IMARC Group's latest report, titled "Shipping Container Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," finds that the global shipping container market size reached US$ 9.70 Billion in 2020. Shipping containers, or intermodal containers, are used for transporting and carrying goods and cargo by sea and land via ships, rails or trucks. These watertight containers have excellent strength and durability, making them ideal to withstand shipment, storage and handling. They are also cost-effective and convenient for cargo transportation and eliminate the need for unloading and reloading cargo at intermediate points. As a result, shipping containers have gained immense traction across the food and beverages (F&B), consumer goods, pharmaceuticals, chemical and automotive industries.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Shipping Container Market Trends:
The escalating demand for cargo transportation via ships and the increasing number of trade-related agreements represent the primary factors driving the market. Additionally, the widespread adoption of automation at cargo terminals, coupled with the implementation of stringent safety norms in marine transportation, is augmenting the demand for shipping containers. Besides this, several major shipping companies are adopting the Internet of Things (IoT)-connected devices to collect valuable insights that are utilized to minimize downtime and streamline multiple processes to enhance operational efficiency in the maritime industry. Furthermore, shipping containers are extensively used for transporting industrial raw materials and manufactured goods such as metals, minerals, oil and gases, chemicals, and parts of machinery, automobiles and aircraft. This, in confluence with the rising investments in manufacturing healthcare products and shipping of the COVID-19 vaccine to different parts of the world, are also propelling the market growth. Looking forward, IMARC Group expects the market to reach a value of US$ 12.8 Billion by 2026, expanding at a CAGR of around 4.60% during the forecast period (2021-2026).
- Based on the product, the market has been segregated into dry storage, flat rack, refrigerated, special purpose, and other containers.
- The market has been divided based on the container size into small (20 feet), large (40 feet), high cube, and other containers.
- Based on the application, the market has been classified into food and beverages, consumer goods, healthcare, industrial products, vehicle transport and others.
- Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being A.P. Moller – Maersk A/S, CARU Containers B.V., China Eastern Containers Limited, COSCO SHIPPING Lines Co. Ltd. (China COSCO Shipping Corporation Limited), CXIC Group Containers Company Limited, OEG Offshore Limited, Ritveyraaj Cargo Shipping Containers, Sea Box, Inc., Singamas Container Holdings Limited, TLS Offshore Containers International, W&K Containers Inc. and YMC Container Solutions (Thurston Group Limited).
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