Press Release

Booming Demand for Shipping Containers Due to the Trade Agreements and Efficient Cargo Transportation

The Global Shipping Container Market is valued at around USD 10.5 billion in 2023 & is estimated to grow at a CAGR of about 4.2% during the forecast period, i.e., 2024-29, cites MarkNtel Advisors in the recent research report. The expansion is credited to the secure & effective manner in which cargo is conveyed via containerized shipping, surpassing the performance of other transportation options.

The establishment of numerous trade agreements between developed & developing nations has been instrumental in streamlining the flow of goods. Consequently, container manufacturers have given priority to designing even more efficient containers specifically customized for trade-related purposes. The advent of free trade agreements has led to a reduction in duties & taxes, relieving exporters & importers of financial burdens. As they are no longer required to make these payments to governments, this has led to a surge in trade activities.

As a direct result, the heightened demand for containers to accommodate this expanding trade landscape is set to impact the market significantly. This increased demand for containers highlights the potential for robust market growth in the foreseeable future. Moreover, expanding into emerging markets such as India, Indonesia, Mexico, and others presents a lucrative growth opportunity for container manufacturers and logistics providers. These markets, characterized by growing consumer populations & developing manufacturing sectors, offer several advantages.

The increasing consumer spending in these regions fuels the demand for imported goods, driving the need for containers. Additionally, the rising manufacturing output generates opportunities for logistics providers to facilitate the movement of raw materials and finished products. Infrastructure development is also gaining momentum, where containers play a pivotal role in transporting construction materials & equipment, enhancing growth prospects for shipping container manufacturers in the coming years, further states the research report, “Global Shipping Container Market Analysis, 2024.”

Global Shipping Container Market Segmentation Analysis

High Demand for Dry Containers in the Global Shipping Market

Based on the Type, the market is further bifurcated into Dry Container, Reefer Container, and Tank Container. The demand for Dry Containers has been witnessing an upsurge due to their compatibility to transport non-perishable products such as electronics, clothing, machinery, and consumer products. They are widely used due to their versatility & broad utility, which makes them the preferred container for most cargo shipments.

Other factors, such as global manufacturing and the consumer goods industry, which are highly dependent on international trade, also rely heavily on dry containers for their transportation needs. Furthermore, the growth of e-commerce has further increased the demand for these containers. Dry containers are highly efficient in the transportation of a wide variety of consumer goods around the world.

Asia-Pacific Holds the Dominant Position

The Asia-Pacific region is expected to dominate the Global Shipping Container Market in the coming years, mainly due to its presence in international waters and the strong maritime trade from countries like China, India, and South Korea.

This strategic geographic advantage plays a major role in increasing global trade, economic growth, and the smooth movement of goods from the Asia-Pacific region to other parts of the world. Furthermore, the increasing volume of export sales, the growth of manufacturing activities, and the blossoming of intra-regional trade are expected to contribute to the market growth in the coming years.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Bertschi AG., Bulkhaul Limited, BNH Gas Tanks, A. P Moller Maersk, NewPort, Danteco Industries BV, China International Marine Containers (Group) Ltd, COSCO SHIPPING Development Co., Ltd., TLS Offshore Containers / TLS Energy, CXIC Group, W&K container, Thurston countries, Caru Container, OEG Offshore, Sea Box, others, are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the region?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across various regions?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-29?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?