Market Overview
Market Research Future (MRFR) offers primary, secondary as well as advanced information about the global ISO shipping container market 2020. Following a study of the growth prospects and the latest trends, MRFR reveals that the market can expand at a rate of close to 5.60% during the forecast period (2017 to 2022).
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Top Drivers and Main Barriers
With the intense growth of the freight sector, the shipping container market can also gain massive traction over the coming years. Moreover, the rising stack heights on container ships combined with the expanding volumes of high-density cargo has boosted the loads as well as stresses on containers, leading to a high requirement for assessing the current container strength specifications. As a result, with the objective of bringing down the risk of conducting tasks from the top, manufacturers are coming up with several modifications for containers, which entails the operator to remain at the ground level while filling, loading and accessing all the points.
Furthermore, it has been noted that seaborne trade is increasing rapidly across the globe. Additionally, surge in international trade, increasing import/export of manufactured goods, and the bulk transport of raw materials have also been observed across various economies. Reports say that the international shipping trade industry carries out roughly 90% of the world trade, and the boost in the seaborne trade can drive the growth of the ISO container market in the approaching years.
Apart from this, many government and non-government institutes are working on boosting the export capacity of various commodities, which ushers in an inflow of foreign currency within the country and region. To cite a reference, Increasing Agricultural Commodity Trade (IACT) project by the European Union is working on enhancing the export capacity of all the Pacific countries across sectors like livestock, forestry, agriculture, and more.
Market Segmentation
The exhaustive coverage of the global ISO shipping container market in the report specifies the primary segments as type and application.
The types considered in the market are high cube dry containers, standard dry containers, high cube refrigerated containers, and refrigerated containers. Standard dry containers, with a share of over 45%, led the market in 2016 and was valued at approximately USD 3,800 Million. The segmental shows a strong potential of achieving the highest growth rate in the years ahead.
The main applications of shipping containers are consumer goods transport, industrial transport, and food transport. Food transport accounted for the major share of more than 40%, in 2016, and held a value of roughly USD 3,500 Million. The segment can progress at the highest rate of close to 6% in the coming years.
Regional Analysis
Region-wise, the global ISO shipping container market has been segmented into North America, Europe, Asia Pacific, the rest of the world.
The global ISO shipping container market is heavily driven by major factors, such as the rising acceptance of shipping containers in seaborne trade, growing demand for commodities, and the expanding industrial base in China.
China has seen the growth of manufacturing capabilities when it comes to shipping containers. The shipping industry of the country is regulated by the CIMC (Shenzhen, China). Low labor costs drive the industry in China. Small and medium-sized players have emerged in the last decade, fragmenting the market in the region. Global brands such as Maersk, Hapag-Lloyd, Evergreen, Cronos, Hyundai, OOCL, and Hamburg have built their manufacturing base in China to take advantage of low costs. This makes China an important market for shipping, including shipping containers. China's supportive policies and favorable environment, along with its expanding industrial capabilities, have allowed the global market to develop.
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Top Participants
The top participants in the global market for ISO shipping container include Evergreen Marine Corporation, CXIC Group, Shanghai Universal Logistics Equipment, Hoover Container Solutions Inc., CIMC, Sea Box Inc., SINGAMAS, Hapag-Lloyd, Charleston Marine Containers, Inc., Maersk Container Industry A/S, to name a few.
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