by Shipping containers are reusable steel boxes that function as the fundamental unit of intermodal freight transport in which goods are packaged and transported by land and sea. Shipping containers allow goods and commodities to be transported economically over long distances using different modes of transport without being repackaged in between journeys. With increasing globalization and surging international trade volumes, seaborne trade activities have grown considerably which has propelled the demand for shipping containers for transporting cargo across borders by sea routes.
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.
Market key trends:
Rising seaborne trade activities have been a major market trend propelling the shipping containers market growth. Surging global trade volumes especially between developing and developed nations have increased containerized cargo shipments across oceans. According to World Shipping Council, over 80% of global trade by volume is carried by containers on ships and handled by ports worldwide. Expanding container port infrastructure and development of new international trade routes have also increased maritime logistical efficiencies and boosted container trade volumes in recent years. Continued growth of international commerce and investment in global transportation and logistics is expected to further augment shipping container demand over the coming years.
SWOT Analysis
Strength: Shipping containers market cater huge demand from transportation and logistics sector which acts as strength for the market. Containers help in secure transportation of goods which is favorable for market growth.
Weakness: Fluctuation in container freight rates acts as weakness for the market. High investment cost for containers manufacturing can deter new players.
Opportunity: Growth in global trade activities opens new opportunities for container market. Developing nations improving trade infrastructure will boost container usage.
Threats: Risk of container shortage due to disruptions like pandemic can threaten market. Slowdown in global economy poses threats of reduced trade volumes.
Key Takeaways
The Global Shipping Containers Market Trend is expected to witness high growth. 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.
North America region currently dominates the market and is expected to retain its position over forecast period owing to strong transportation and logistics sectors. Growing international trade in Asia Pacific region makes it fastest growing regional market for shipping containers.
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. Shipping containers helps in secure transportation of goods across borders. Demand from oil & gas, chemicals and food & beverage industries ensure stable growth of key players.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
