Shipping Containers Market To Reach US$ 13.7 Bn By The End Of 2031

Global shipping container sales are set to increase in valuation from around US$ 7.9 Bn currently to US$ 13.7 Bn by the end of 2031, which would equate to 2.1 Mn units, according to latest market insights by Persistence Market Research. Growing need to transport products via waterways, which is both, economically feasible and secure, is majorly driving demand for shipping containers market. Dry containers account for over 70% of the total market share, and have been the mainstay of the shipping industry over the years, especially dry insulated containers. Steel is the most widely used material for the manufacturing of shipping containers, representing 40% market share, and most manufacturers prefer its use as it makes the containers weldable and rust-resistant, and also provides higher corrosion resistance and tensile strength.

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Key Takeaways from Market Study
• Key manufacturers are inclined toward 40 feet high cube containers as compared to 40 feet conventional containers as they provide around 12% more carrying capacity.
• Inclusion of specially constructed features to speed up loading & unloading while keeping containers secure will drive the global market.
• Demand is high for uniquely configured specialized shipping containers to protect and support content while being handled, shipped, stored, and unpacked by users.
• Market players are developing new materials such as hybrid and fiber-reinforced polymer (FRP) to reduce the weight of containers, which helps in cutting expenses on labor and installation.
• Steel shipping containers account for 40% market share.
• Dry shipping containers account for over 70% of the global market share.
• The global shipping containers market witnessed a slump in 2020 due to the COVID-19 pandemic, with a recorded growth of -4.4%.

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Competitive Landscape
The market is understood to be moderately consolidated in nature, with key players accounting for around 35% of the market share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares. Some of the key players in this industry are Hapag Lloyd AG, Evergreen Marine Corp. and others, Cleveland Containers, BSL Containers Ltd., Sicom SpA, China International Marine Containers Co., Ltd., and Maersk Container Industry, amongst others.

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This release was published on openPR.