iCrowd Newswire – Jul 20, 2020
The Global Shipping Container Market is estimated to grow at a CAGR of 4.3% during the forecast period 2020-2027. As per the detailed market study, the global shipping container industry was valued $8.70 billion in the year 2019 and is anticipated to record $12.08 billion by the end of the year 2027.
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A shipping container is suitable to withstand handing, storage and shipment and range from large reusable steel boxes that are used for intermodal shipments. The containers are similar to pallets and cardboard boxes and are means to bundle cargo and goods into large unitized loads, stacked, moved and easily handled and tightly packed in a yard or ship. Shipping containers are identified by their unique unit number by warehouse managers, custom officers, dock supervisors, coastguards, crews and ship captains to identify the ownership of container. The shipping containers are constructed of steel of aluminium with standard shape, size and type decided by the International Organization for Standardization.
The global shipping container industry is driven by various growth factors such as increase in demand for cargo transportation from waterways and increase in trade-related agreements. Whereas, high inventory costs and fluctuations in transportation costs may act as hindering factor for the market growth over the forecast period. On the contrary, surge in marine safety norms and trend of the automation in marine transportation are some major opportunities for the market players operating in the global shipping container industry.
Segmentation Overview of the Global Shipping Container Market
The global shipping container market is segmented on the basis of container size, product type and end use. These major market segments are further categorized into various sub-segments to study the market in detail considering various market determinants and regional dynamics.
The Container Size Segment of the Global Shipping Container Market is Sub-Segmented into:
- Small Containers (20 feet)
- Large Containers (40 feet)
- High Cube Containers (40 feet)
The Product Type Segment of the Global Shipping Container Market is Sub-Segmented into:
- Dry Storage Containers
- Special Purpose Containers
- Refrigerated Containers
- Flat Rack Containers
The End Use Segment of the Global Shipping Container Market is Sub-Segmented into:
- Food & Beverages
- Vehicle Transport
- Industrial Products
- Consumer Goods
Key Players Insights of the Global Shipping Container Market
YMC Container Solutions, W&K Containers, Inc., TLS Offshore Containers International, Singamas Container Holdings Limited, OEG Offshore limited, CXIC Group, COSCO SHIPPING Development Co., Ltd., China International Marine Containers, CARU containers and A.P. Moller–Maersk Group are some major key players included in the research study of the global shipping container market.
Geographical Overview of the Global Shipping Container Market
The Asia-Pacific shipping container market dominated the global marketplace in the year 2019 with ~1/3rd of the market share; the region is estimated to witness the fastest growth at a CAGR of 5.5% during the forecast period 2020-2027. The regional growth and dominance is attributed to transportation of various types of cargo from the Asia-Pacific to various parts of the world—considering China as the major manufacturing hub for all over the world.
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Keywords: Shipping Container Market