GCC Dangerous Goods Logistics Market 2022 - 2027 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "GCC Dangerous Goods Logistics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.

GCC Dangerous Goods Logistics Market is expected to expand at a compound annual growth rate (CAGR) of more than 5% during the forecast period (2022-2027).

COVID-19 pandemic leveraged the growth of the dangerous goods logistics market. The increasing demand for medical oxygen in hospitals has resulted in a greater need for transportation.

Furthermore, nuclear medicine, viral samples, healthcare hazardous substances, and clinical waste such as surgical equipment must be transported. Due to the lockdowns caused by the COVID-19 pandemic, the transportation of hazardous goods has become easier and faster.

In addition to the various dangerous goods regulations being updated year by year, the need to ship dangerous goods is expected to grow on a yearly basis. Between the need to ship lithium batteries increasing and already established gas and oil industries in the region, the dangerous goods market is shooting higher than it has ever been before, which will increase the need for UN packaging, Training, Labels, and Placards.

Key Market Trends

Recovery of Chemical Industry

The chemicals and petrochemicals industry in the GCC is poised for growth during the forecast period backed by the regional and global economy that is expected to recover in the aftermath of the COVID-19 outbreak.

According to the Gulf Petrochemicals and Chemicals Association (GPCA), the region's chemicals industry is anticipated to see growth across all key indicators including chemical sales revenue, production output and international trade on the back of an increase in regional economic activity, supported by a rapid vaccination rollout and the global economic rebound.

As reported by the GPCA, in the GCC region, chemical revenue almost reached a range between USD 60-63 billion in 2021 which was a 15- 20% increase over the period of 2020. However, this is still 25-30% lower than the pre-pandemic average of USD 80 billion generated by GCC producers annually since 2011.

New Investments in the Market

The Middle East produces more oil than any other region in the world, accounting for slightly less than a third of global oil production in 2020, at 31.3 per cent.

According to projections for 2020, the total export volume of oil from all Gulf Cooperation Council countries was 13.3 million barrels per day. The leading oil-exporting country of the region was Saudi Arabia with a projected volume of 7.2 million barrels per day for 2020.

Oil and gas sector continues to be the top industry in the region and is expected to receive investments to the tune of USD 237 billion in the next 10 years, which will be 25 per cent of the total global tally expected in this industry.

Furthermore, Kuwait's oil production amounted to 2.7 million of barrels per day in 2020. At that time, the country was among the leading ten oil producers worldwide, with three percent of the global oil production.

Competitive Landscape

The GCC dangerous goods logistics market is fairly fragmented, with significant international firms as well as small and medium-sized local players.

To suit market needs and demand, most global logistics businesses include a dangerous goods logistics section. Furthermore, local players are expanding their capabilities in terms of inventory management, service offerings, products handled, and technology.

With the increasingly strict control of dangerous goods logistics, the market studied is gradually eliminating a large number of freight forwarding companies with insufficient professional capabilities and insufficient comprehensive resources, leaving fewer freight forwarding companies that can provide professional dangerous goods logistics full chain services independently.

Companies Mentioned

• Agility
• BDP International
• Petrochem
• Al Futtaim - Logistics
• TALKE Group
• Bertschi AG
• GAC
• AAA Freight Services LLC
• Hellmann Worldwide Logistics SE & Co
• Al Ghazal Transport UAE

For more information about this report visit https://www.researchandmarkets.com/r/ry3sbf