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Dangerous and Hazardous Goods Logistics Market – Overview
Dangerous goods are those substances that when transported can be a risk to property, safety, health, and environment. The dangerous materials which can be a risk even when they are not transported are called hazardous materials. To handle and transport these hazardous materials, it is mandatory to have specially trained people. The hazardous materials include corrosive, toxic, bio-hazardous, flammable, radioactive, explosive, oxidizing, or pathogenic materials.
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During the COVID-19 pandemic, the rising demand to carry medicine, oxygen, virus samples, nuclear medicine, and clinical wastes had boosted the market of dangerous goods. The risk factor and high transportation cost are the challenges for this market across the globe.
The market experts anticipate that the global Dangerous and hazardous goods logistics market revenue will increase significantly as the global market of the oil and gas sector is growing. The market of hazardous goods logistics is estimated to have a steady growth within 2022-2028 with a CAGR of 5%.
The global Dangerous and hazardous goods logistics market is divided based on region, product, application, destination, and service.
The market is sub-divided into domestic and international based on the market. The domestic market holds a significant share of the Dangerous and hazardous goods logistics market across the globe as the use of road transport is consistently on the rise.
Based on the service, the market of hazardous goods logistics is sub-divided into warehouse and distribution, transportation, and value-added services. The market experts anticipate that the transportation service sector is going to have the maximum dangerous and hazardous goods logistics market share in the coming years.
Based on the application, the market of dangerous goods logistics is sub-divided into healthcare, industrial, agriculture, and others. The industrial sector is estimated to have a steady growth in the next 2-3 years.
Based on the product, the Dangerous and hazardous goods logistics market is divided into chemical, explosive, radioactive, inflammable, and others. The inflammable material is expected to have a steady growth. The radioactive and chemical material sectors are also going to have significant growth.
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The global Dangerous and hazardous goods logistics market is segmented into the regions Europe, North America, Latin America, Asia-Pacific, and the rest of the world. During the last five years, Europe has dominated the Dangerous and hazardous goods logistics market share. In most of the countries in Europe, a consistent increase in the transportation of hazardous goods was noticed. The maximum increase was in Slovakia followed by Sweden.
The maximum amount of dangerous and hazardous goods transported in Europe is through roads and it constitutes around 4% of the total cargo. In European Union, more than half of the hazardous goods transported are flammable liquids. The other hazardous commodities transported are corrosives and gases.
As technology plays an important role in the growth of the Dangerous and hazardous goods logistics market, companies are using a real-time tracking system. Along with the dedicated transport management system, the tracking system becomes fully integrated and customers become aware of their stocks at any moment. With more investments in technology and quality assurance standards by the key players of this market, the Dangerous and hazardous goods logistics market size is sure to increase within the forecast period.
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