Shipping Containers Market Estimated To Witness High Growth Owing To Surge In Global Trade
Shipping containers are standardized steel intermodal containers used in intermodal freight transport for all modes of transportation like ships, trains, and trucks. They facilitate global trade by providing a security seal and supporting transfer between different transport vehicles. Common uses of shipping containers include transportation of manufactured components, goods, and other cargo.
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 Dynamics:
The global shipping containers market is witnessing high growth owing to the surge in global trade. According to World Trade Organization (WTO), the volume of world merchandise trade is expected to grow by 4.0% in 2023 after recording growth of just 3.0% in 2022. Shipping containers facilitate an efficient supply chain and transportation of goods round the clock. In addition, rising demand for sustainable packaging due to increased environmental consciousness is also fueling the demand for shipping containers. However, volatility in raw material prices remains a key challenge for market players. Nonetheless, innovations in container design for specific applications and dual-use containers are expected to provide lucrative opportunities over the forecast period.
SWOT Analysis
Strength: The Shipping Containers Market benefits from growing global trade volumes. Increased containerization of cargo has improved transport efficiency across industries. Standardization of container sizes allows intermodal transportation across Ocean, Road, and Rail modes.
Weakness: Fluctuations in raw material prices impact manufacturing costs for container companies. Shipping containers require periodic maintenance and replacement leading to additional expenses.
Opportunity: Emerging markets in the Asia Pacific and Middle East regions are driving the demand for shipping containers. Adoption of smart container technologies provides opportunities for remote monitoring and improved supply chain visibility.
Threats: Economic slowdowns can dampen trade volumes and subsequently reduce container demand. Strict environmental regulations pose compliance challenges for container recycling and disposal.
Key Takeaways
The Global Shipping Containers Market Trend is expected to witness high growth over the forecast period of 2023 to 2030. Growing international trade and containerization has spurred the demand for cost effective and standardized intermodal transport solutions. Sea freight remains the dominant mode for long distance containerized cargo movement between countries and regions. 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.
Regional analysis: The Asia Pacific region currently dominates the global Shipping Containers Market with China accounting for the largest production and consumption. Emerging economies in South East Asia and India are anticipated to fuel future market growth in the region supported by rising manufacturing activities and exports. North America and Europe continue to be significant regional markets driven by substantial trade volumes within and outside their borders.
Key players related content: 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. These companies are focused on new product development, mergers and acquisitions to consolidate their market presence and offerings.
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