Shipping containers are defined as containers that facilitate the transport and carriage of goods without the need to unload and/or reload the cargo at intermediate points. These containers are large rectangular boxes made of a special corrosion resistant grade of steel and are characterized by high strength and durability. Containers are generally made up of aluminum and steel. The size and type built of each container comply with specifications and regulations formulated by the International Organization for Standardization (ISO).
Shipping containers are classified into three main categories, namely dry containers, reefer containers, and tank containers. Dry containers are the most commonly used containers and are used in the transportation of bulk cargo, whereas reefer containers are used for transporting perishables such as fruits, vegetables, and dairy products, among others. Lastly, tank containers are cylindrical containers fitted in a rectangular steel frame. These containers facilitate intermodal transport of liquid chemicals and other liquids from one place to other. There are, however, other types of containers that cater to specific needs, such as containers for transporting out-of-gauge cargo. These may be either platform type or open-top containers, among others.
The demand for shipping containers is influenced by a number of factors. One of the major factors that are expected to drive the demand for shipping containers market is the anticipated growth in seaborne trade during the projected period. Increasing demand for transportation services is a key driver of the global shipping containers market. Rising number of factories and manufacturing units has fueled the growth of the global Shipping containers market. In addition, several government associations are also boosting the growth of the global Shipping containers market by providing specific guidelines to shipping companies.
However, high shipping freight rates obstruct the growth of the global Shipping containers market.
To understand and assess the opportunities in this market, the report is categorically divided into two main market analysis sections, i.e., by product type and by region. The report analyzes the global shipping containers market in terms of market value (US$) and volume (TEUs).
The report begins with an overview of the global shipping containers market, appraising the market performance in terms of revenue and volume, followed by PMR’s analysis of key trends, drivers, and restraints witnessed in the global shipping containers market. Impact analysis of key growth drivers and restraints based on the weighted average model are also included in the report to equip the client with crystal clear decision-making insights.
In term volume, Asia-Pacific dominates the global Shipping containers market. This is due to improved transportation services in this region. In terms of market value, Europe is expected to dominate the global shipping containers market during the forecast period and Asia-Pacific is expected to be the second largest market for shipping containers Market.
Asia-Pacific is expected to witness high growth rates in the next five years, as many companies are constructing manufacturing facilities in this region. The rising number of manufacturing units would result in a significant rise in demand for containers. Improving transportation services are boosting the growth of the Shipping containers market in this region.
The subsequent section analyzes the shipping containers market as per product type and presents a forecast for the period 2015 -2021.
Shipping containers market by product types
The report further analyzes the market based on regions and presents the forecast in terms of value for the next six years.
Shipping containers market by Regions
Shipping containers are rectangular steel boxes that are widely used for transportation of goods and other commodities via both, seaborne and land-based modes of transport, involving the use of ships, trucks and rail. Moreover, besides facilitating intermodal transport, use of containers facilitates minimum handling of the goods by eliminating the need for loading and unloading of the goods at intermediate points during the transit. Shipping containers are classified into four major types, namely dry containers, reefer containers, tank containers, and others. Dry containers, by far, are the most widely used shipping containers across the globe.
The global shipping containers market is expected to expand at a steady CAGR of 5.6% over the forecast period from 2015 to 2021, to reach a market value of US$ 11.47 Bn by 2021.
Drivers and Trends
The increasing containerization of global seaborne trade, i.e. the growing adoption of shipping containers for transportation of goods, is another factor that is expected to drive the growth of the global shipping containers market over the forecast period. However, slower economic growth across certain parts of the globe, such as
Europe and Asia, is likely to affect the global trade, thus translating into a slower growth of the global shipping containers market during the forecast period.
Market Taxonomy Persistence Market Research, in its report titled “Shipping Containers Market: Global Industry Analysis and Opportunity Assessment, 2015-2020”, has categorized the global shipping containers market into key segments based on product types and geographic regions. Depending on the type of product, the global shipping containers market is divided into four major segments, namely dry containers, reefer containers, tank containers, and others. Two of these segments, namely dry containers and reefer containers, have been sub-segmented on the basis of size into 20’ (20 ft.), 40’ (40 ft.), 40’ high cube (40 ft. High Cube), and into others sub-segments. Finally, on the basis of geographic regions, the overall shipping containers market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Analysis, by Region
Amongst the aforementioned region based segments in the global shipping containers market, Asia Pacific is expected to expand at an accelerated CAGR of nearly 5.4% during the forecast period. The region is expected to account for a share of nearly 35% of the global shipping containers market value by the end of 2015. In terms of market value, Europe is expected to account for a major share of the global shipping containers market value during the forecast period. It is slated to account for a share of nearly 37% by the end of the forecast period.
Analysis, by Product Type
Amongst the product type based segments of the global shipping containers market, the reefer containers segment is slated to expand at the fastest CAGR during the forecast period. The growth of this segment is primarily driven by the increasing preference for reefer containers over conventional refrigerated ships for transportation of perishable goods. The use of reefer containers ensures flexibility, efficiency, and reduced turnaround time as compared to the conventional means of perishables transport. In terms of market value, the reefer containers segment is expected to expand at a CAGR of 6.3% during the forecast period. Also, demand for tank containers for transportation of chemicals and other bulk liquids is expected to witness a steady growth during the forecast period.
Some of the major companies operating in the global Shipping containers market are: