LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the multimodal transportation market for the chemical and petroleum industry in the US provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the multimodal transportation market for chemical and petroleum industry in the US will grow at a CAGR of over 7% during the forecast period. The expansion in Panama Canal driving container throughput in the US is a major factor driving the market’s growth.
The US forms the largest market for tanker shipping, including chemical/oil tankers, products tankers, chemical tankers, and crude oil tankers. The increase in the shale gas production in the US is driving the chemical and petroleum tanker shipping market in the region. Besides, the expansion of the Panama Canal has also propelled the growth of the chemical and petroleum shipments as large-sized vessels can pass through the Panama Canal, thereby reducing the transit time and cost in the transportation of crude oil and gas products.
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In this report, Technavio highlights the increasing use of ICT in multimodal transportation as one of the key emerging trends driving the multimodal transportation market for chemical and petroleum industry in the US:
Increasing use of ICT in multimodal transportation
The oil and gas and chemical logistics markets are witnessing increased demand for logistics vendors who provide end-to-end logistics solutions along with value added services such as third-party logistics (3PL) vendors. The value-added services provided by 3PL vendors include grading, packing, an assortment of products, management information system (MIS) services in the supply chain, and other legal formalities necessary in the transportation process. Emerging technologies in the logistics sector allow vendors to provide one-stop-solutions to customers and gain traction in the market by increasing their market share.
The market has been witnessing a trend in which shippers prefer contract logistics providers who provide one-stop-solutions. The oil and chemical companies outsource these logistics services to contract logistics service providers to get the advantage of domain expertise. The use of upgraded technologies in the logistics sector is expected to increase in the coming years due to the growing demand for logistics services.
“Owing to the increased production and trade of petroleum and chemicals in the US, the logistics process of these commodities has become complex. Temperature monitoring and timely information are required for time-sensitive chemicals. These complexities and inefficiencies in transportation systems generate the need for efficient information and communication technologies, which have been emerging as a key enabler in the intermodal and multimodal transportation system,” says a senior analyst at Technavio for research on logistics.
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Multimodal transportation market for chemical and petroleum industry in the US – segmentation analysis
This market research report segments the multimodal transportation market for chemical and petroleum industry in the US into the following end-users (chemical industry and petroleum industry).
The chemical industry segment held the largest share of more than 59% of the market in 2017 as chemicals are the largely produced and traded commodity. Chemicals can be of different types such as specialty chemicals, pharmaceutical chemicals, industrial chemicals, and agriculture chemicals. Multimodal transportation is used for oil and chemical transportation because it reduces the cost of transportation and other operations and eases the supply chain operations.
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