by Shipping containers are various types of containers used to transport freight via sea, air or rail. They are usually made of weathering steel and vary in length from 10 to 40 feet. Standardization of containers has resulted in increased productivity by allowing containers to be shipped via multiple modes of transportation without being repacked. Common goods shipped in containers include manufactured components, consumer electronics, pharmaceuticals and apparel. The global shipping containers market is dominated by standardized dry freight containers, refrigerated containers and flat rack containers.
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 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The maritime trade serves as a backbone of global commerce and has been expanding steadily over the years. This is expected to propel the demand for shipping containers to transport goods across long distances, thereby flourishing the global market.
Market Dynamics
The increase in worldwide maritime trade is one of the key drivers augmenting the growth of the shipping containers market. As per World Trade Organization statistics, the value of global goods trade is projected to increase by 10.8% in 2023. Growing import and export of commodities between nations is necessitating reliable and cost-effective transportation of bulk cargos. This is elevating the usage of shipping containers. Additionally, containerization has enabled multi-modal transportation and facilitated easy transfer of containers between ships, trucks and trains. It has improved the efficiency of supply chain logistics, thus positively impacting the market growth.
Segment Analysis
Shipping Containers Market is segmented into dry containers, refrigerated containers, flat rack containers, specialized containers. Dry containers dominates the market accounting for over 60% share as it allows easy transportation and storage of general cargo. The segment is dominating due to increased global trade and demand for transportation of general cargo like manufactured components, textile materials etc across regions.
PEST Analysis
Political: Growing trading partnerships between nations through trade agreements has positively impacted the shipping containers market.
Economic: Rising global trade due to improved economic conditions in developing nations have augmented the demand for shipping containers market.
Social: Changing lifestyle and consumption pattern along with rising income levels have bolstered the trade of finished consumer goods boosting the need for shipping containers.
Technological: Development of smart containers integrated with IoT, GPS and sensor technology have optimized monitoring of cargo and facilitated seamless trade.
Key Takeaways
The Global Shipping Containers Market Trend is estimated to be valued at US$ 12572.95 Mn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030.
The global Shipping Containers market is expected to witness high growth over the forecast period. Regional analysis indicates Asia Pacific dominates with over 35% share led by China, India and other developing Asian countries. Increased industrialization and manufacturing activities have propelled external trade in the region boosting the regional containers market.
Key players operating in the Shipping Containers market are AR Packaging Group AB, HUHTAMAKI GROUP, International Paper, DS Smith PLC, Amcor Limited, Rengo Co., Ltd, Pactiv Asia. Key players like AR Packaging Group AB and HUHTAMAKI GROUP are strategizing on developing sustainable and recycled packaging solutions to cater to the rising customer demand for eco-friendly products.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
