New York, United States, Dec. 06, 2023 (GLOBE NEWSWIRE) -- The Global ISO Tank Container Market Size is to Grow from USD 0.74 Billion in 2022 to USD 1.70 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period.
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An ISO tank container, short for International Organization for Standardization tank container, is a standardized shipping container specifically designed for the safe and efficient transport of liquids, gases, and bulk materials. These containers adhere to strict international standards to ensure compatibility and safety during transportation. ISO tank containers come in various sizes, typically ranging from 20 to 40 feet in length, and are constructed from durable materials like stainless steel to withstand the rigors of long-distance shipping and various environmental conditions. They feature standardized fittings, including valves, vents, and pressure relief devices, making them versatile for handling a wide range of commodities such as chemicals, food products, and hazardous materials.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the “Global ISO Tank Container Market Size, Share, and COVID-19 Impact Analysis, By Transport Mode (Road, Rail, and Marine), By Container Type (Multi-Compartment Tank, Lined Tank, Reefer Tank, Cryogenic & Gas Tanks, and Swap Body Tank), By End-use Industry (Chemicals, Petrochemicals, Food & Beverage, Pharmaceuticals, Industrial Gas, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032.”
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In 2022, the road segment accounted for around 42.5% market share
On the basis of the transport mode, the global ISO tank container market is segmented into road, rail, and marine. The road segment held the largest market share in the ISO Tank Container industry due to its versatility and accessibility. ISO tank containers can be easily transported via trucks, making them ideal for short to medium-distance shipments. This mode of transportation is particularly prevalent for the delivery of bulk liquids and gases to various industries, ensuring timely and efficient supply chains. The convenience and reliability of road transport contribute to its dominance in the market, especially for destinations where rail or sea routes may not be as readily available or feasible.
The multi-compartment tank segment held the largest market with more than 26.4% revenue share in 2022
Based on the container type, the global ISO tank container market is segmented into multi-compartment tank, lined tank, reefer tank, cryogenic & gas tanks, and swap body tank. The multi-compartment tank segment held the largest market share in the ISO Tank Container industry due to its versatility and efficiency in transporting various types of liquids or gases simultaneously. These tanks feature multiple compartments within a single container, allowing for the transportation of different products without contamination or the need for separate containers.
The petrochemicals segment is expected to Grow at a CAGR of around 8.9% during the forecast period
Based on the end-use industry, the global ISO tank container market is segmented into chemicals, petrochemicals, food & beverage, pharmaceuticals, industrial gas, and others. The petrochemicals segment is poised for substantial Growth during the forecast period due to expanding global demand for petrochemical products, including chemicals, plastics, and fuels, fuels a continuous need for efficient and secure transportation solutions like ISO tank containers. Additionally, the increased exploration and production activities in the petrochemical sector drive the requirement for safe and reliable bulk liquid transport, further boosting demand.
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Europe is predicted to Grow at a significant CAGR over the projected period
Based on region, Europe's anticipated significant Growth in the ISO tank container market during the forecast period can be attributed to stringent regulations and emphasis on safety standards make ISO tank containers an attractive option for transporting hazardous and sensitive materials. The Growth of chemical manufacturing and pharmaceutical industries in Europe drives the demand for these containers. Additionally, the continent's well-developed transportation infrastructure and connectivity facilitate efficient distribution, further fueling market expansion.
Asia-Pacific's dominance in the ISO tank container market can be attributed to robust industrial and manufacturing sectors, particularly in countries like China and India, drive substantial demand for bulk liquid and gas transportation. Asia-Pacific's position as a major global trade hub, with extensive imports and exports, necessitates efficient logistics solutions, making ISO tank containers a preferred choice.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. major players in the global ISO tank container market include Intermodal Tank Transport, Bertschi AG, Bulkhaul Limited, Royal Den Hartogh Logistics, HOYER GmbH, Interflow TCS Ltd., New Port Tank, Sinochain Logistics Co., Ltd., Stolt-Nielsen Limited, VTG Tanktainer GmbH and others.
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Recent Developments
- In March 2022, Suttons Group has declared that it would invest in ISO containers. One hundred 24,000 litre ISO tanks were purchased to bolster the company's international tank fleet.
- In November 2021, Royal Den Hartogh Logistics has amalgamated with MUTO Group, a Korean chemical and petrochemical sector independent logistics service provider. This strategic initiative broadens both organizations' geographical footprint.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global ISO tank container market based on the below-mentioned segments:
ISO Tank Container Market, By Transport Mode
- Road
- Rail
- Marine
ISO Tank Container Market, By Container Type
- Multi-Compartment Tank
- Lined Tank
- Reefer Tank
- Cryogenic & Gas Tanks
- Swap Body Tank
ISO Tank Container Market, By End-use Industry
- Chemicals
- Petrochemicals
- Food & Beverage
- Pharmaceuticals
- Industrial Gas
- Others
ISO Tank Container Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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