The major players in the bulk liquid transportation market are Tankstar USA, Kenan Advantage Group Inc, Foodliner, Quality Distribution, Trimac Transportation Services, Heniff Transportation Systems, A&R Logistics, Superior Bulk Logistics, Groendyke Transport, and Ruan.
New York, April 4, 2022 (GLOBE NEWSWIRE) — Reportlinker.com Announces Release of “Bulk Liquid Global Market Report 2022” – https://www.reportlinker.com/p06250370/?utm_source=GNW
The global bulk liquids market is expected to grow from $50.65 billion in 2021 to $55.31 billion in 2022 at a compound annual growth rate (CAGR) of 9.2%. The market is expected to grow to $75.17 billion by 2026 at a compound annual growth rate (CAGR) of 8%.
The bulk liquid trucking market consists of sales of bulk liquid trucking services and related goods by entities (organizations, sole traders, and partnerships) that provide bulk liquid trucking. Only goods and services exchanged between entities or sold to final consumers are included.
The main types in the bulk liquid truck market are edible liquids and non-edible liquids. Edible liquids are any liquid and edible that is safe for human consumption.
The market is segmented by flammable and non-flammable properties and by end use in chemical, dairy, beverage and other products.
Asia Pacific was the largest region in the bulk liquid truck market in 2021. North America was the second largest region in the bulk liquid truck market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The increase in the production and consumption of chemical products drives the demand of the bulk liquid transportation market. According to the American Chemical Council, tons of products are supplied to the chemical industry through railways, trucks, waterways and pipelines. According to Eurostat statistics published in 2020, the production and consumption of hazardous chemicals in the EU amounted to 230 million tons.
Therefore, the high production and consumption of chemicals and related products is anticipated to create a high demand for bulk liquid transportation by truck and subsequently drive the growth of the market.
Driver shortage is one of the major factors restraining the growth of the bulk liquid truck market. According to the 2019 American Trucking Association report, an additional 60,000 commercial drivers are needed to keep America’s trucking industry moving.
The report also suggests that the industry needs to hire an average of 110,000 drivers per year to meet the growing demand for new truck drivers and to replace retiring drivers. The severe shortage of drivers is negatively affecting the growth of the bulk liquid transportation market.
The trucking industry is increasingly adopting electronic logging devices (ELDs) to regulate truck drivers’ work hours. An electronic logging device is a technology used by commercial motor vehicle (CMV) drivers to automatically record driving time and hours of service (HOS), capture data about the vehicle’s engine, movement, and miles traveled.
Increased digitization and the use of telematics technology are also driving the growth of the market. The US is among the early adopters of this technology and has required ELD for all commercial vehicles.
As of December 2019, all vehicles are expected to use ELD to track hours of service in the US. In June 2019, Canada also announced mandatory ELD, which will go into action in 2021.
In December 2019, US-based liquid bulk shipping leader Heniff Transportation acquired Superior Bulk Logistics for an undisclosed amount. This deal will help Heniff Transportation develop a giant bulk carrier along with enhanced customer service capabilities.
Superior Bulk Logistics is a US-based leader in innovative bulk trucking and logistics services. It was founded in 1966.
Countries covered in the bulk liquid transportation market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, United Kingdom, and United States.
Read the full report: https://www.reportlinker.com/p06250370/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need, instantly, in one place.
CONTACT: Clare: firstname.lastname@example.org US: (339)-368-6001 Intl: +1 339-368-6001