LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global chemical logistics market to post CAGR of close to 14% during the forecast period. The increased demand for the customized green warehouse will drive the demand for the global chemical logistics market during the forecast period. Logistics companies such as Deutsche Post World Net have rolled out green initiatives in transportation, warehousing, and distribution operations in a bid to reduce their carbon footprint by 30% by 2020.
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In this report, Technavio analysts highlight the growth of the chemical industry as a key factor contributing to the growth of the global chemical logistics market:
Growth of the chemical industry
The demand for chemical logistics is driven by the growth of the global chemical industry. In 2016, the global chemical industry generated sales exceeding USD 3.7 trillion. The growth rate of the chemical industry is also driven by the fall in crude oil prices as most chemicals are obtained from the refining of crude oil.
According to a senior analyst at Technavio for logistics research, “The shift of the chemical logistics industry to emerging Asian countries is likely to propel market growth as many new LSPs will enter the Asian market, which will strengthen the global chemical logistics market. In fact, the global sale of chemicals in Asia accounted for close to 62% in 2016 due to the presence of many emerging economies such as China, India, Singapore, Malaysia, and Vietnam. The chemical sales in the region are expected to grow further to reach close to 65% by 2030.”
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Global chemical logistics market - segmentation analysis
This market research report segments the global chemical logistics market based on based on the type of services (transportation, warehousing, and others) and key regions (the Americas, APAC, and EMEA).
Based on geography, APAC dominated the market with a share of more than 53%, followed by the Americas and EMEA. South Korea and Japan are mature markets in the chemical logistics industry; however, the growth of emerging countries such as India and China, where many chemical vendors are initiating partnerships with logistics companies to take advantage of the rising demand, will fuel the growth of the market in APAC.
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