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The growth in the seaborne trade is likely to boost the demand for shipping containers. According to statistics provided by the United Nations Conference on Trade And Development (UNCTAD), around 11 billion tons of seaborne trade volume was raised in 2018. Out of which 7.8 billion tons were of the dry cargo trade volume. The sale of the new containers is increasing owing to rising demand by customers. However, some factors, such as a decrease in container price and an increase in material cost, are making intensified competition in this market for the market players. This competition has led the less margin in the shipping container market. Many manufacturers are investing in research and development for innovation in the containers. The increasing number of manufacturing facilities is also expected to drive the shipping container market over the forecast period.
Key Market Driver -
The growth in the seaborne trade and rise in number of manufacturing units is expected to drive the market.
Key Market Restraint -
The slower economic growth in some of the countries is expected to restrain the market
The renting of the shipping container has become a trend among various business sectors owing to factors such as affordability, simplicity, convenience, and store a large capacity of cargo. However, the slower economic growth in some countries such as China and European countries is likely to hamper the growth of the market.
The major players that are present in the global shipping container market include China International Marine Containers (Group) Ltd., TLS Offshore Containers International, W&K Containers, Inc., China Shipping Container Lines Co. Ltd., Cxic Group, A.P. Moller - Maersk Group, YMC Container Solutions, Singamas Container Holdings Limited, Hapag-Lloyd AG, among others.
Globally, the shipping container market has been segmented based on type, size, and region. Based on the size, the further market has been segmented into 20 feet, 40 feet, and others. The 40 feet size shipping container segment is expected to dominate the market over the forecast period. As the 40 feet container provides double space than 20 feet container by providing sufficient space for the large volume of goods to transport. This 40 feet size container is largely used for trade lines on a routine basis. The 20 feet size container segment is also expected to show good growth in the market over the forecast period.
Based on type, further, the shipping container market has been segmented into dry storage containers, flat rack containers, open-top containers, refrigerated containers, insulated or thermal containers, and special-purpose containers. The dry storage container segment is expected to dominate the market over the forecast period. The dry container is commonly used for the transportation of dry materials. Also are available in a variety of sizes, such as 20 feet, 40 feet, and 10 feet. The refrigerated container segment is also expected to show good growth in the market over the forecast period owing to majorly used for perishables substances such as vegetables and fruits. The insulated or thermal container segment is also expected to show good growth in the market over the forecast period owing to most suitable for the long-distance shipping of the goods.
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Geographically, the market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world (RoW). Asia Pacific is expected to dominate the shipping container market over the forecast period. China is a leader of the market in terms of volume in this region. This region is also expected to show exponential growth in the market owing to the presence of the global shipping container manufacturers and even the large availability of the coastal line. Europe is also expected to show good growth in the shipping container market over the forecast period. The improvement in the transportation services in this region is driving the market’s growth. North America is also expected to show good growth in the shipping container market over the forecast period. The trend of renting a shipping container is growing in this region.
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