"Catapult Your Business to Fore, Gain Competitive Advantage "
The global ISO container market size was valued at 737.9 thousand units in 2022. The market is projected to grow from 801.5 thousand units in 2023 to 1,499.2 thousand units by 2030, exhibiting a CAGR of 9.4% during the forecast period.
Specialized shipping containers known as ISO tank containers are used to move liquids, gases, and powders in large quantities. These containers are widely used in the chemical and petrochemical industries and are designed and constructed to meet international safety standards. Due to the rising demand for these containers across a variety of industries, the ISO tank container market is anticipated to expand significantly in the upcoming years.
Four different types of ISO containers are available: lined tanks, multi-compartment tanks, cryogenic and gas tanks, and reefer tanks. Multi-compartment containers have two or more compartments divided by internal walls that enable the simultaneous storage of two or more substances in a single tank shell. A second set of safety frames is present in lined tanks. Reefer tanks are large refrigerators that are used to ship temperature-controlled cargo, including food items like fruit, meat, fish, seafood, dairy products & vegetables as well as non-food items like flowers and prescription drugs. Cryogenic. Transport by road and rail often uses swap body tanks as a type of freight container.
Rising Demand of the Product in Various Industries Accelerated Market Growth During COVID-19 Pandemic
After the long term impact, this market is seeing an increase in demand across the healthcare, e-commerce, and chemicals-petrochemicals sectors. After the COVID-19 pandemic, the manufacturers will try to restructure their operational business model and create a more disruption-proof model in order to cope with such emergency situations in the future.
By contrast, in China, exports have considerably outperformed imports.
There was a fall of 5.8% in imports between March and May in year 2020, whereas exports have seen a rise of 1.3%. UNCTAD has explored the complicating factors that are hindering trade recovery due to unprecedented container shortages. Unexpectedly, demand for container shipping increased during the pandemic, and there was the possibility of recovering quickly from an initial slowdown.
Request a Free sample to learn more about this report.
Increasing Use of IoT-based Solutions in ISO Container to Propel Market Growth
Nearly every industry vertical is moving to a digital platform for their operations and implementing industrial automation to streamline operations and spur business expansion. Cloud computing, artificial intelligence, IoT, and 5G network technology are all heavily utilized in the digital form of business. In order to improve the effectiveness of their operations and boost customer satisfaction, the modern container shipping industry is also implementing these technologies.
The global economy's supply chain system also heavily relies on shipping containers to deliver raw materials to producers and finished goods to distributors. Real-time tracking of the container's location and physical state is made simple by the use of the Internet of Things.
Additionally, a number of significant players are investing in the R&D of IoT-based containers and the necessary systems, which expands the use of IoT-based systems in containers. For instance, ORBCOMM Inc. offers worldwide solutions for the Internet of Things. The business unveiled its "CT 3500 IoT telematics device" for the Internet of Things. This is a cutting-edge device for smart management of chilled containers and the cargo they store.
Rise in demand of Oil and Gas Exports to Contribute to Market Growth
Gas and crude oil use have increased dramatically on the world market. The overall production is reaching previously unheard-of levels with every passing year. This has been furthered by the discovery of shale gas in the U.S. and Russia. Our research indicates that in the coming years, output will continue to outpace actual demand. On the other hand, as output rises, the number of active wells is falling. For instance, the US produced more than 12 million barrels per day in 2018 and 12.8 million barrels per day in 2019. Furthermore, daily gross withdrawals of natural gas were 109.4 billion cubic feet and 116.8 billion cubic feet in the aforementioned years, respectively.
Probability of Damage in Longer Tank Containers to Hinder Market Growth
If containers are used to transport solids, it is more likely to affect the shelf life of longer containers. The solids are injected into the tanks at a higher temperature to turn them into a liquid, but when the temperature returns to normal, the liquid returns to a solid. This process can be facilitated by pushing the viscous material out of the drain by pressurizing the tank with air from the top vent.
While this method is useful for certain loads, it is not useful for tank longevity. Changes in temperature and pressure inside the container can cause accidents during transport, loading or unloading, can stress the shell. Additionally, the coating on ISO containers can peel or crack over time. Any corrosive materials that come into contact with the metal of ISO containers can shorten the life of the container.
To know how our report can help streamline your business, Speak to Analyst
Road Segment to Hold Majority Market Share As Large Quantities Can Be Transported
On the basis of transportation mode, the market is classified into rail, marine, and road.
Large quantities of goods are transported between large countries, which requires an efficient logistics support system and a focused approach to solve the transport task.
Due to the significant improvement in the productivity of road vehicles and the quality of road infrastructure, as well as the gradual elimination of regulations limiting road transport, the need for the road department is increasing. In addition, the quick growth of interstate commerce has expanded the range of freight tasks for which roads are better suited than rail. Apart from road transport, rail transport also has a significant ISO containers market share, which is anticipated to grow significantly during the forecast period.
In addition, maritime transport has a significant share of this market, as it can transport goods over long distances. International maritime trade, the global economy, transport costs, political events, and average profit achieved are some of the factors influencing the growth of maritime transport.
Multi-Compartment Tank to Hold Highest Market Share As They Are More Versatile For Different Liquid Products
Based on container type, the market is divided into, lined tanks, reefer tanks, cryogenic & gas tanks, swap body tanks and multi-compartment tanks.
Multi-compartment tanks are expected to surge in the market as they offer a greater advantage over their peers. They are equipped with two or more sections in different versions and are therefore more versatile for different liquid products. Like, four different colors of ink can be stored and transported in a four-chamber ISO container.
In addition, multi-compartment tanks have two, three, or four chambers that contain different versions. For instance, in a specially designed multi-chamber container four different colors can be supplied.
Cryogenic & gas tanks segment is expected to have significant growth as the requirements for the transportation of liquefied gasses such as propane, ammonia, & butane are increasing exponentially.
Transportation of Petrochemicals to Generate Maximum Revenue As They Have Extensive Commercial Applications
Based on end-use industry, the market is segmented into industrial gas, petrochemicals, food & beverage, chemicals, pharmaceuticals, and others that include paints.
In the global market, the fastest growth was recorded in the petrochemical segment due to increased demand. Petrochemicals are chemicals that are derivatives of natural gas or petroleum and have extensive commercial applications. The demand for petrochemicals will exceed the supply of diesel and gasoline during the forecast period. In addition, increasing use of technology to revolutionize the chemical industry segment can lead to segment growth.
Further, the advancement in digital technologies is anticipated to continue to transform chemical manufacturing through real-time monitoring of chemical assets, improving predictive maintenance accuracy, cost-efficient safety monitoring, improving efficiency and reliability of logistics across diverse supply chains.
The market is growing due to the increasing use of ISO tank containers in the food and beverage industry. These containers are ideal for bulk transport, helping the food industry meet the growing demand for goods such as juices, spirits, and other products such as edible oils.
Followed by chemicals and petrochemicals, the industrial and pharmaceutical gas segments are also projected to showcase considerable growth over the forecast period.
Asia Pacific ISO Container Market Size, 2019-2030 (Thousand units)
To get more information on the regional analysis of this market, Request a Free sample
The market report's scope comprises five major regions: North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
The Asia Pacific region conquered the regional market and will continue to account for major market share in upcoming years. Concrete maritime trade from Asia Pacific countries such as China, India, South Korea, and Japan has largely contributed to its leading position in the global market. More than 80% of the world's production takes place in China, which is the largest producer of ISO containers. Chinese container manufacturing has weakened in the global market in recent years as India has started manufacturing its own containers to reduce its dependence on Chinese traders. India at present pays up to 40% of the actual cost of imported containers due to high taxes and higher shipping costs on goods from both countries.
China is predicted to showcase modest growth during the forecast period. In addition, it has also become a major manufacturing base for shipping containers around the world. Huge companies are setting up production facilities in China to benefit from low labor and raw material prices. The country is also increasing investments to expand its ports and shipping capacity. China's supportive policies and favorable environment, along with its growing industrial capabilities, have enabled the growth of the global market. This will trigger demand for shipping containers on a global scale. Further, various initiatives, including China's One Belt, aim to improve the current scenario for shipping ports in the region, thus enabling market growth.
Furthermore, Europe is predicted to witness a significant growth of the market due to the rise in maritime trade activities. Moreover, the presence of major key players in the region is further propelling the growth of the International Standards Organization (ISO) shipping container market in the region in the coming years.
Moreover, North America is also expected to hold a major share of the market due to the rapid construction of warehouses and distribution centers in the region. Growth in chemicals, petrochemicals, and pharmaceuticals will play a major role in the revenue growth of the region. The strong presence of prominent global manufacturers in the market of North America is also aiding the growth of the market.
The Middle East & Africa is projected to witness considerable growth in the coming years. This is due to a thriving transport and logistics sector and an increase in sea and land trade activity. Additionally, the growing demand for convenience and affordability has led to tremendous product adoption across multiple sectors. Most of the ISO tankers are used for the import and export of oil and gas in the region. The United Arab Emirates and Saudi Arabia are the two main consumers of goods in the region. The Middle East has many oil-based economies.
To know how our report can help streamline your business, Speak to Analyst
Latin America continues to be considered an emerging region on the global container trade map. Despite this, the volume of trade in the region has increased significantly in the last decade, and the countries of the region are highly dependent on container transport to develop and maintain their economies. Latin America is also home to the Panama Canal, which connects the Pacific and Atlantic oceans. In addition, with digitization and continuous globalization, Latin American countries strive more than ever to become part of the global economy.
Prominent Players Focus on Innovative Products and Technology Related to Container Tanks
The market is identified as a highly competitive market with the presence of multiple players operating at a global level as well as certain regions where the domestic players have a substantial position in market. These players also own joint manufacturing investments and distribution channels that are expanded to many countries. The robust R&D infrastructure of these companies empowers them to develop and unveil modern products with high world standards in terms of operational efficiency and the level of accuracy and precision.
An Infographic Representation of ISO Container Market
To get information on various segments, share your queries with us
The global ISO containers market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product/service types, and leading applications of the product. Besides, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that contributed to the growth of the market in recent years.
ATTRIBUTE | DETAILS |
Study Period | 2019-2030 |
Base Year | 2022 |
Estimated Year | 2023 |
Forecast Period | 2023-2030 |
Historical Period | 2019-2021 |
Growth Rate | CAGR of 9.4% from 2023 to 2030 |
Unit | Value (Thousand units ) |
Segmentation | By Transport Mode
|
By Container Type
| |
By End-use Industry
| |
By Region
|
As per the Fortune Business Insights study, the market size was 737.9 thousand units in 2022.
The market is likely to grow at a CAGR of 9.4% over the forecast period (2023-2030).
The multi-compartment tank is expected to lead the market due to its increasing adoption.
The market size in Asia Pacific stood at 311.2 thousand units in 2022.
Rise in demand for oil and gas exports to contribute to market growth.
Intermodal Tank Transport, Bertschi AG, Bulkhaul Limited, Royal Den Hartogh Logistics, HOYER GmbH, Interflow TCS Ltd., New Port Tank, Sinochain Logistics Co., Ltd., Stolt-Nielsen Limited, and VTG Tanktainer GmbH are the top companies.
China dominated the market in 2022 due to extraction and use of food additives.
Probability of damage in longer tank containers is expected to hinder market growth.
Related Reports