The shipping container refers to the use of large containers such as carriers to assemble the goods into a container unit for the use of large loading and unloading machinery and large vehicles in the modern circulation field for loading and unloading, handling operations and transportation. The shipping container has features such as simplifying packaging, saving a lot of packaging costs, reducing cargo damage, improving freight quality, and reducing operating expenses and transportation costs. These containers facilitate the transport of goods via both land and seaborne modes of transport, which may involve ships, rails, and trucks.
The global shipping container market estimated to grow at a CAGR of over 4.5% during the forecast period, 2020-2027. The growth of the market is driven by the increasing adoption of shipping containers in the seaborne trade, mounting demand of commodities, and expanding industrial base in emerging countries. Further, the surge in cargo transportation through ships and the rise in trade-related agreements supplements are anticipated to enhance the shipping container demand. Additionally, the growth in the economy, growing seaborne trade, and increasing demand for highly efficient and superior capacity shipping containers will propel the growth of global shipping container market size in the upcoming periods. The trend of automation in marine transportation and the increase in maritime safety norms are projected to bolster the growth of the global shipping container industry.
Moreover, with the global surge in population and disposable income, the rise in demand for food products, consumer goods, and essential commodities, including metal, minerals, and oil & gas, has also increased. These factors are likely to expand the international trade of such commodities, between countries, and leads to stimulate the global shipping container market share. Furthermore, the growth in countries forging free trade agreements like AFTA, TPSEP, and NAFTA (North American Free Trade Agreement) is expected to foster global market growth. The growth in sales of specialized shipping containers by the defense department and the rising trend of remote container management solutions will positively impact the shipping container market. The growing usage of smart sensors in shipping containers to reduce the losses incurred by loss and damage of goods and reduce regular in-person checkup is projected to trigger the global market growth.
There is a surge in demand for cargo transportation through seaways. Due to the advantages of seaborne transportation, such as efficient to other ends in a secure way as compared to other means of transportation. The continually growing containerized trade, increasing trend of port automation to cope with the augmented demand, has led to the growing size of port terminals to accommodate the goods, which, in turn, drives the need for shipping containers globally. As per the United Nations Conference on Trade and Development (UNCTAD), around 80% of the international trade in volume of goods is carried by sea. United Nations Conference on Trade and Development (UNCTAD) also stated that global maritime trade expanded at a slower pace in 2018, while volumes reached 11 billion tons.
In recent years, various trade agreements have been carried out between developed and developing nations to transport goods from one place to another. These factors enabled the supplier to choose seaborne transportation as a efficient and better means of transportation. This inclination has led the cargo container manufacturers to develop efficient and better containers of different shapes and sizes. These factors lead to stimulating the global shipping container industry.
Based on the container size, the global shipping container market classified into small containers (20 feet), large containers (40 feet), and high cube containers (40 feet). The small container (20 feet) segment is expected to be the highest revenue generator for the shipping container during the forecast period. The segment’s growth is primarily attributed to the rise in manufacturing facilities and the massive surge in import and export of commodities by countries worldwide.
The high cube containers (40 feet) will witness a lucrative growth rate in the estimated period due to the long life span, modest maintenance costs, and versatility of container attached to it.
Based on the product type, the global shipping container market segregated into dry storage containers, flat rack containers, refrigerated containers, tank containers, and others. The dry storage containers segment held a higher market share in 2019 and projected to dominate the global shipping container market by 2027. Due to increasing demand for shipping and logistics across the globe and dry transport goods, which do not allow for temperature controls, they are not suitable for moving food or chemicals that require refrigeration.
The refrigerated containers will grow at a significant CAGR in the forecast period owing to their use for shipment of perishable goods, including fruits and vegetables over long distances.
Based on the end-use, the global shipping container market segmented into food & beverages, consumer goods, healthcare, industrial products, and others. The food and beverages segment holds largest market share in 2016 due to the surge in the shipping of food products such as fresh vegetables and fruits, frozen vegetables and fruits, fish, chilled and frozen meat, milk and dairy products, and eggs, chocolates & juice.
Healthcare will grow at a noteworthy rate during the analysis timeframe due to the rise in the shipping of healthcare products include medical devices, vaccines, and safety equipment across the globe.
By geography, the global shipping container market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific held for a significant market share in 2019 and will witness to gain maximum market revenue by 2027. Due to the swelling population, infrastructural development, manufacturing activities, and mounting trend of globalization and demographic changes in the region.
North America will capture a prominent share of the shipping container market by 2027 due to the high growth of the shipping industry and freight transport across the region, growing demand for perishable products, and a robust interstate highway network in the region.
Companies such as China International Marine Containers Co., Ltd., Singamas Container Holdings Limited, CXIC Group Containers Company Limited, Maersk Container Industry, Sea Box, Inc., W&K Container, YMC Container Solutions, TLS Offshore Containers International, OEG OFFSHORE LIMITED, CARU Containers B.V., and IWES LTD are the key players in the global shipping container market.
By Container Size
By Product Type