Market Research Future (MRFR) offers primary, secondary as well as advanced information about the ISO Shipping Container Market 2020. Following a study of the growth prospects and the latest trends, MRFR reveals that the market can expand at a rate of close to 5.60% during the forecast period (2022 to 2030).
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Top Drivers and Main Barriers
With the intense growth of the freight sector, the shipping container market can also gain massive traction over the coming years. Moreover, the rising stack heights on container ships combined with the expanding volumes of high-density cargo has boosted the loads as well as stresses on containers, leading to a high requirement for assessing the current container strength specifications. As a result, with the objective of bringing down the risk of conducting tasks from the top, manufacturers are coming up with several modifications for containers, which entails the operator to remain at the ground level while filling, loading and accessing all the points.
Furthermore, it has been noted that seaborne trade is increasing rapidly across the globe. Additionally, surge in international trade, increasing import/export of manufactured goods, and the bulk transport of raw materials have also been observed across various economies. Reports say that the international shipping trade industry carries out roughly 90% of the world trade, and the boost in the seaborne trade can drive the growth of the ISO container market in the approaching years.
Apart from this, many government and non-government institutes are working on boosting the export capacity of various commodities, which ushers in an inflow of foreign currency within the country and region. To cite a reference, Increasing Agricultural Commodity Trade (IACT) project by the European Union is working on enhancing the export capacity of all the Pacific countries across sectors like livestock, forestry, agriculture, and more.
The global ISO shipping container market has been segmented into type and applications.
By type, the global ISO shipping container market has been segmented into the standard dry container, refrigerated container, high cube dry container, and high cube refrigerated container. Standard Dry Container held the significant market share of more than 45% in 2016, with a market value of nearly USD 3.800 million and is expected to rise at the highest CAGR level during the forecast period.
Based on applications, the global ISO shipping container market has been segmented into food transport, consumer goods transport, and industrial transport. Food transport held the largest market share of more than 40% in 2016, with a market value of USD 3,500 Million, and is projected to grow at the highest CAGR of about 6% during the forecast period.
The report lists the annual trend analysis of the ISO shipping container market across the primary regions and countries of Europe, South Korea, North America, China, Japan, India, and Southeast Asia.
Over the years, China has noted a rapid expansion of manufacturing capabilities with respect to shipping containers. The country’s shipping sector is administered by CIMC (Shenzhen, China). The ISO shipping container market in China is fueled by low labor costs and the rising number of small and medium scale players. In fact, many of the international brands such as Hapag-Lloyd, Maersk, OOCL, Cronos, Evergreen, Hamburg, and Hyundai have set up their manufacturing base in China, in order to take advantage of the low costs. This has made China a lucrative market for shipping, which includes shipping containers. The favorable policies, as well as the inductive environment in China, combined with the continuously increasing industrial capabilities has fostered the market growth not only in China but also in APAC to some extent.
In Europe, advancements in transportation services, surge in seaborne trade, and the mounting number of manufacturing facilities has led to a strong growth of the container shipping market. The falling oil prices have led to significant cost savings, which is prompting the shipping companies to invest substantially in the purchase of new shipping containers in the region.
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The top participants in the global market for ISO shipping container include Evergreen Marine Corporation, CXIC Group, Shanghai Universal Logistics Equipment, Hoover Container Solutions Inc., CIMC, Sea Box Inc., SINGAMAS, Hapag-Lloyd, Charleston Marine Containers, Inc., Maersk Container Industry A/S, to name a few.
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