Shipping Containers Global Market Report 2021: COVID-19 Implications And Growth

Shipping Containers Global Market Report 2021: COVID-19 Implications And Growth

  • March 2021 •
  • 200 pages •
  • Report ID: 6033667 •
  • Format: PDF
Major players in the 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 global shipping containers market is expected to decline from $8.16 billion in 2020 to $8.36 billion in 2021 at a compound annual growth rate (CAGR) of 2.48%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $10.73 billion in 2025 at a CAGR of 6.46%.

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 shipping containers market covered in the report is segmented by product type into dry storage container, flat rack container, refrigerated container, special-purpose container, open top container, double door container, others; by container size into small container, large container, high cube container; by end-use into food and beverages, consumer goods, healthcare, industrial products, vehicle transport, others.

The Asia Pacific was the largest region in the shipping containers market in 2020. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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.

In May 2019, COSCO SHIPPING Development Co., Ltd, a China-based containerized marine shipping company acquired five Chinese units of Singamas Container Holdings Ltd., for an undisclosed amount. The acquisition is expected to enhance COSCO SHIPPING Development Co., Ltd.’s container market. Singamas Container Holdings Ltd. is a China-based shipping container manufacturer that produces dry freight containers, foldable flat rack containers, tank containers, offshore containers, other comprehensive containers, and container parts.

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 2018, a larger amount of goods was moved between the UK major ports and the EU (European Union) than any other region accounting for 44% (206.2 million tons) of entire critical port traffic. In 2018, the total gross weight of goods transported was estimated at almost 1.8 billion tons as part of the EU short sea shipping. However, Italy was the major short sea shipping country in the EU in 2018, surpassing the Netherlands, with a share of approximately 15% of the total tonnage of EU short sea shipping. 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 countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.