- Rise in trade-related agreements and increase in demand for cargo transportation through ships drive the growth of the global shipping containers market
PORTLAND, Oregon, June 4, 2020 /PRNewswire/ -- Allied Market Research recently published a report, "Shipping Container Market by Container Size (Small Container (20 feet), Large Container (40 feet), and High Cube Container (40 feet)), Product Type (Dry Storage Container, Flat Rack Container, Refrigerated Container, Special Purpose Container, and Others),and End Use (Food & Beverages, Consumer Goods, Healthcare, Industrial Products, Vehicle Transport, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027". According to the report, the global shipping containers industry was pegged at $8.70 billion in 2019, and is projected to garner $12.08 billion by 2026, registering a CAGR of 4.3% from 2020 to 2027.
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Prime determinants of the market growth
Rise in trade-related agreements and increase in demand for cargo transportation through ships drive the growth of the global shipping containers market. On the contrary, frequent various transportation and inventory costs hinder the market. However, trend of the automation in marine transportation and surge in marine safety norms are expected to open new opportunities for the market players in the future.
Covid-19 impact: The pandemic has negatively affected the global shipping container industry.
- The sudden change in the source of revenue for transport operators has resulted in the shortfall of funds, which would hamper the market growth.
- Dearth of skilled labor during lockdown across various countries and need to take corrective measurements after lockdown to protect the workforce would negatively impact the global shipping container market.
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Small containers (20 Feet) segment to dominated the market
The small container segment held the lion's share in 2019, contributing to nearly one-third of the global shipping containers market, as small containers accumulate less space as compared to large-sized containers and thus, larger number of containers can be loaded over the ship. However, the large container segment is expected to manifest the highest CAGR of 4.8% during the forecast period. This is due to increased trend towards cargo transportation through shipping means.
Healthcare segment to manifest fastest growth through 2027
The healthcare segment to portray the highest CAGR of 5.8% during the forecast period, owing to increased production of medicines and healthcare instruments across the globe. However, the industrial products segment held the largest share, accounting for around one-fourth of the global shipping containers market in 2019, as manufacturing companies prefer to transport big machines and other industrial equipment across countries over other available alternatives.
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Asia-Pacific region, followed by Europe and North America, to portray fastest CAGR
The global shipping containers market across Asia-Pacific, followed by Europe and North America, held the largest share in 2019, accounting for more than one-third of the market. Moreover, the region is expected to register the highest CAGR of 5.5% during the forecast period, owing to increased production and transportation of different categories of cargo from Asia-Pacific to different parts of the world.
Major market players
- CARU containers
- A.P. Moller–Maersk Group
- China International Marine Containers
- OEG Offshore limited
- COSCO SHIPPING Development Co., Ltd
- TLS Offshore Containers International
- Singamas Container Holdings Limited
- CXIC Group
- W&K Containers, Inc.
- YMC Container Solutions
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