Multimodal Transportation Market for Chemical and Petroleum Industry in the US 2018-2022
About Multimodal Transportation
multimodal transportation refers to a transport system operated by a carrier, with more than one mode of transportation under the control or ownership of one operator.
Technavio’s analysts forecast the multimodal transportation market for chemical and petroleum industry in the US to grow at a CAGR of 7.20% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the multimodal transportation market for chemical and petroleum industry in the US for 2018-2022. To calculate the market size, the report considers the revenue generated from the sales of multimodal transportation.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Multimodal Transportation Market for Chemical and Petroleum Industry in the US 2018-2022
Technavio recognizes the following companies as the key players in the multimodal transportation market for chemical and petroleum industry in the US: BDP International, C.H. Robinson, Crowley Maritime, DB Schenker, KUEHNE+NAGEL , YUSEN LOGISTIC S
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Increasing use of ICT in multimodal transportation. The oil and gas, and chemical logistics markets are witnessing high demand for logistics vendors that provide end-to-end logistics solutions along with value added services such as third-party logistics (3PL) vendors. Value-added services provided by 3PL vendors are include grading, packing, and an assortment of products,”
According to the report, one of the major drivers for this market is Expansion in Panama Canal driving container throughput in the US. The US forms the largest market for the tanker shipping, including chemical/oil tankers, products tankers, chemical tankers, and crude oil tankers. The rise in the shale gas production in the US is driving the chemical and petroleum tanker shipping market in the region.
Further, the report states that one of the major factors hindering the growth of this market is Port congestion increasing overhauling time, impacts the service level agreements (SLA). Chemicals are a highly traded commodity in the US, accounting for 10-15% of the overall US exports. In 2015, more than 800 million tons of chemical products were transported throughout the region. However, the chemical industry of the US is facing overproduction driven by the shale gas reserves that form the low-cost source of chemicals. This, in turn, is increasing the cost burden on companies in terms of the oversupply, handling cost, and other operating costs.