Driving Business Transformation: A Key Driver Transforming the Bulk Liquid Market 2024

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How has the bulk liquid market evolved over the years and what's its projected growth?
The bulk liquid market size has flourished in recent years, with strong growth coming from fluctuations in energy consumption, regulatory changes, burgeoning of the petrochemical industry, global trade expansion, and impacts from the industrial revolution. The market size was valued at $60.58 billion in 2023 and is projected to grow to $65.3 billion in 2024 at a compound annual growth rate CAGR of 7.8%.

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What are the factors influencing the future growth of the bulk liquid market?
Over the next couple of years, the bulk liquid market is anticipated to witness considerable growth, with the market size projected to reach $86.59 billion in 2028 at a CAGR of 7.3%. Reasons contributing to this growth are primarily rooted in global economic growth, shifts in energy demands, environmental regulations, supply chain optimization, and the impact of market volatility. As we look ahead into the future, significant trends such as shifts in consumer behavior, the effects of market volatility, risk management & security, infrastructure developments, and demand for specialized services will influence the market.

Why increasing production, and consumption of chemicals are drivers for the bulk liquid market?
An important catalyst propelling the growth of the bulk liquid market is the increasing production and consumption of chemicals. Data from the American Chemical Council reveal that numerous products are supplied to the chemical industry via various modes such as rail, truck, waterborne modes, and pipelines. Eurostat statistics highlight that 86.4 million tons of environmentally harmful chemicals were consumed in 2021, a hefty 7% increase from the previous year. This high production and consumption of chemicals and related products is predicted to generate robust demand for bulk liquid truck transportation, thus boosting the growth of the bulk liquid market.

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Which are the major companies operating in the bulk liquid market?
Florida Rock & Tank Lines, Prime Inc., Martin Transport Inc., Quality Distribution Inc., Kenan Advantage Group Inc., Apex Logistics, Tidewater Transit Co., Dupre' Logistics LLC, Eagle Transport Corp., Ruan Transportation Management Systems Inc., Heniff Transportation Systems LLC, Groendyke Transport, Foodliner, A&R Logistics, J&M Tank Lines Inc., Grammer Logistics Inc., Cliff Viessman Inc., Coastal Transport Co., Herman R.Ewell Inc., CLI Transport LP, Superior Bulk Inc., Tankstar Inc., Trimac Transportation, Andrews Logistics, CCC Transportation LLC, ATOS transportes auto tanques ochoa - ATOSA, Solar Transport, Service Transport Co., Schilli Corp., Liquid Trucking are some of the major companies operating in the bulk liquid market.

What are the emerging trends in the bulk liquid market?
A significant trend having a positive impact on the bulk liquid market is the adoption of electronic logging devices ELD. These devices are increasingly being employed by the trucking industry to monitor and control the working hours of truck drivers, ensuring accurate capture of the vehicle's engine, movement, and miles driven data. Increase in digitization and the utilization of telematics technology are taking forward the market growth.

What are the market segments in the bulk liquid market?
The bulk liquid market is segmented on the basis of:

1 Liquid Type: Edible liquids, Non-Edible liquids
2 Properties: Flammable, Non-Flammable
3 End Use: Chemical, Dairy, Beverages, Other End Users

How does the regional outlook of the bulk liquid market look like?
In terms of regional insights, Asia-Pacific dominated the bulk liquid market in 2023 followed by North America. The bulk liquid market report covers the following regions: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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