The United States shipping container industry also showcases a promising future in the next ten years. It is slated to report a CAGR of 3.4% through 2034. Owing to supply chain disruptions and shipping container shortages, the ocean container industry has faced significant challenges in recent years. As global economies recover from the pandemic, shipping services continue to adapt to a highly volatile market.
NEWARK, Del., June 3, 2024 /PRNewswire/ -- The global shipping container market is projected to reach USD 7,747.5 million in 2024, with an expected increase to USD 10,661.5 million by 2034. The industry is primarily influenced by increasing maritime shipping activities and trade agreements between developing and developed economies, exhibiting a CAGR of 3.6% through 2034.
The demand for these shipping containers is also touching the skies as they are durable, reusable, and designed for intermodal shipments. The market is also driven by the need for cost-effective and convenient cargo transportation. Besides this, improvements in commercial boats and the development of more efficient cargo ships are likely to propel up the demand for shipping containers in the international marketplace.
Automation in marine transportation and safety regulations has the potential to present growth opportunities in the global shipping containers industry. The market is also influenced by the ongoing trends of minimalist containers, recyclable mailers, and technological advancements in international supply chains.
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However, the shipping container industry, in recent times, is facing a plunge in demand due to transnational political and economic factors like wars, political imbalances, and trade disputes in European and Middle East countries.
Attributes | Description |
Estimated Global Shipping Container Market Size (2024E) | USD 7,747.5 million |
Projected Global Shipping Container Market Value (2034F) | USD 10,661.5 million |
Value-based CAGR (2024 to 2034) | 3.6 % |
"Companies in the shipping container industry must implement sustainable practices throughout the container lifecycle, from sourcing raw materials to end-of-life recycling. They can also develop eco-friendly materials, reduce carbon emissions in manufacturing and transportation, and promote container reuse to minimize the environmental impact", opines an FMI analyst. Says a Lead Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
Key Takeaways from the Market Study
- The 20 to 40 feet segment dominates the global shipping container market with a share of 35% in 2024.
- Based on the container type, the dry freight container segment leads the shipping container market with a share of 21% in 2024.
- The shipping container market in India is anticipated to grow at a CAGR of 3.7% through 2034.
- The shipping container market in South Korea is estimated to rise at a 3.6% CAGR through 2034.
- The shipping container market in Thailand has the potential to increase at 3.7% CAGR through 2034.
- The United States shipping container market is predicted to rise by 3.4% CAGR through 2034.
- The shipping container market in the United Kingdom is very likely to grow at a CAGR of 3.1% through 2034.
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Competitive Landscape
- The global shipping container industry is expected to grow at a 3.6% CAGR through 2034, leading to fierce competition among numerous companies.
- These companies boast extensive market reach and well-established networks of suppliers, customers, and partners.
- Major players such as Maersk Container Industry, China International Marine Containers (CIMC), Singamas Container Holdings, and Textainer Group Holdings Limited dominate the industry
- These companies are leveraging large-scale operations and advanced manufacturing technologies to enhance container efficiency.
Leading Shipping Container Brands
- Maersk Container Industry
- China International Marine Containers (CIMC)
- Singamas Container Holdings
- Textainer Group Holdings Limited
- Triton International Limited
- Seaco Global Limited
- Florens Container Services
- CXIC Group Containers Company Limited
- Dong Fang International Container (Hong Kong) Co., Ltd.
- SeaCube Container Leasing Ltd.
- Blue Sky Intermodal
- Raffles Lease Pte Ltd
- CARU Containers
- CAI International Inc.
- BSL Containers Ltd.
- W&K Containers, Inc.
- Conex Depot
- Storstac Inc.
- ContainerWorld Forwarding Services Inc.
- LCL Logistix
Recent Developments:
- In May 2024, South Korean tonnage provider Cido Shipping secured new buildings for four mid-sized box ships with MSC Mediterranean Shipping Company.
- In May 2024, BAL Container Line plans to order four large container ships and new buildings worth USD 600m in China.
- In March 2024, APM Terminals' West Africa Container Terminal (WACT) officially commissioned its new Container Freight Station (CFS) at Onne Port.
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Key Segments of Market Report
By Container Type:
The market is segmented by container types, such as dry freight containers, refrigerated containers, open top container, flat rack container, tank container, double door container, and half-height container.
By Size:
In terms of the size of shipping containers, the industry is trifurcated as up to 20 feet, 21 to 40 feet, and above 40 feet.
By End Use:
According to end use, the sector is segmented into automotive, pharmaceutical, chemical, food, logistics, and transportation.
By Region:
As per region, the industry is divided into North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa.
About the Packaging Division at Future Market Insights.
The packaging team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Million+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Authored by:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail's strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor's Degree in Mathematics.
Have a Look at Related Research Reports on Packaging Domain:
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According to estimates, the cupcake container market share to be worth close to US$ 1.6 Billion in 2022 and US$ 2.6 Billion by the end of the projected period in 2032. Over this anticipated time, a 5% increase in sales of cupcake containers is predicted to occur globally.
Following a CAGR of 5.0% from 2022 to 2032, the market is expected to reach US$ 99.46 billion in 2032 from US$ 61.06 billion. Increased customer interest in green, clean, and sustainable food and beverage packaging is the primary factor propelling the global light resistant containers market.
The global lever lid tinplate containers market is projected to have a moderate-paced CAGR of 8.63% during the forecast period. The current valuation of the market is US$ 1,459.28 million in 2022. The market value of the lever lid tinplate containers market is anticipated to reach a high of US$ 2,613.35 million by the year 2032.
The rotomolded containers market is estimated to reach over US$ ~4.5 Billion in 2022 and is projected to reach US$ ~5.7 Billion by 2027, at a CAGR of 4.9% from 2022 to 2027.
The global tottle containers market is set to enjoy a valuation of US$ 184.3 Million in 2022, and further expand at a CAGR of 5.2% to reach US$ 305.8 Million by the year 2032. The sales of the tottle containers are anticipated to bolster with the top 5 companies projected to hold approximately 20 to 25% of the market by the end of 2022.
The global shipping supply market value in 2024 is estimated to be around US$ 101.2 billion. The demand for shipping supplies is predicted to grow at a CAGR of 3.7% from 2024 to 2034. The overall industry value is expected to reach around US$ 145.5 billion by 2034.
The current valuation of the shipping labels market amounts to USD 49.53 Billion in the year 2022. It is anticipated to grow at a CAGR of 6.1% from 2022 to 2032. It is estimated to reach a valuation of USD 83.03 Billion by the year 2032.
About Future Market Insights (FMI)
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