WASHINGTON, Sept. 14, 2023 (GLOBE NEWSWIRE) -- As per Vantage Market Research, the Global Shipping Container Market has rapidly grown over the years due to the shift towards more sustainable and eco-friendly shipping practices.
According to Vantage Market Research, the global Shipping Container Market is estimated to be valued at USD 15.5 Billion by 2030 and is expected to exhibit a CAGR of 12.5% from 2023 to 2030. The global Shipping Container market grew to USD 6.8 Billion in 2022.
Shipping Containers are standardized metal containers used for transporting goods across long distances by sea, rail, or land. They are built to withstand harsh weather conditions and are designed to be quickly loaded and unloaded from different modes of transportation. The most common size is the 20-foot or 40-foot container, but smaller and larger sizes are also available. They are vital in global trade, providing a secure and cost-effective means of transporting goods globally. Additionally, Shipping Containers have become popular in alternative uses such as architecture and storage solutions.
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Key Highlights
- The demand for Large Shipping Containers (40 feet) is expected to experience a significant increase from 2023 to 2030. This indicates a greater need for containers with larger capacities to accommodate shipping requirements.
- Dry Storage containers will hold the largest market share globally between 2023 and 2030. This suggests that there will be high demand for containers primarily used for storing dry goods compared to other container types.
- In 2022, the Asia Pacific region accounted for the highest revenue share, making up 65.10% of the market. This underscores the dominant position of the Asia Pacific region in the Shipping Container market, highlighting its high shipping activities and container demand.
- The European market is expected to grow significantly from 2023 to 2030. This indicates that the European market will experience substantial expansion in terms of Shipping Container demand and revenue generation during the projected timeframe.
The Shipping Container market is witnessing significant growth due to the increasing global trade activities. The demand for Shipping Containers is driven by their durability, security, and cost-effectiveness. Additionally, the rise of e-commerce and online retailing has further fueled Shipping Container orders. However, factors such as fluctuating raw material prices and environmental concerns about the disposal of old containers are expected to hinder market growth.
Top Companies in The Global Shipping Container Market
- China International Marine Containers (China)
- W&K Containers Inc. (U.S.)
- TLS Offshore Containers (U.S.)
- OEG Offshore Limited (UK)
- COSCO SHIPPING Development Co. Ltd. (China)
- CXIC Group (China)
- A.P. Moller–Maersk Group (Denmark)
- YMC Container Solutions (UK)
- Singamas Container Holdings Limited (Hong Kong)
- CARU Containers (U.S.)
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Factors affecting the growth of the Shipping Container Industry
Several factors can affect the growth of the Shipping Container industry. Some of these factors include:
- Port infrastructure: The availability and quality of port infrastructure play a significant role in the growth of the Shipping Container industry. Ports with modern facilities, efficient cargo handling systems, and good transport connections can attract more shipping traffic and contribute to the growth of the industry.
- Global trade: The growth of the Shipping Container industry is closely tied to international trade. Increased global trade, particularly in emerging economies, has led to a higher demand for Shipping Containers to transport goods across borders.
- Economic growth: Strong economic growth in various countries drives consumer demand for goods, resulting in increased manufacturing and trade activities. This, in turn, fuels the need for more Shipping Containers to transport these goods.
- Technological advancements: New technologies, such as IoT (Internet of Things) devices and blockchain, are being integrated into the Shipping Container industry, improving tracking and security, reducing logistics costs, and increasing operational efficiency. Adoption of these technologies can spur growth and attract investment in the industry.
Top Trends in the Global Shipping Container Market
The global Shipping Container market is witnessing several prominent trends reshaping the industry. One such trend is the escalating demand for refrigerated containers used for transporting temperature-sensitive goods. This increasing need for maintaining controlled environments has fueled the growth of this segment. Another trend in the Shipping Container market is the popularity of modified and customized containers for diverse purposes. These containers are tailored to meet specific requirements, such as portable offices, pop-up retail stores, and even homes. This trend reflects the versatility and adaptability of Shipping Containers in various industries. Furthermore, the market is witnessing a growing adoption of lightweight and eco-friendly container materials. Manufacturers focus on developing reduced-weight containers to enhance fuel efficiency and minimize carbon emissions. Such sustainable initiatives are gaining traction in the market.
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Recent Development of the Global Shipping Container Market
- In August 2022, China International Marine Containers (CIMC) and Maersk Container Industry announced the cancellation of their planned merger due to regulatory obstacles. CIMC had previously agreed to acquire AP Moeller - Maersk refrigerated containers maker for $987.3 million in September 2021. The merger would have effectively consolidated two of the world's four refrigerated Shipping Container suppliers, leading to concerns about the concentration of the global cold supply chain.
- In May 2022, Mazagon Dock Shipbuilders ventured into the container manufacturing business by securing an order from Container Corporation of India Ltd (CONCOR) for 2,500 cargo-carrying steel boxes. The estimated cost for each container ranges from INR 35 million (USD 0.43 million) to INR 40 million (USD 0.49 million), making the total deal value approximately INR 1 million (USD 12.18 million). This partnership is significant as CONCOR is introducing 12 feet containers in India for the first time, which are deemed more beneficial than the smaller dwarf containers. With a shortage of containers affecting Indian exporters during the Covid-19 pandemic, the move aims to address the need for increased local production.
Market Drivers
Globalization is a significant factor driving the Shipping Container market. As businesses expand internationally, there is an increased demand for reliable and cost-effective transportation and storage solutions. Shipping Containers offer a convenient and secure way to transport goods worldwide, allowing for the efficient movement of large quantities of products in a single container. This has improved logistics efficiency, streamlined supply chain processes, and contributed to economic growth and development.
Additionally, the need for efficient transportation and storage solutions has led to the adoption of Shipping Containers, which provide standardized units that are easy to load, unload, and transport. This has increased efficiency, reduced costs, and improved safety while offering businesses a flexible and economical on-site storage solution.
Market Restraints
The Shipping Container market is growing but faces challenges like container shortages and environmental concerns. Shortages in certain regions can lead to higher costs and delays, so container manufacturers and leasing companies must expand and invest. Environmental regulations are also a problem, as shipping contributes to carbon emissions. To combat this, there is a need for eco-friendly container designs and practices. Alternative fuels and emerging technologies are being explored, but significant investment and collaboration are required to successfully transition to sustainability.
Market Opportunities
Despite challenges, several opportunities in the Shipping Container market can be capitalized on. The rise of e-commerce and the shift towards online shopping have created new avenues for growth. The demand for Shipping Containers to transport goods purchased online is expected to increase in the coming years. Additionally, the developments in 3D printing and modular construction present opportunities for container manufacturers to explore new applications and markets. Furthermore, the trend of repurposing Shipping Containers for non-traditional uses, such as housing and retail spaces, has gained traction. This represents a lucrative opportunity for container leasing companies and architects to create innovative and sustainable structures. The versatility and cost-effectiveness of Shipping Containers make them an attractive option for these unconventional uses.
Browse market data Tables and Figures spread through 149 Pages and in-depth TOC on Shipping Container Market Forecast Report (2023-2030).
Report Segmentation of the Global Shipping Container Market
Container Size Analysis
Large Containers (40 feet) dominate the market with the largest market share because they offer numerous advantages for transporting goods globally. The global Shipping Container market is based on types segmented into small containers (20 feet), large containers (40 feet), and high cube containers (40 feet). Furthermore, these containers provide ample space for accommodating a significant cargo volume, making them ideal for businesses looking to transport large quantities of goods in a single shipment. Large containers are also highly versatile and compatible with various modes of transportation, including ships, trains, and trucks. Large containers offer unparalleled efficiency and cost-effectiveness, making them the preferred choice for many shipping companies.
Product Type Analysis
The dry storage containers segment dominated the largest market share. It will dominate in the forecast period due to their versatility and widespread use in various industries for storing and transporting a wide range of dry goods and products. Dry storage containers are designed to transport and hold a wide range of goods, from consumer goods to industrial equipment and perishable goods. Their weatherproof and secure features make them ideal for long-distance transportation and storage. Additionally, their standardized sizes and compatibility with transportation infrastructure, such as trucks, trains, and ships, have further contributed to their market dominance. The global Shipping Container market is based on the product type analysis segmented into dry storage containers, flat rack containers, refrigerated container special-purpose containers, and others. Moreover, the increasing global trade and logistics sector has fueled the demand for dry storage containers, making them the preferred choice in the Shipping Container market.
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Global Shipping Container Market Segmentation
By Container Size
- Small Containers (20 feet)
- Large Containers (40 feet)
- High Cube Containers (40 feet)
By Product Type
- Dry Storage Containers
- Flat Rack Containers
- Refrigerated Containers
- Special Purpose Containers
- Other Product Types
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 6.8 Billion |
| Revenue Forecast by 2030 | USD 15.5 Billion |
| CAGR | 12.5% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | China International Marine Containers, W&K Containers Inc., TLS Offshore Containers, OEG Offshore Limited, COSCO SHIPPING Development Co. Ltd., CXIC Group, A.P. Moller–Maersk Group, YMC Container Solutions, Singamas Container Holdings Limited, CARU Containers |
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Regional Analysis
Due to the region's strong economic growth, expanding trade activities, and rising demand for goods and commodities, Asia Pacific held the dominance of the global market share for multiple sclerosis therapeutics, with a market share of 65.10% in 2022. With countries like China, Japan, and South Korea leading the way, Asia Pacific accounted for the largest share in container production, container shipping volumes, and container exports. Additionally, the region witnessed significant investments in port infrastructure, fostering trade connectivity and enhancing its position as a global shipping hub. This domination highlighted the increasing importance of the Asia Pacific region in the global trade landscape.
The European market is the most lucrative due to several possible areas for future enlargement. The rise in demand for Shipping Containers can be attributed to various factors such as increasing trade activities, the rising trend of containerization in the logistics industry, and the expansion of e-commerce. The region's strategic location, well-developed transportation infrastructure, and favorable government policies also contribute to its growth in the Shipping Container market.
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