Shipping containers global market is expected to grow to $13.48 bln in 2026 - Research and Markets
The global shipping container market is expected to grow from $9.37 billion in 2021 to $10.09 billion in 2022 at a compound annual growth rate (CAGR) of 7.7%. The market is expected to grow to $13.48 billion in 2026 at a CAGR of 7.5%, according to Research and Markets.
Major players in the shipping containers market are Hoover Container Solutions, CXIC Group, Shanghai Universal Logistics Equipment, Maersk Container Industry, Charleston Marine Containers, Hoover Container Solutions, CIMC, Sea Box, TLS Offshore Containers International Pvt Ltd, and China International Marine Containers Co. Ltd.
The shipping containers market consists of the sales of shipping containers and related services by entities (organizations, sole traders, and partnerships) that are engaged in manufacturing shipping containers with suitable strength to withstand handling, storage, and shipment. Shipping containers range from ubiquitous corrugated boxes to large steel boxes used for intermodal shipments. Only goods and services traded between entities or sold to end consumers are included.
The main product types of shipping containers are dry storage containers, flat rack containers, refrigerated containers, special-purpose containers, open-top containers, double door containers, and other product types. Dry storage containers are some of the common containers used in the shipping market.
They are in lengths of 10, 20, and 40 feet, and they are designed to transport dry goods. These containers do not allow for temperature controls, and they are not suited for moving food or chemicals that require refrigeration. The container size is a small container, large container, and high cube container. The various end-users involved are food and beverages, consumer goods, healthcare, industrial products, vehicle transport, and other end-users.
The Asia Pacific was the largest region in the shipping containers market in 2021. The regions covered in the shipping containers report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
An increase in demand for cargo transportation through ships contributed to the growth of the shipping container market. The demand for the transportation of cargo through waterways is growing owing to factors such as cost-efficiency and secured way of moving goods as compared to other means of transportation.
For instance, in 2021, More goods were moved between UK major ports and the EU than any other region in 2020, accounting for 44% (190.1 million tonnes) of total major port traffic. In 2019, The total gross weight of goods transported as part of EU short sea shipping was estimated at almost 1.8 billion tonnes.
However, Italy was the major short sea shipping country in the EU in 2020, with a share of more than 14 % of the total EU short sea shipping tonnage. Moreover, ships can carry more cargo from one place to another within a short period. This in turn is projected to boost the growth of the shipping containers market.
The high costs associated with shipping containers is expected to restrain the growth of the shipping container market. The price of shipping containers depends on their size and condition. The bigger the container, the higher the price. And, the newer the unit, the more expensive it could be. For instance, in the USA, the average cost for a used container is around $2,000.
The larger 40' unit that could be altered for houses ranges from $3,000 to $4,000 for the used one and is approximately $6,000 for a brand-new unit. Moreover, there are other costs such as shipping container home plans, foundation costs being involved which make them less affordable for purchase. Thus, the high costs of shipping containers are projected to limit the growth of the shipping container market over the forecast period.
