PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1527949
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1527949
Fairfield Market Research estimates that the global shipping container market is poised for significant growth. The market is projected to reach $9.14 billion in 2024 and expand further to $12.6 billion by 2031, reflecting a compound annual growth rate (CAGR) of 4.80%. The demand for shipping containers is driven primarily by increasing sea-borne trade activities across key countries and regions, with leading players holding a prominent share of the market. The shipping container industry is projected to expand steadily, supported by rising investments and advancements in container handling infrastructure.
Shipping containers, also known as Conex boxes, are designed to withstand shipment, storage, and handling. These containers facilitate the transport of goods via land- and sea-borne modes of transport, involving ships, rails, and trucks. They are typically used to transport heavy materials or palletized goods. The globally rising transportation sector, increasing concern about the transport safety of goods, and investment in container handling infrastructure are key factors fueling demand for the shipping container market across the globe.
Sales Analysis of Shipping Containers Market
In recent years, the market for shipping containers has experienced significant demand from end users. The International Chamber of Shipping notes that a substantial volume of goods is transported via shipping containers each year. With the growth of the world economy, the shipping industry has expanded, driven by an increase in global trade and commerce. Consequently, the global container fleet has grown in size as well.
Many countries imposed lockdowns to prevent the spread of COVID-19, altering global mobility patterns and economic activities. Contrary to expectations, demand for container shipping increased during the pandemic. Changes in consumption and shopping patterns, such as an increase in electronic trade and lockdown measures, resulted in higher import demand for manufactured consumer goods, much of which is transported in shipping containers.
Container shipping is primarily used in maritime transport. The pandemic made the maritime transport supply more unstable. Maritime trade flows increased as some governments eased restrictions and approved national stimulus packages, with businesses stocking up in preparation for new pandemic waves. Changes in business patterns and new consumer behaviors are estimated to boost the shipping container market.
The significant increase in seaborne trade and the growing number of manufacturing and construction industries' overseas trade are expected to drive up container demand. Many companies are investing in research and development to drive container innovation. The growing number of ISO and non-ISO container manufacturing facilities is also expected to drive the shipping container market in the future.
Key Opportunities for Shipping Containers Market
Supply chain disruptions and shipping container shortages have posed significant challenges to the ocean container industry in recent years. As global economies recover from the pandemic, shipping services continue to adapt to a highly volatile market.
The growth of shipping containers globally is driven by the economy's expansion, rising seaborne trade, increasing demand for highly efficient and superior capacity shipping containers, and the trend of increasing use of remote container management (RCM) solutions.
Ships and containers have been modernized with technologies such as artificial intelligence (AI), the Internet of Things (IoT), and big data. These technologies enable better tracking, allow captains and customers to detect potential problems before they become emergencies, and improve environmental control. RCM allows monitoring of the current location of containers, the temperature and humidity inside the container, and the power connection status at any time, anywhere in the world, throughout the transportation process. This technology is particularly useful in the transportation of goods in the food service and healthcare industries, where the environment is critical. The adoption of technologically advanced containers is estimated to generate significant demand over time.
The massive growth of e-commerce has increased container shipping activities worldwide, as many products sold online are manufactured overseas. E-commerce enables the availability of a diverse range of products globally, increasing the demand for more precise and prompt container shipping.
Container shipping will continue to be a growing part of future transportation as it is one of the preferred options for the transportation of goods in large quantities.
Country-wise Insights
China
China is expected to hold a prominent share in the global shipping container market during the forecast period. As a leading exporter of consumer goods, China's exports significantly impact the demand for shipping containers. Rapid vaccination efforts are expected to result in a rebound in consumer goods demand, benefiting the market.
China produces a majority of the world's ISO containers, exporting them to meet the demand of the international shipping industry. The international market share of China's containers has grown significantly. Not only are low labor costs an important factor in becoming the top container manufacturer, but China is also the largest producer and recycler of steel raw materials.
U.S.
The U.S. is expected to hold a prominent share in the global shipping container market during the forecast period. The U.S. has one of the largest pharmaceutical markets worldwide and is a top importer and exporter of medical products. Investments in drug development and the production of various healthcare products are expected to provide opportunities for shipping container vendors in the U.S.
Shipping containers are also used to transport consumer goods such as electronic devices, furniture, toys, and other items. The market is expected to grow in the coming years due to steady growth in consumer goods imports. Throughout the projected period, the U.S. is expected to continue to be one of the most lucrative markets.
Category-wise Insights
Dry Storage Containers
Dry storage containers are expected to account for a significant revenue share in the shipping containers market. These containers are used for the transportation of dry products, which have a high share among all types of products. Dry containers are available in various sizes, including 20 feet, 40 feet, and 10 feet.
The popularity of intermodal transportation drives demand for dry containers due to its low cost, environmental friendliness, and high efficiency. The rise in the manufacturing and construction industries' overseas trade is driving up demand for dry containers. Furthermore, significant growth in the leasing and renting of transportation containers is expected to create lucrative opportunities for the dry container market.
Dry containers have held the largest market share in the global shipping container market in recent years, a trend that is expected to continue throughout the forecast period.
Competitive Analysis
The market has become extremely competitive over the last two decades, with the largest shipping companies dominating the market. The shipping container market is consolidated, with the top companies holding a significant market share through strategic planning, mergers, and collaboration.
The leading shipping container vendors include China International Marine Containers (Group) Ltd. (CIMC), Dong Fang International Container (Hong Kong) Co. Ltd., Maersk Container Industry AS, Singamas Container Holdings Limited, CXIC Group Containers Company Limited, Sea Box, Inc., and W&K Container. For instance, CIMC has numerous factories and a yearly capacity of millions of containers, being the first company to reach a substantial production milestone internationally.
Key Companies Profiled
Key Segments Covered in Shipping Container Industry Analysis
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