The shipping containers market size is anticipated to reach USD 9,700 billion by the year 2030 and record a CAGR of 4.30% during the forecast period of 2030. (forecast period). The study provides a detailed and precise overview of the impact of the COVID-19 pandemic on the ISO Shipping Container Market size.
ISO shipping containers are large shipping containers made of different grades of steel and built for freight transport. They are used in transport through modes such as road, sea, and rail. ISO shipping containers are manufactured with the same size specification. These containers are manufactured after the adoption of the ISO specification. Typical container sizes remain 10', 20', and 40' across types like standard dry containers and refrigerated containers.
Market Dynamics
The ISO Shipping Container Market size is likely to see moderate growth over the forecast period. The development of the ISO shipping container market is driven by the rising acceptance of shipping containers in the seaborne trade, the increasing demand for commodities, and the expanding industrial base in China. Effects on the environment, volatility in the price of raw materials, and sluggish economic growth impede the market's growth.
Seaborne trade continues to grow globally, as shipping is the lifeblood of the global economy. International trade, the bulk transport of raw materials, and the import/export of food and manufactured goods are important to any economy. The international shipping industry is responsible for carrying out about 90% of world trade. As per the United Nations Conference on Trade and Development (UNCTAD), merchant ships' operations contribute almost USD 380 billion to freight rates in the global economy, which is equal to around 5% of total world trade. Expanding seaborne trade has broadened the reach of shipping containers across the globe.
The international shipping industry is strongly influenced by the demand and prices of international commodities, including agricultural commodities, crude oil, metals, and others. With global population growth and disposable income, demand for food products, consumer goods, and basic commodities, such as metals, minerals, and oil and gas, has also increased. This has increased international trade in such commodities between countries and has driven the market for shipping containers. In addition, various government and non-government organizations promote the export capacity of different commodities, which, in turn, generates foreign currency inflows into the economy. For example, in the European Union’s Increasing Agricultural Commodity Trade (IACT) project, the European Union works to improve the export capacity of Pacific countries through industries such as agriculture, forestry, livestock, and more. The project offers value chain support to promote the foreign trade of these countries. This is driving the demand for shipping and, in turn, for containers.
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Market Segmentation
The ISO Shipping Container Market size has been segmented into type and applications.
By type, the ISO Shipping Container Market size 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 ISO Shipping Container Market size 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.
Regional Analysis
Region-wise, the ISO Shipping Container Market size has been segmented into North America, Europe, Asia Pacific, the rest of the world.
The ISO Shipping Container Market size is heavily driven by major factors, such as the rising acceptance of shipping containers in seaborne trade, growing demand for commodities, and the expanding industrial base in China.
China has seen the growth of manufacturing capabilities when it comes to shipping containers. The shipping industry of the country is regulated by the CIMC (Shenzhen, China). Low labor costs drive the industry in China. Small and medium-sized players have emerged in the last decade, fragmenting the market in the region. Global brands such as Maersk, Hapag-Lloyd, Evergreen, Cronos, Hyundai, OOCL, and Hamburg have built their manufacturing base in China to take advantage of low costs. This makes China an important market for shipping, including shipping containers. China's supportive policies and favorable environment, along with its expanding industrial capabilities, have allowed the global market to develop.
Key Players
The key players in the ISO Shipping Container Market size are CIMC, SINGAMAS, Hapag-Lloyd, CXIC Group, Charleston Marine Containers, Inc., Shanghai Universal Logistics Equipment, Maersk Container Industry A/S, Sea Box Inc., Hoover Container Solutions Inc., and Evergreen Marine Corporation.
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