by The Shipping Containers Market is estimated to be valued at US$ 12572.95 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Shipping containers are specialized sustainability transportation solutions that are used globally for carrying and transporting freight via ship, rail, and road. They come in standardized sizes and are primarily made of corrugated aluminum to withstand harsh environmental and handling conditions. Dry containers, refrigerated containers, flat rack containers, special-purpose containers are some of the common types used in shipping food, machinery, consumer goods, and other industrial products worldwide on a large scale.
Market Dynamics:
The growth of the shipping containers market is driven by the expanding marine logistics industry and rising cross-border trade activities. Developing economies in Asia Pacific and Latin America offer significant trade opportunities, which is enhancing the demand for shipping containers from both developed and developing nations. Moreover, advancements in intermodal transportation infrastructure such as sea ports, rail terminals, and transport corridors are positively impacting the usage of containers for door-to-door delivery. However, the volatile raw material prices pose a major challenge.Additionally, risks of operational delays and trade policy changes can potentially hamper market development.
Segment Analysis
The shipping containers market is dominated by the dry containers segment. Dry containers are standard sized steel boxes used for general cargo shipping. They account for over 80% of the total market share owing to their extensive usage for transporting general goods via ships, railways and trucks globally. Standard dry containers come in 20 feet and 40 feet lengths with width of 8 feet and are suitable for moving a wide variety of cargo goods.
PEST Analysis
Political: Trade policies and agreements between nations influence the shipping containers market. Countries promote import and export of goods to boost economic growth.
Economic: A growing economy increases domestic and international trade, boosting demand for shipping containers. The market also depends on the stability of shipping industry and freight rates.
Social: Changes in consumer lifestyle and buying behavior impact the import and export of consumer and commercial goods. This influences the type of cargo shipped and container utilization.
Technological: Adoption of smart container technologies allows monitoring of cargo in real-time. Use of renewable energy sources in container ships can make shipping industry more sustainable.
Key Takeaways
The global Shipping Containers Market Growth is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing global trade and expansion of e-commerce industry.
Regional analysis: Asia Pacific dominates the global market and is expected to maintain its leading position during the forecast period owing to high exports from China and other Asian countries. China accounts for over 35% of the global container fleet and is the largest manufacturer, exporter, and consumer of shipping containers globally.
North America is projected to be the fastest growing regional market due to strong economic growth and internal trade activities in the US and Canada. China, followed by US and Germany have the highest demand for new containers owing to large export-oriented manufacturing sectors.
Key players operating in the shipping containers market are China International Marine Containers Co., Ltd., Sea Box, Inc., Singamas Container Holdings Limited, China Cosco Shipping Co. Ltd., TLS Offshore Containers International, CXIC Group Containers Company Limited, W&K Container Inc., Maersk Container Industry, YMC Container Solutions (a division of Thurston Group Limited), and Dong Fang International Container (Hong Kong) Co., Ltd. The market is consolidated in nature with top players such as China International Marine Containers and Singamas Container Holdings accounting for the major market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
