Press release
Shipping Containers Market Expected to Reach $12,083 Million, Globally, by 2023
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Shipping container is a standardized reusable steel box used for the storage and movement of materials and products within a freight transport system. ISO or intermodal containers are used for the intermodal transport of freight. They are manufactured according to specifications from the International Organization for Standardization (ISO) and are suitable for multiple transportation methods such as truck, rail, or ship. These regulations define a shipping container that meets size, strength, and durability requirements. The basis of these regulations is to guarantee that the container are expected to withstand extreme environments endured during transport as well as possess the structural integrity needed to be lifted by cranes or other heavy equipment.
The global shipping containers system market is projected to reach $12,083 billion by 2022, to grow at a CAGR of 4.5% from 2017 to 2023. The dry storage container segment in product type segmentation was the highest revenue contributor to the global shipping containers market in 2015. Also, small containers (20 feet) dominated the market in 2015 and is expected to maintain its position throughout the forecast period at a CAGR of 4.2%. Asia Pacific is projected to remain the prime revenue contributor throughout 2023, which is expected to account for more than 38% of the share in 2023 in the global market.
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This was attributed to an increase in seaborne trade, and growing trend of containerization of products worldwide. China accounted for about 47% of the share of the Asia Pacific market. LAMEA is anticipated to have a faster growth rate than North America over the forecast period. This is due to the availability of larger coastal line and increase in dependency over seaborne trade by countries in this region.
The size of containers segment is segmented into small containers (20 feet), large containers (40 feet), and high cue containers (40 feet). In 2015, the small containers segment occupied a majority of the market share and is expected to maintain its dominance throughout the forecast period (2017-2023). This is due to increase in manufacturing facilities, and growing import and export of commodities by countries worldwide. The high cube containers segment is anticipated to grow at the highest CAGR, owing to long life span, modest maintenance cost, and versatility of the container attached to it.
Based on product type, the market is divided into dry storage container, flat rack container, refrigerated container, special purpose container, and others. In 2015, the dry storage container segment accounted for the largest market share, followed by flat rack container, and refrigerated container. The dry storage container segment is anticipated to grow at the highest growth rate due to an increase in the volumetric usage. Also, flat rack, and special purpose containers are also anticipated to grow at a decent rate over the forecast period (2017-2023).
Key Findings of the Shipping Containers Market:
• The small container (20 feet) segment is projected to generate the highest revenue in the global market by 2023.
• The high cube container segment is projected to grow at the highest CAGR of 4.9% during the analysis period (2017-2023).
• The dry storage container segment is projected to generate the highest revenue in the global market by 2023. Also, it is anticipated to grow at the highest CAGR of 5.4% during the analysis period (2017-2023).
• Asia-Pacific holds the majority of the market share in 2015 and is anticipated to hold its position over the forecast period. Asia pacific is anticipated to grow at the highest CAGR of 5.7% during the analysis period.
• China was the major shareholder in the Asia Pacific shipping containers market, which accounted for about 47% of the market share in 2015.
The key market players profiled in the report are China International Marine Containers (Group) Ltd., TLS Offshore Containers International, CXIC GROUP, A.P. MOLLER - MAERSK GROUP, Singamas Container Holdings Limited, Dong Fang International Asset Management Ltd., W&K Containers, Inc., YMC Container Solutions, China Shipping Container Lines Co., Ltd., and Jindo Co., Ltd.
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