Global ISO Shipping Container Market By Type (Standard Dry Container, High Cube Dry Container, Refrigerated Container and High Cube Refrigerated Container), By Application (Food Transport, Consumer Goods Transport and Industrial Transport) by Region (North America, Europe, China, India, Japan, South Korea and Southeast Asia) – Global Forecast to 2023
ISO shipping containers, are large shipping containers, made out of various grades of steel, and built for freight transport. These are used in transportation across modes such as road, sea and rail. The ISO shipping containers are manufactured with identical size specification. Such containers are manufactured after the adoption of the ISO specification. The typical sizes of these containers remain 10’, 20’ and 40’ across types such as standard dry containers and refrigerated containers.
The global ISO shipping container market is expected to witness moderate growth over the forecast period. The growth of ISO Shipping Container market is influenced by growing adoption of shipping containers in the seaborne trade, growing demand of commodities, and expanding industrial base in China. Impact on the environment, fluctuation in raw material prices and slower economic growth, hinder the growth of the market.
Global ISO Shipping Container market is expected to grow with the CAGR of approximately 5.60% during the forecast period 2017-2023.
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Global ISO Shipping Container market is segmented, by type, as standard dry container, high cube dry container, refrigerated container and high cube refrigerated container. Standard Dry Container accounted for the largest market share of more than 45% in 2016, with a market value of, approximately, USD 3,800 Million and is projected to grow at the highest CAGR during the forecast period. Based on applications the market is segmented as food transport, consumer goods transport and industrial transport. Food transport accounted for the largest market share of more than 40% in 2016, with a market value of USD 3,500 Million, approximately and is projected to grow at the highest CAGR of about 6% during the forecast period.
Seaborne trade continues to expand, internationally as shipping is the lifeblood of global economy. The international trade, the bulk transport of raw materials, and the import/export of food and manufactured goods are essential in any economy. The international shipping industry is responsible for carrying out around 90% of world trade. According to The United Nations Conference on Trade and Development (UNCTAD), merchant ships operations contribute close to USD 380 billion in freight rates within the global economy, which is equivalent to about 5% of total world trade. The expanding seaborne trade has widened the scope of shipping containers across the globe.
The international shipping industry is highly driven by the demand and prices of international commodities, which includes agricultural commodities, crude oil, metals, and others. With global increase in population and their disposable income, the demand for food products, consumer goods, and basic commodities such as metal, minerals, and oil & gas, has also increased. This has expanded the international trade of such commodities, between countries, and has driven the shipping container market. Furthermore, various government and non-government institutes promote export capacity of various commodities, which in turn brings inflow of foreign currency in the economy. For instance European Union’s Increasing Agricultural Commodity Trade (IACT) project works towards strengthening the export capacity of Pacific countries across industries such as agriculture, forestry, livestock and more. The project provides value chain assistance to enhance international trade of these countries. This drives the market for shipping and in turn for containers.
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The global ISO Shipping Container market is increasing tremendously influenced by major drivers such as, growing adoption of shipping containers in the seaborne trade, growing demand of commodities, and expanding industrial base in China.
China has witnessed expanding manufacturing capabilities when it comes to shipping containers. The country’s shipping industry is governed by CIMC (Shenzhen, China). The industry in China is driven by low labor cost. Small and medium scale players have emerged in last decade, making the market fragmented in the country. In fact the global brands such as Maersk, Hapag-Lloyd, Evergreen, OOCL, Cronos, Hyundai, and Hamburg, have established their manufacturing base in China to take advantage of the low costs. This makes China an important market for shipping industry, including shipping containers. The supportive policies and favorable environment in China along with its expanding industrial capabilities, have enabled the growth of the global market.
The key players of global ISO Shipping Container market are CIMC, SINGAMAS, CXIC Group, Shanghai Universal Logistics Equipment, Maersk Container Industry A/S, Charleston Marine Containers, Inc., Sea Box Inc., Hoover Container Solutions Inc., Hapag-Lloyd, and Evergreen Marine Corporation.
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