Bulk Liquid Global Market Report 2024

The primary types within the bulk liquids trucking market are edible liquids and non-edible liquids. Edible liquids encompass any liquid that is safe for human consumption. The market is further segmented by properties into flammable and non-flammable, and by end-use into chemicals, dairy, beverages, and other applications.

The bulk liquids market research report is one of a series of new reports that provides bulk liquids trucking market statistics, including global market size, regional shares, competitors with a bulk liquids market share, detailed bulk liquids market segments, market trends and opportunities, and any further data you may need to thrive in the bulk liquids industry. The bulk liquids market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The bulk liquid market size has grown strongly in recent years. It will grow from $60.58 billion in 2023 to $65.3 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth observed during the historic period can be attributed to factors such as shifts in energy consumption patterns, regulatory changes affecting the industry, the emergence of the petrochemical sector, the expansion of global trade, and the impact of the industrial revolution.

The bulk liquid market size is expected to see strong growth in the next few years. It will grow to $86.59 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The anticipated growth in the forecast period can be attributed to factors such as global economic growth, shifts in energy demands, the influence of environmental regulations, a focus on supply chain optimization, and the impact of market volatility. Major trends expected in the forecast period encompass shifts in consumer behavior, the impact of market volatility, increased emphasis on risk management and security measures, infrastructure developments, and a growing demand for specialized services.

The demand for the bulk liquid market is being propelled by the increasing production and consumption of chemicals. The American Chemical Council reports that various modes, including rail, truck, waterborne methods, and pipelines, supply tons of products to the chemical industry. According to Eurostat statistics, there was a substantial 7% increase in the consumption of environmentally harmful chemicals, reaching 86.4 million tons in 2021. This significant rise is expected to drive the demand for bulk liquid truck transportation, thereby fostering the growth of the bulk liquid market.

Anticipated growth in international trade is set to drive the expansion of the bulk liquid market. International trade, involving the exchange of goods, services, and capital across national borders, is a critical component of global business. The bulk liquid industry is expected to benefit from and adapt to international trade, as evidenced by the United Nations Conference on Trade and Development's report in June 2023, stating a 1.9% increase in trade in products and a 2.8% rise in the value of global services trade in the first three months of 2023 compared to the last quarter of 2022. The growing landscape of international trade serves as a driving force for the bulk liquid market.

A significant hindrance to the growth of the bulk liquids market is the shortage of drivers. The American Trucking Associations reported in December 2021 that the trucking industry may face a shortage of more than 160,000 drivers by 2030 if the current trend persists, surpassing the 80,000-driver shortage in 2021. This severe scarcity of drivers is impeding the growth potential of the bulk liquids market.

The trucking industry is increasingly adopting electronic logging devices (ELD) to regulate the working hours of drivers. ELDs automatically record driving time and hours of service, capturing essential data on the vehicle's engine, movement, and miles driven. This adoption, driven by digitization and telematics technology, is contributing to market growth. For instance, Geotab Inc. reported in July 2022 that Canada mandates the use of ELD for all commercial motor vehicle drivers to record driver and vehicle activity.

Innovative technologies are becoming a focal point for major companies in the bulk liquid market to gain a competitive edge. Analysis tools, which examine and evaluate data to provide insights and aid in decision-making, are being introduced to enhance competitiveness. For example, in May 2023, Tosca, a company offering reusable packaging services, launched a new life cycle analysis (LCA) tool. This sustainability assessment tool assists companies in selecting the most eco-friendly Intermediate Bulk Containers (IBCs) for liquid transportation, providing detailed data on factors such as greenhouse gas emissions, fossil fuel usage, and water consumption.

In November 2022, Heniff Transportation Systems, LLC., a liquid chemical and food transportation company based in the USA, acquired Coal City Cob Company, Inc. for an undisclosed amount. This strategic acquisition allows Heniff to sustain its industry-leading growth in the chemical sector of the tank truck market. Coal City Cob operates with over 230 drivers and 500 trailers across its nationwide network of terminals, contributing to Heniff's position in the industry. The integration of the two companies aims to enhance customer, employee, and driver satisfaction, emphasizing prompt and effective collaboration between the Heniff and CCC teams. Coal City Cob Company, Inc. specializes in the transportation of liquid and hazardous chemicals for various chemical and pharmaceutical companies.

Major companies operating in the bulk liquid market report are 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, LLCC, GroendykeTransport, Foodliner, A&RLogistics, J&M TankLines Inc., Grammer LogisticsInc., Cliff Viessman Inc., Coastal Transport Co., HermanR.Ewell Inc., CLI Transport LP, Superior Bulk Inc., Tankstar Inc., Trimac Transportation, Andrews Logistics, CCC Transportation LLC, ATOStransportes auto tanques ochoa - ATOSA, Solar Transport, Service Transport Co., Schilli Corp., Liquid Trucking.

Asia-Pacific was the largest region in the bulk liquids market in 2023. North America was the second largest region in the global bulk liquids market share. The regions covered in the bulk liquid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the bulk liquid market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The bulk liquids market consists of sales of hazardous chemicals, cooking oil, and liquid gases. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.