-to-truck bulk transfer yard and tank wash facility at its headquarters in Waxahachie, Texas, Coal City Cob ("CCC") operates with more than 230 drivers and 500 trailers across its countrywide network of terminals. With a focus on maximizing customer, employee, and driver satisfaction, the current Heniff and CCC teams will collaborate closely to ensure a prompt and effective integration between the two networks. Coal City Cob Company, Inc. is a US-based company pioneering in the transportation of liquid and hazardous chemicals for various chemical and pharmaceutical companies.
The countries covered in the bulk liquids market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The bulk liquids market research report is one of a series of new reports that provides bulk liquids trucking market statistics, including global market size, regional shares, competitors with a bulk liquids market share, detailed bulk liquids market segments, market trends and opportunities, and any further data you may need to thrive in the bulk liquids industry. This bulk liquids market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06250370/?utm_source=GNW
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