Shipping containers are standardized, reusable transport boxes that facilitate the movement of goods worldwide. Shipping containers allow for rapid intermodal freight transport, reducing cargo handling and theft. Common uses of shipping containers include transporting retail goods, foods, machinery parts and more.
The global Shipping Containers Market is estimated to be valued at Us$ 12572.95 Mn in 2023 and is expected to exhibit a CAGR Of 6.1% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising global seaborne trade has been a key driver accelerating growth in the shipping containers market. International seaborne trade volumes have grown steadily in recent years, supported by robust global economic growth and expansion of international supply chains. Major trading economies including China, the United States, and European countries have witnessed rising volumes of exports and imports, necessitating more containers for transport. According to United Nations Conference on Trade and Development (UNCTAD) data, global seaborne trade volumes grew by an estimated 4.1% in 2021 from 2020 levels. The growth in containerized cargo transport has encouraged shipping lines to invest in new fuel-efficient containers to meet rising demand. This trend is expected to continue driving market expansion over the forecast period.
Segment Analysis
The global shipping containers market is dominated by dry containers which holds around three-fourth of the overall market share. Dry containers are preferred for transporting general cargo across different industries such as manufacturing, automotive, electronics etc. Their non-refrigerated and versatile nature makes them suitable for carriage of a wide range of goods by sea. Perishable goods and temperature-sensitive products are transported using refrigerated containers which is another major segment in this industry.
Key Takeaways
The Global Shipping Containers Market Demand is expected to witness high growth. The market witnessed substantial growth over the past few years and this trend is projected to continue through the forecast period. Robust growth in international seaborne trade and transportation of consumer goods has supported the demand for shipping containers across regions. Continued globalization and increasing cross-border trade activities are expected to drive volumes in containerized trade, thus propelling the shipping containers market. The global shipping containers market is estimated to be valued at US$ 12572.95 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030.
Regional analysis:
Asia Pacific dominates the global shipping containers market and is expected to maintain its leading position during the forecast years. Countries such as China, India, Japan and South Korea are major contributors to regional market growth. Presence of leading container manufacturing companies and availability of cost-effective labor and raw materials provides competitive strength to the Asia Pacific market. Moreover, the region accounts for a sizable share in global seaborne trade owing to developing economies and growing industrial and manufacturing activities.
Key players:
Key players operating in the shipping containers market are China International Marine Containers Co., Ltd., Sea Box, Inc., Singamas Container Holdings Limited, China Cosco Shipping Co. Ltd., TLS Offshore Containers International, CXIC Group Containers Company Limited, W&K Container Inc., Maersk Container Industry, YMC Container Solutions (a division of Thurston Group Limited), and Dong Fang International Container (Hong Kong) Co., Ltd. China International Marine Containers Co., Ltd. and Singamas Container Holdings Limited are among the leading manufacturers of dry freight and refrigerated containers in the global market.
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