Dangerous Goods Logistics Market Continues to Expand
As we enter the year 2023, (yes 2023!), the dangerous goods logistic market is projected to grow. This continued growth means that the need for UN packaging, placards, labels, documentation, and training will be needed now and, in the future, more than ever. This is nothing new to the dangerous goods world, as a matter of fact, I wrote a blog on a similar situation a few years back.
This trend is nothing we haven’t seen before in years past, but how much is the industry projected to grow and what are the reasons for this growth?
How Much is it projected to Grow and Why?
The Dangerous Goods Logistics Market is expected to expand at a compound annual growth rate (CAGR) of more than 5% over the next 6 years (2022-2028). This projected growth will be due to several different factors.
First and foremost, the COVID-19 pandemic leveraged the growth of the dangerous goods logistics market due to the increasing demand for medical oxygen in hospitals and has resulted in a greater need for transportation.
In addition, nuclear medicine, viral samples, healthcare hazardous substances, and clinical waste such as surgical equipment must also be transported across all modes of transportation. Keep in mind, these hazardous substances and samples potentially would have to be shipped as dangerous goods which would require all of the necessary packaging, labeling, and paperwork.
Other sectors of the dangerous good’s world could also affect this projected growth such as the oil and gas sector. The oil and gas industry continues to be profitable and is expected to receive investments of 237 billion dollars USD over the next 10 years, which will be 25 % of the total global tally expected in this industry. If you have had experience shipping different types of fuel, it is most often classified as dangerous goods and requires specific hazard class labels, placarding, and UN regulated packaging as well.
Between the increasing need to ship lithium batteries and the already established gas and oil industries mentioned above, the dangerous goods market is shooting higher than it has ever been before.
ICC is passionate about keeping us all safe when handling, storing, manufacturing or transporting dangerous goods. Our team can help your business stay compliant and informed through our resources and products. Contact us to learn more about the ICC difference.
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