Shipping Containers Market

Global Market Study on Shipping Containers: Preference for Steel Containers to Remain High across Geographies

Shipping Containers Market Segmented By type such as Dry Shipping Containers, Reefer Shipping Containers, Tank Shipping Containers, Offshore Shipping Containers having material such as Steel Shipping Containers, Aluminium Shipping Containers, FRP Shipping Containers and Hybrid Shipping Containers

Market Snapshot

As per Persistence Market Research’s industry analysis on shipping containers, year-over-year growth of the global market was 5% in 2021. Revenue from the sales of dry containers grew 4.3% while that from reefer containers increased 7.1%.

Overall, the global market is projected to be valued at close to US$ 13.7 Bn by the end of 2031.

Find Out More about the Report Coverage

Companies

  • Hapag Lloyd AG
  • Evergreen Marine Corp.
  • Cleveland Containers
  • BSL Containers Ltd.
  • Sicom SpA
  • China International Marine Containers Co., Ltd
  • Maersk Container Industry
  • Singamas Container Holdings Limited
  • Sea Box, Inc.
  • CXIC Group Containers Company Limited
  • W&K Containers, Inc.
  • YMC Container Solutions
  • TLS Offshore Containers International
  • OEG Offshore Limited
  • CARU Containers B.V.
  • Industrial Welding Equipment Sales & Rentals Limited (IWES Ltd.)
  • Seaco Global Ltd.
  • SM Line Corporation
  • GTI Fabrication
  • Klinge Corporation
  • MT Container GmbH
  • Sarjak Container Lines

Valuable Insights Offered in Shipping Containers Industry Survey:

  • Market Estimates and Forecasts (2016-2031)
  • Key Drivers and Restraints Shaping Market Growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • New Installations / Sales including Retrofit
  • Brand Share and Market Share Analysis
  • Assessment of Unit Shipments, Installation, and Assembly Price
  • Key Product Innovations and Regulatory Climate
  • COVID-19 Impact on Demand for Shipping Containers and How to Navigate
  • Recommendation on Key Winning Strategies

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Sales Analysis of Shipping Containers from 2016 to 2020 Vs Demand Outlook for 2021 to 2031

Historically, from 2016 to 2020, the use of shipping containers increased at around 1.6% CAGR, with the U.S., Brazil, Mexico, and Italy holding significant share in the global market.

Prices of shipping containers are increasing due to strong demand that isn’t being met. However, easing of lockdowns all over the world would ensure a balance from both, supply and demand. Increase in demand for pharmaceuticals over for the past 2 years is also positively impacting demand for shipping containers.

Increasing shipments of frozen and perishable foods along with chemicals and other temperature-sensitive goods is expected to drive demand for reefer containers. Incorporation of temperature-sensitive packaging materials within containers will lead to product enhancement and development, which is expected to drive demand for shipping containers in future.

In light of increasing demand, the global market for shipping containers is set to increase at a CAGR of 5.7% over the next ten years.

Market Research Methodology - Perfected through Years of Diligence

A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.

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What are the Expected Opportunities for Manufacturers of Shipping Containers?

The shipping containers market is understood to be a strongly consolidated space, with tier 1 players accounting for a little more than 70% of the global market.

Tier-1 manufacturers are focusing on acquiring supply contracts, introducing new products, and entering into in partnerships and joint ventures to strengthen their market presence.

Tier-2 and tier-3 players are determined to expand their sales footprint all over the world, and at the same time are focused on specifically expanding in emerging economies of Latin America and South Asia & Pacific.

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What Challenges are Being Experienced by Shipping Container Suppliers?

The shipping containers industry has a couple of challenges or blockages that could hamper market growth. Bulk commodities account for over 80% of entire global seaborne trade. Manufacturing, mining, energy, and various other sectors are entirely dependent on shipping containers to ensure the safe transport of goods. Overcapacity and higher freight rates in the shipping industry are major factors could affect market expansion.

Moreover, steel accounts for approximately 50-60% of the overall cost of shipping containers, being one of the most critical raw materials for their manufacturing. Prices of steel are very volatile in nature, which ultimately affects the overall costs of containers.

However, demand for economically feasible and low-cost containers will result in higher growth of fiber-reinforced plastic polymers and/or other raw materials that are comparatively cheaper than steel.

Which Region Provides Ample Opportunity to Sell Shipping Containers?

With an absolute dollar opportunity of around US$ 1,260 Mn, East Asia is expected to be the most lucrative market for shipping container manufacturers.

China leads the East Asian market and is expected to experience a significantly higher growth rate than South Korea and Japan. China also accounts for the highest manufacturing of shipping containers than any other country in the world. It is also home to various shipping lines, ports, and factories leading to high demand for shipping containers.

shipping-containers-market

Country-wise Analysis

What is Brazil’s Stance in the Global Market for Shipping Containers?

Around 30% of the market share in Latin America has been acquired by Brazil. Brazil usually ships pulp, meat, and coffee in containers to China, a journey that takes a month.

In March 2021, Brazil exported US$ 24.4 Bn and imported US$17.9 Bn worth of goods, resulting a positive trade balance of US$ 6.53 Bn. Top exports of Brazil via containerized shipping include soybeans, iron ore, crude petroleum, raw sugar, and poultry meat.

An increase in Brazil’s year-on-year exports was primarily due to a rise in exports to China (54.7%), the United States (23.4%), and Argentina (41.7%).

What Makes China a Lucrative Market for Shipping Containers?

Around 10% of the global market share is held by China. The country manufactures around 90% of the world’s containers. The throughput of containers and cargo at China’s ports has been the highest for the past 5 years, with an annual growth rate of 35%.

China is also home to the world’s eighth-largest container shipping company, which has an enormous footprint spread over 100 countries across the world.

Although China experienced fast economic rebound as compared to other countries, it is being blunted by a shortage of shipping containers. Container ships comprise 29% of the country’s activities at shipbuilding yards.

Expanding imports into China also have been a large part of growth in its global seaborne trade outlook.

Will the U.S. Continue to Lead the Global Shipping Containers Market?

The U.S. alone accounts for nearly 20% of the global market share. Use of shipping containers to transport automotive, perishable and frozen items, as well as pharmaceutical goods has been positively impacting the market.

The U.S. stands at the 2nd position in world automotive production, and accounts for the world’s highest dollar export value worth of cars. Higher volumes of pharmaceutical goods as well as vaccine consumables from the U.S. to various parts of the world is another factor positively impacting demand for shipping containers.

Category-wise Insights

Why are Dry Shipping Containers the Most Preferred?

Dry containers account for over 70% of the total market share. Dry containers have been the mainstay of the shipping industry over the years. These containers are used to transport dry bulk commodity goods and come in lengths of 10, 20, and 40 feet.

Dry insulated containers are used to transport pharmaceutical products or other dry commodities that need to be protected from contamination by ensuring that the air entering and leaving the container is filtered.

Will Steel Shipping Containers Continue to Be the Top Choice across the World?

Steel is the most widely used material and represented nearly 40% of the demand for shipping containers in 2020. Shipping container manufacturers use steel because it makes the containers weldable and rust-resistant.

Steel, with higher corrosion resistance and tensile strength, is used for manufacturing containers so that they are unaffected by potential damages caused due to external interference or internally due to physical damages.

Which End Use Holds Lucrative Opportunities for Shipping Container Manufacturers?

Automotive is the most lucrative end-user industry and represented nearly 20% of the demand for shipping containers in 2020.

Shipping containers as garages are widely used to transport cars from one destination to the other. Shipping containers are used to provide protection against vandalism and theft. They usually have a lock box to secure the cars when being transported can additionally be modified to suit customers’ needs.

Shipping containers are affordable, versatile, and durable alternatives to a traditional garage. Hence, the automotive end-use segment provides major stimulus to the demand growth for shipping containers.

How Has COVID-19 Impacted Demand for Shipping Containers?

The COVID-19 pandemic has continued to fundamentally disrupt global trade. At the start of the pandemic, expectations were that seaborne trade, mostly containerized trade, would experience a strong downturn. However, changes in consumption and shopping patterns triggered during the pandemic have caused an increased demand for manufactured consumer goods.

During the third quarter of 2020, easing of lockdown measures as well as recovery worldwide led to an increase in containerized trade flow.

Demand for shipping containers was thereby stronger but was not met with sufficient supply of shipping capacity. Impact on the shipping containers landscape was also a reflection due to strains caused by various factors persisting during the pandemic, such as port labor shortages, port congestions, and capacity constraints in trucks and other inland transportation systems due to temporary factory shutdowns.

Competitive Landscape

Most companies have focused on product launches and expanding their manufacturing units in developing regions. Strategies include innovation, supply contracts with key players and end user organizations, strategic alliances, and strengthening of regional and global distribution networks.

Some of the key developments are:

  • In 2020, Hapag Lloyd AG, highlighted its operational test with liquefied natural gas (LNG) by converting a large vessel, “Sajir” (capacity- 15,000 TEUs), to a dual fuel system.
  • In 2019, Evergreen Marine Corporation, signed a contract for building 14 ships, which include 10 ships of 23,000 TEU and 4 ships of 1,800 TEU.
  • On 1st June 2021, Cleveland Containers opened a new Midlands office at Wolver Hampton as an expansion venture as demand for containers rises.

Similarly, recent developments related to companies manufacturing shipping containers have been tracked by the team at Persistence Market Research, which are available in the full report.

Shipping Containers Market Report Scope

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

US$ Mn for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia Pacific
  • The Middle East and Africa

Key Countries Covered

  • United States
  • Canada
  • Brazil
  • Mexico
  • Germany
  • Italy
  • France
  • United Kingdom
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • ASEAN
  • Australia and New Zealand
  • GCC Countries
  • Turkey
  • Northern Africa
  • South Africa

Key Market Segments Covered

  • Type
  • Material
  • End User
  • Region

Key Companies Profiled

  • CMA CGM
  • Hapag Lloyd AG
  • SM Line Corporation
  • Maersk Container Industry
  • Evergreen Marine Corporation
  • Seaco
  • Singamas Container Holdings Limited
  • Sea Box, Inc.,
  • CXIC Group Containers Company Limited
  • GTI Fabrication
  • CARU Containers BV
  • Cleveland Containers
  • Sicom SpA
  • Sarjak Container Lines
  • Kovar AS
  • MT Container GmbH
  • TLS Offshore Containers International
  • YMC Container Solutions
  • OEG Offshore Limited
  • IWES Ltd
  • China Eastern Containers
  • BSL Containers Ltd
  • Klinge Corporation
  • Steinecker Containerhandel
  • W&K Container

Pricing

Available upon Request

Key Segments Covered in Shipping Containers Industry Research

By Type

  • Dry Shipping Containers
    • 20’ (20 ft)
    • 40’ (40 ft)
    • 40’ High Cube
    • Others
  • Reefer Shipping Containers
    • 20’ (20 ft)
    • 40’ (40 ft)
    • 40’ High Cube
    • Others
  • Tank Shipping Containers
  • Offshore Shipping Containers

By Material

  • Steel Shipping Containers
  • Aluminium Shipping Containers
  • FRP Shipping Containers
  • Hybrid Shipping Containers

By End User

  • Bulk Commodity Shipping Containers
  • Automotive Shipping Containers
  • Capital Equipment Shipping Containers
  • Pharmaceutical Shipping Containers
  • Chemical Shipping Containers
  • Perishable and Frozen Item Shipping Containers
  • Others

FAQs Answered in Study

  • How much is the global shipping containers market valued at currently?

    The global shipping containers market is currently valued at close to US$ 7.9 Bn.

  • At what rate did demand for shipping containers increase over the past 5 years?

    From 2016 to 2020, demand for shipping containers increased at a CAGR of 1.6%.

  • What will be the demand outlook for shipping containers through 2031?

    Sales of shipping containers are projected to increase at 5.7% CAGR and top 2.1 Mn units by 2031.

  • What are the key trends being witnessed in this industry?

    Focus on sustainability and adoption of digital technologies for production and shipment by OEMs are prominent trends being witnessed in this space.

  • What is the market share of the top 5 manufacturers of shipping containers?

    As per ratings on the basis of market share, market reach, clientele, etc., the top 5 shipping container manufacturers account for close to 60% market share.

  • At what rate is the market registering growth in Europe?

    The market for shipping containers in Europe is seen to be progressing at around 6.3% CAGR.

  • Which countries are key producers of shipping containers?

    China, France, and NORDICS are key producers of shipping containers.

  • Which nations are key exporters of shipping containers?

    China and NORDICS are key exporting regions of shipping containers.

  • How is the shipping containers market faring in Japan and South Korea?

    Japan and South Korea currently hold a market share of 9% in the global market.

- FAQs -

The global shipping containers market is currently valued at close to US$ 7.9 Bn.

From 2016 to 2020, demand for shipping containers increased at a CAGR of 1.6%.

Sales of shipping containers are projected to increase at 5.7% CAGR and top 2.1 Mn units by 2031.

Focus on sustainability and adoption of digital technologies for production and shipment by OEMs are prominent trends being witnessed in this space.

As per ratings on the basis of market share, market reach, clientele, etc., the top 5 shipping container manufacturers account for close to 60% market share.

The market for shipping containers in Europe is seen to be progressing at around 6.3% CAGR.

China, France, and NORDICS are key producers of shipping containers.

China and NORDICS are key exporting regions of shipping containers.

Japan and South Korea currently hold a market share of 9% in the global market.

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