Los Angeles, CA, Sept. 21, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Shipping Container Modification Market By Size (Small Container (20 Feet) And Large Container (40 Feet)), By Application (Energy & Mining, Construction, Retail And Commercial, Disaster Relief, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the demand of global Shipping Container Modification Market size & share in terms of revenue was valued at USD 85.3 billion in 2022 and it is expected to surpass around USD 147.6 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 7.1% during the forecast period 2023 to 2030.”
What is Shipping Container Modification? How big is the Shipping Container Modification Industry?
Report Overview:
The global shipping container modification market size was worth around USD 85.3 billion in 2022 and is predicted to grow to around USD 147.6 billion by 2030 with a compound annual growth rate (CAGR) of roughly 7.1% between 2023 and 2030.
Shipping containers are any containers that are utilized in the transfer and transportation of items without the necessity for the contents to be reloaded and unloaded at intermediate places. These containers are helpful in the process of transporting goods across sea and land. However, in order to use these modes of transportation, you will need to make use of trucks, drills, or ships. As a direct consequence of this, the utilization of many modes of transport for the shipment of goods is gaining in significance. In addition, the simplicity, convenience, and cost-effectiveness of renting shipping containers as a means of storing large quantities of things have contributed to the surge in popularity of this practice among businesses operating in all sectors. It is common practice to repurpose shipping containers into freight containers for use on railroads, vehicles, and ships. On the other hand, this repurposed shipping container can be used for a variety of purposes, including as office storage, a basecamp, and commercial functions.
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Global Shipping Container Modification Market: Growth Factors
The expansion of the market is driven by the increased demand for the protection of architecture.
The challenging conditions of marine shipping inspired the development of shipping containers, which are intended to withstand those conditions. These shipping containers are able to withstand rough handling in addition to big cargo loads. Because of the remarkable level of safety they provide, shipping containers are an excellent choice for locations that are prone to natural disasters. This is due to the fact that their structural integrity provides them with resistance to natural disasters like earthquakes and hurricanes. In addition, the high-quality insulation materials protect the house from the potentially hazardous effects of moisture and temperature, as well as from the harmful impacts of the sun, rain, heat, and snow. These factors contribute to an increase in the market for dwellings constructed out of shipping containers in locations with a colder climate. As a result, fueling the growth of the market for shipping container modifications during the course of the forecast period.
Important Growth Factors:
- Sustainability: The growing focus on sustainable and eco-friendly construction methods is driving the adoption of shipping container modifications.
- Affordability: Shipping containers offer cost-effective building solutions, making them attractive for various applications, including housing and commercial spaces.
- Customization: The ability to customize shipping containers to meet specific design and functional requirements is a key growth factor.
- Rapid Construction: Container modifications allow for faster construction compared to traditional methods, which is valuable in meeting urgent housing or workspace demands.
- Versatility: The versatility of shipping containers enables their use in various industries, from residential and commercial to healthcare and education.
- Urbanization: The global trend toward urbanization has increased the demand for flexible and space-efficient solutions, driving the container modification market.
- Popularity of Pop-Up Retail: The rise of pop-up retail and mobile businesses has led to increased use of modified shipping containers for retail and hospitality purposes.
- Remote Work: The growth of remote work has created a demand for remote and flexible workspaces, which shipping containers can provide.
- Logistics and Storage: Shipping containers continue to be crucial for logistics and storage solutions, contributing to market growth.
- Government Initiatives: Government initiatives and regulations promoting sustainable construction practices can also boost the container modification market.
The Limiting Factors of the Shipping Container Modification Market
Low life expectancy is a barrier to market expansion.
In the construction of prefabricated and customised dwellings, several manufacturers of modified shipping containers use decommissioned and outmoded shipping containers as building materials. A great number of previously used shipping containers have been upgraded, but their useful lives are drawing to a close. In addition, previously used containers are especially susceptible to quick corrosion if they already have nicks, scratches, or dents from when they were first utilized. In order to protect the exterior of modified cargo containers from rust and corrosion, hazardous chemicals are utilized in the painting process. The presence of these toxins places people's health in jeopardy. Because of the potential for these containers to shorten the useable life of the infrastructure, the market for modified shipping containers may be constrained.
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Opportunities Available on the Shipping Container Modification Market
A significant prospect for market expansion can be found in the reorientation of attention toward more inexpensive dwelling structures.
The growth in the size of the population as well as the limited availability of suitable land for residential development are both factors that are contributing to the rise in the demand for affordable housing. However, amid these more cost-effective housing options, there are also homes that are constructed out of shipping containers. Alternatives to the use of natural resources that are more affordable include prefabricated homes built in shipping containers. Additionally, the construction cost of a container home is far lower than that of a conventional house. On the other hand, due to the ease with which containers can be stacked, multistory buildings can be created that are both effective and compact. These characteristics are projected to give rise to enticing chances in economies that are still in the process of development.
The Challenges Facing the Shipping Container Modification Market
The growth of the market is being hindered by worries related with restrictive regulations and a lack of design flexibility.
It may be challenging to comply with the local construction standards and acquire permits for buildings that are constructed out of modified shipping containers. There may be substantial variations in the regulations that are in place from one location to the next, and remaining in compliance may be both time-consuming and costly. It may be difficult to conform to particular aesthetic or functional criteria due to the rigid construction and size of shipping containers. This is because the structure of shipping containers is not flexible, and the size of shipping containers is also not flexible. As a result, this is functioning as a significant barrier to the expansion of the market for shipping container modifications during the course of the forecast period.
Report Scope
| Report Attribute | Details |
| Market Size in 2022 | USD 85.3 billion |
| Projected Market Size in 2030 | USD 147.6 billion |
| CAGR Growth Rate | 7.1% CAGR |
| Base Year | 2022 |
| Forecast Years | 2023-2030 |
| Key Market Players | IWES LTD, CARU Containers B.V., OEG OFFSHORE LIMITED, TLS Offshore Containers International, YMC Container Solutions, W&K Container, Sea Box Inc., Maersk Container Industry, CXIC Group Containers Company Limited, Singamas Container Holdings Limited, China International Marine Containers Co. Ltd., and others. |
| Key Segment | By Size, By Application, and By Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
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Shipping Container Modification Market: Segmentation Analysis
The market for Shipping Container Modification may be broken down into many submarkets according to factors such as size, application, and region.
The global market is divided into two categories, namely, small containers, which are twenty feet in length, and large containers, which are forty feet in length. During the time period covered by the forecast, the large container (40 feet) category is anticipated to hold the majority of the market share. These containers are utilized in the process of moving significant constructions from one port to another. Large containers are required to have a tare weight of 3,750 kilograms and an overall weight of 30,400 kilograms in order to conform to ISO requirements. The market for large containers is experiencing tremendous growth as a direct result of the rapid acceleration of urbanization and globalization, as well as advances in transportation services. The expansion of the logistics and transportation industries is another factor that is driving the market for shipping container modifications. This growth leads to an increased demand for warehouse storage space that is comprised of shipping containers.
The industry of shipping container modifications can be broken down into several subcategories according on the application, including energy and mining, construction, retail and commercial, disaster relief, and others. Over the course of the projected period, it is anticipated that the construction sector would seize the greatest part of the market. Containers for transporting goods have seen a surge in demand in the building and construction industry in recent years as a result of their malleability, affordability, and environmental friendliness. Modification of shipping containers is essential to the process of overcoming a wide variety of architectural requirements and challenges. Shipping containers are frequently used in the construction industry to construct on-site administrative spaces and project management facilities. These specialized containers make it possible for project managers, engineers, and contractors to carry out their work in an environment that is both comfortable and secure. They may be provided with a climate control system, office furniture, and communication systems. In addition, containers are used to store construction supplies, equipment, and tools when working on a construction site. They offer storage that is resistant to the elements and secure, which helps keep valuable possessions from being stolen and from being damaged by the environment. On the other hand, it is anticipated that the growth rate of the retail and commercial segment will be the highest during the time covered by the forecast. Shipping containers that have been converted are widely used as the basis for pop-up retail businesses. Companies that want to explore new markets, advertise their products, or connect with customers at festivals or events can personalize these containers to create an attractive and unusual storefront for their endeavors. As a result, it is anticipated that this will be the primary driver of category expansion over the projection period.
The global Shipping Container Modification market is segmented as follows:
By Size
- Small Container (20 Feet)
- Large Container (40 Feet)
By Application
- Energy and Mining
- Construction
- Retail and Commercial
- Disaster Relief
- Others
Browse the full “Shipping Container Modification Market By Size (Small Container (20 Feet) And Large Container (40 Feet)), By Application (Energy & Mining, Construction, Retail And Commercial, Disaster Relief, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030" Report At https://www.zionmarketresearch.com/report/shipping-container-modification-market-size
Competitive Landscape
Some of the main competitors dominating the global Shipping Container Modification market include -
- IWES LTD
- CARU Containers B.V.
- OEG OFFSHORE LIMITED
- TLS Offshore Containers International
- YMC Container Solutions
- W&K Container
- Sea Box Inc.
- Maersk Container Industry
- CXIC Group Containers Company Limited
- Singamas Container Holdings Limited
- China International Marine Containers Co. Ltd.
Key Insights from Primary Research:
- As per the analysis shared by our research analyst, the global Shipping Container Modification market is estimated to grow annually at a CAGR of around 7.1% over the forecast period (2023-2030).
- In terms of revenue, the global Shipping Container Modification market size was valued at around USD 85.3 billion in 2022 and is projected to reach USD 147.6 billion, by 2030.
- The Shipping Container Modification industry is driven by several factors such as growing urbanization and a growing focus on affordable housing structures.
- Based on the size, the large container (40 feet) segment is expected to dominate the market during the forecast period.
- Based on the application, the construction segment is expected to capture the largest market share over the forecast period.
- Based on region, North America is expected to dominate the market during the forecast period.
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Key questions answered in this report:
- What is the market size and growth rate forecast for Shipping Container Modification industry?
- What are the main driving factors propelling the Shipping Container Modification Market forward?
- What are the leading companies in the Shipping Container Modification Industry?
- What segments does the Shipping Container Modification Market cover?
- How can I receive a free copy of the Shipping Container Modification Market sample report and company profiles?
Key Offerings:
- Market Size & Forecast by Revenue | 2023−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Size, By Application, and By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Regional Analysis:
North America is expected to dominate the market growth over the forecast period
North America is expected to dominate the global shipping container modification market over the forecast period. The utilization of modified shipping containers for inexpensive housing in North America is one of the major factors driving the market for shipping container modifications. Housing shortages and homelessness difficulties are prevalent in many American and Canadian communities. An affordable and environmentally friendly solution to these problems is the construction of dwellings from shipping containers.
According to the National Association of Realtors, the United States now has a housing deficit of between 5.5 and 6.8 million units, with the supply-demand imbalance expanding year after year. Moreover, according to the most current Freddie Mac estimates, the US is short around 3.8 million housing units, both for rent and for sale. Additionally, modified shipping containers have benefitted the food and beverage sector in North America. Pop-up restaurants made from shipping containers and food trucks have become familiar images in cities and during festivals, providing a flexible and affordable method for entering the market. Thus, these factors are expected to propel the market growth in the region during the forecast period.
By Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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