What’s driving the Air Cargo Containers Market Size?
Key Players are
• Nordisk Aviation
• Vinyl Technology
• Granger Plastics Company
• Cargo Composites
• Nordisk Aviation Products
• Delta Air Lines
Air Cargo Containers Market size is set to grow at a healthy CAGR to 2024 driven by proliferating e-commerce industry coupled with increasing requirement for high speed, visibility, and priority services. Customers are opting for services with higher speed, visibility and shorter delivery times supporting the market expansion till 2024.
Additionally, attractive events conducted by these e-commerce portals including Single’s day, Big billion days demands for more speedy delivery of products, thereby providing a positive outlook for the industry growth.
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Increasing requirement for pharmaceutical industry to transport temperature sensitive products, particularly vaccines in short duration supports the air cargo containers market proliferation. Additionally, development in supply chain approach and temperature control regulations (TCR) by International Air Transport Association (IATA), to address challenges in handling and transporting, healthcare and pharmaceutical products further augments the industry share till 2024. The standard includes time and temperature sensitive label, acceptance checklist for shipments, for reducing potential product mishandling, propelling the market growth over the projected timeframe.
The global economic downfall coupled with increasing trade protectionism is considerably hampering the world trade. Additionally, volatility in fuel prices is further posing a threat to the air cargo containers market place. However, trade agreements between countries will minimize the threat of trade protectionism over the forecast timeframe. For instance, the Organization for Economic Co-operation and Development (OECD) estimates that implementation of the WTO Trade facilitation Agreement (TFA) is expected to reduce trade cost between 12% to 18%.
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Based on aircraft, air cargo containers market place is segmented as passenger aircraft and freighter. Newer aircrafts are designed with a focus on increasing belly capacity for passenger aircrafts for carrying cargo. However, freighters are most essential for transportation of materials owing to advantages offered including highly controlled goods transport, improved reliability, unique capacity consideration, and direct routing, providing a positive outlook for the business expansion.
Air cargo containers market based on material used for manufacturing containers is bifurcated into metal and composites. Industry participants are continuously investing in R&D for developing air cargo containers with reduced weight and improved fire resistance capabilities, propelling the industry share over the forecast period. Increasing preference for composite containers is credited to the benefits offered by these materials including lower weight, improved impact resistance, and superior corrosion resistance.
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Currently the industry witnessing increasing shipment of lithium-based batteries. These batteries are compact and carry more energy compare to its size, that increases threat of accidents. As per the U.S. Federal Aviation Administration (FAA) between 1991 and 2016 lithium batteries related accidents accounted for 138. Thus, industry participants are focused on introducing improved quality, light weight, and fire-resistant containers, providing a positive outlook for the air cargo containers market share till 2024. For instance, in September 2017, VRR developed a fire-resistant container (FRC) custom designed to carry lithium batteries across long distance.
Asia Pacific will contribute significantly towards the air cargo containers market place. This growth is attributed to the proliferating e-commerce activities across the region. Further, the increasing trade activities including transportation of cargo and goods related to the pharmaceutical industry is further strengthening the market proliferation till 2024. Industry participants are offering innovative solutions for pharmaceutical products transportation across the region. For instance, J Solutions Pharma offers innovative JALCARGO solutions certified by GDP, IATA, and TCR for transporting specialized pharmaceuticals that require controlled temperature environment, providing a positive outlook for the industry expansion.
Few players in the air cargo containers market place include Nordisk Aviation, Vinyl Technology, Inc., VRR, Dyneema, Granger Plastics Company, Satco Inc, Cargo Composites, Safran, Nordisk Aviation Products, Horizon International Cargo, Delta Air Lines, Inc., ACL Airshop, DoKaSch GmbH, Envirotainer AB, and PalNet GmbH Air Cargo Products. Strategic partnerships and collaborations for developing newer products are among the prominent strategies adopted by the industry participants for improving their market share.
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