Shipping Containers Market to Reach US$11,168.8 Mn by 2022
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| Shipping Containers Market |
Market Overview:
The global Shipping Containers Market is estimated to be valued at US$11,168.8 million in 2021 and is projected to reach a market value of US$11,168.8 million in 2022. In the period of 2022-2030, the market is expected to exhibit a CAGR of 6.1%. Shipping containers are widely used for the transportation of goods by sea, rail, and road. They provide a secure and efficient means of transporting various products, including dry goods, refrigerated goods, and hazardous materials. The growing demand for international trade and the need for cost-effective and safe transportation solutions drive the market for shipping containers.
Market Key Trends:
One key trend in the shipping containers market is the increasing demand for eco-friendly containers. With the rising concerns about global warming and environmental sustainability, there is a growing emphasis on reducing the carbon footprint of shipping activities. As a result, shipping companies are increasingly adopting eco-friendly containers that are made from recycled materials and have a lower environmental impact. These containers are designed to be more energy-efficient, reusable, and recyclable, thereby minimizing waste and reducing greenhouse gas emissions. The eco-friendly containers not only meet the environmental regulations but also provide cost-saving benefits to the shipping companies in the long run. The trend towards eco-friendly containers is expected to continue to gain traction in the shipping containers market in the coming years.
Segment Analysis:
The shipping containers market can be segmented based on container type, size, and end-use industry. In terms of container type, dry containers dominate the market due to their versatility and wide applications across various industries such as automotive, electronics, and food and beverages. Dry containers are a popular choice for shipping dry goods, chemicals, and consumer products. On the other hand, refrigerated containers, also known as reefer containers, are gaining traction in the market due to the increased demand for temperature-controlled shipping of perishable goods like fruits, vegetables, pharmaceuticals, and seafood.
In terms of size, the market is dominated by 20-foot containers, primarily due to their easy handling and cost-effectiveness. These containers are widely used in intermodal transportation and serve as the standard measurement unit in the shipping industry. However, the demand for larger containers, especially 40-foot containers, is increasing due to the growing need for more storage space and improved efficiency in transporting goods.
In terms of end-use industry, the shipping containers market can be categorized into automotive, consumer goods, healthcare, and others. The automotive industry dominates the market due to the increasing global trade of automobiles and automotive parts. The consumer goods segment is also significant, driven by the rise in e-commerce and international trade of goods. The healthcare industry is witnessing a growing demand for shipping containers to transport pharmaceuticals and medical supplies safely.
Key Takeaways:
The global Shipping Containers Market Share is expected to witness high growth, exhibiting a CAGR of 6.1% over the forecast period from 2022 to 2030. The market growth can be attributed to several factors, including the increasing demand for international trade, the growth of the e-commerce sector, and the expansion of the automotive industry.
From a regional perspective, Asia Pacific is the fastest-growing and dominating region in the shipping containers market. This can be attributed to factors such as the presence of key players in the region, the growing manufacturing sector, and the rising export-import activities. China, specifically, holds a significant market share due to its strong manufacturing base and high export volumes.
Key players operating in the shipping containers market include China International Marine Containers Co., Ltd., Sea Box, Inc., Singamas Container Holdings Limited, China Cosco Shipping Co. Ltd., TLS Offshore Containers International, CXIC Group Containers Company Limited, W&K Container Inc., Maersk Container Industry, YMC Container Solutions (a division of Thurston Group Limited), and Dong Fang International Container (Hong Kong) Co., Ltd. These players have a strong presence in the market and compete based on factors such as product quality, pricing, and strategic partnerships.
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