Shipping Container Market

The global Shipping Container Market is valued at USD 6.8 Billion in 2022 and is projected to reach a value of USD 15.5 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 12.5% between 2023 and 2030.

Premium Insights

According to reports, the shipping industry is expected to become more stable as the effects of the pandemic start to subside. International container exports are projected to increase by 2-3% post-pandemic due to the delayed recovery of the maritime shipping sector and the backlog from the previous year. Furthermore, it is predicted that port congestion will return to normal shortly. Although maritime freight costs have recently decreased, they are still nearly ten times higher than pre-pandemic levels. Experts believe that the demand and supply balance in the container market will remain steady until at least the middle of 2023.

Additionally, there is an anticipation of a 30% reduction in container shipping costs over the next few months. To address the issue of limited space, shipping companies are opting to purchase new ships. This move allows them to expand their fleets and tackle competition and industry challenges. For example, CMA CGM has acquired ten ice-breaking cargo ships to strengthen its presence in the Baltic region. Similarly, companies like Maersk and CMA CGM are expanding and purchasing aircraft fleets. The Mediterranean Shipping Company has also ventured into the cruise ship business by acquiring 12 new ships.

In summary, the shipping industry is expected to experience more stability as the pandemic's influence wanes. Container exports are projected to increase, while port congestion is anticipated to return to normal. Although freight costs have decreased, they are still significantly higher than before the pandemic. However, experts foresee a reduction in shipping costs over the next few months. To address space constraints, shipping companies are investing in new ships to address competition and industry challenges.

• The demand for large Shipping Containers (40 feet) is expected to experience a significant increase from 2023 to 2030. This indicates a greater need for containers with larger capacities to accommodate shipping requirements.
• Dry storage containers will hold the largest market share globally between 2023 and 2030. This suggests that there will be a high demand for containers primarily used for storing dry goods compared to other container types.
• In 2022, the Asia Pacific region accounted for the highest revenue share, making up 65.10% of the market. This underscores the dominant position of the Asia Pacific region in the Shipping Container market, highlighting its high shipping activities and container demand.
• The European market is expected to grow significantly from 2023 to 2030. This indicates that the European market will experience substantial expansion in terms of Shipping Container demand and revenue generation during the projected timeframe.

Top Market Trends

1. Shipping Containers are no longer limited to transporting goods, with more individuals and businesses repurposing them for various uses such as homes, offices, pop-up stores, and even swimming pools. These alternative uses have contributed to the growth of the Shipping Container market.
2. With a focus on sustainability and environmental consciousness, there is an increasing demand for eco-friendly Shipping Containers. These containers are typically made from recycled materials and can be easily repurposed or recycled at the end of their lifecycle. As a result, buyers are opting for sustainable Shipping Container options.
3. Automation and digitization are revolutionizing the shipping industry, and Shipping Containers are no exception. Automated container terminals and digital platforms are being implemented to streamline processes, improve efficiency, and enhance communication between different stakeholders in the supply chain.
4. The Shipping Container market is evolving with technological advancements such as smart containers equipped with tracking and monitoring technologies. These innovations enable real-time tracking of shipments, temperature control, and other important data to ensure the safety and security of goods during transportation.
5. Modular construction, which involves assembling pre-fabricated components off-site, is gaining popularity in various construction sectors, including residential and commercial. Shipping Containers are often used as modular building blocks due to their standardized sizes and easy transportation. This trend drives the demand for Shipping Containers in the construction industry.
6. The COVID-19 pandemic has disrupted global supply chains, leading to a surge in demand for Shipping Containers. As businesses shifted towards e-commerce and online retail, the need for containers to transport goods increased significantly. Additionally, the pandemic has created a shortage of containers in some regions, causing Shipping Container rates to skyrocket.

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Economic Insights

The International Chamber of Shipping reports an annual container transport of roughly 11 billion metric tonnes of goods. The shipping market has experienced significant growth in recent decades, driven by the expanding global economy and increased international trade and commerce. As a result, the global container fleet has also grown in size. China, the largest producer and recycler of steel raw materials, is responsible for manufacturing over 85% of the world's ISO containers. To cater to the requirements of the international shipping industry, all ISO and non-ISO containers produced in China are exported to other countries. China's share in the global container market has been steadily increasing, and the government has been introducing different container products since 1993. While low labor costs play a crucial role in China's success as the top container manufacturer, its position as the largest producer and recycler of steel raw materials is also significant.

Market Segmentation

The Global Shipping Container Market can be segmented as mentioned below:

The global Shipping Container market can be categorized into Container Size, Product Type, Region. The Shipping Container market can be categorized into Small Containers (20 feet), Large Containers (40 feet), High Cube Containers (40 feet) based on Container Size. The Shipping Container market can be categorized into Dry Storage Containers, Flat Rack Containers, Refrigerated Containers, Special Purpose Containers, Other Product Types based on Product Type. The Shipping Container market can be categorized into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on Region.

Based on Container Size

Large Containers (40 Feet) to Lead Maximum Market Share Due to Their Ability to Accommodate More Cargo and Provide Cost-effective Transportation

Based on container size, large containers (40 feet) dominated the Shipping Container market with the largest market share because they provide a significant capacity advantage, allowing for efficient transportation of a larger quantity of goods. Additionally, their standardized dimensions make them compatible with most transportation networks, facilitating seamless intermodal transportation. Large containers also offer cost advantages in terms of economies of scale. Businesses more commonly adopt them due to their versatility and suitability for various cargo types.

Based on Product Type

Dry Storage Containers Segment Expects Dominion Owing to Its Versatility, Durability, And Cost-effectiveness

The dry storage containers segment will experience the greatest market growth during the forecast period. When equipped with proper insulation and ventilation systems, dry storage containers are widely used for transporting and storing a wide range of goods, including consumer goods, electronics, machinery, and even perishable items. These containers can be easily stacked and transported by various modes of transportation, making them highly efficient for logistics and supply chain management. Additionally, their relatively low cost compared to other types of specialized containers makes them the preferred choice for many businesses and industries, further contributing to their market dominance.

Based on Region

Asia Pacific to Dominate Global Sales Owing to manufacturing and distribution activities in the region

In 2022, the Asia Pacific region emerged as the dominant force in the global Shipping Container market. With its robust manufacturing sector and burgeoning trade activities, countries like China, Japan, and South Korea played a pivotal role in this dominance. The region's strategic location, extensive port infrastructure, and advanced logistics capabilities further bolstered its position. The increased implementation of e-commerce and rising demand for consumer goods fueled the need for Shipping Containers, making the Asia Pacific region the go-to hub for container production, trade, and storage. This dominance will continue as the region experiences continued economic growth and trade expansion.

The Shipping Container industry in Europe is rapidly gaining popularity. The demand for Shipping Containers is increasing due to various factors such as international trade, e-commerce, and transportation needs. Europe's strong economy and infrastructure development contribute to this growth trend. As a result, the Shipping Container market in Europe is expanding at an unprecedented rate, making it the fastest-growing region in this industry.

Competitive Landscape

The competitive landscape of the global Shipping Container market is highly fragmented, with several key players including China International Marine Containers Co., Ltd. (CIMC), Singamas Container Holdings Ltd., Maersk Container Industry AS, Dong Fang International Container (P.T.) Ltd., and others. These players compete based on factors such as product quality, pricing, global reach, innovation, and customer service to gain a larger market share in the industry.

The key players in the global Shipping Container market include - China International Marine Containers (China), W&K Containers Inc. (U.S.), TLS Offshore Containers (U.S.), OEG Offshore Limited (UK), COSCO SHIPPING Development Co. Ltd. (China), CXIC Group (China), A.P. Moller–Maersk Group (Denmark), YMC Container Solutions (UK), Singamas Container Holdings Limited (Hong Kong), CARU Containers (U.S.) among others.

Recent Market Developments

• In August 2022, China International Marine Containers (CIMC) and Maersk Container Industry have announced the cancellation of their planned merger due to regulatory obstacles. CIMC had previously agreed to acquire AP Moeller - Maersk refrigerated containers maker for $987.3 million in September 2022. The merger would have effectively consolidated two of the world's four refrigerated Shipping Container suppliers, leading to concerns about the concentration of the global cold supply chain.
• In May 2022, Mazagon Dock Shipbuilders has ventured into the container manufacturing business by securing an order from Container Corporation of India Ltd (CONCOR) for 2,500 cargo-carrying steel boxes. The estimated cost for each container ranges from INR 35 million (USD 0.43 million) to INR 40 million (USD 0.49 million), making the total deal value approximately INR 1 million (USD 12.18 million). This partnership is significant as CONCOR is introducing 12 feet containers in India for the first time, which are deemed more beneficial than the smaller dwarf containers. With a shortage of containers affecting Indian exporters during the COVID-19 pandemic, the move aims to address the need for increased local production.

Segmentation of the Global Shipping Container Market