The global shipping containers market is expected to expand at a steady CAGR of 5.6% over the forecast period from 2015 to 2021, to reach a market value of US$ 11.47 Bn by 2021.

New York, NY -- (SBWire) -- 01/07/2016 --All through recorded history, sea transport has remained the largest channel of freight transport. Despite shipping transport losing much of its market share to the aviation industry, the industry has significantly gained demand due to the containerization revolution, which took place in the early1970s.

Characterized by their high strength and stability, shipping containers have gained demand in response to the rise in seaborne trade in recent decades. Besides, growing containerization also aids the growth of the global shipping containers market. Shipping containers are used in the shipping industry as carriages to transport goods, without requiring to unload or reload the cargo at intermediate locations during the voyage. These containers are typically large and have a rectangular shape. Made from corrosion-resistant grades of steel, they comply with regulations enforced by the International Organization for Standardization (ISO).

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Declining Global Oil Prices and Growth in Seaborne Trade Boost Global Shipping Containers Market

Declining global oil prices provide lucrative opportunities for the shipping industry to capitalize on. As the industry seeks opportunities for growth, it can invest the cost savings from declining oil prices in the purchase of shipping containers. The market, however, is directly affected by the variation in steel prices impacting the average selling price of shipping containers. Slow economic growth in certain European countries and China also has an adverse impact on the growth trajectory of the global shipping containers market.

A new market analysis report from Persistence Market Research (PMR) finds that the global shipping containers market earned revenue of US$8.29 bn in 2015 and estimates the same to reach US$11.47 bn by 2021, exhibiting a positive CAGR of 5.60% between 2015 and 2021.

Asia Pacific to Exhibit Lucrative Opportunities

Regionally, the global shipping container market will be dominated by Europe during the aforementioned forecast period. Asia Pacific is likely to emerge as the second largest market for shipping containers and accounted for over 35% of the global shipping containers market in 2015. The Asia Pacific shipping container market is expected to expand at a CAGR of around 5.40% between 2015 and 2021.

In the next few years, the market for shipping containers is Asia Pacific is anticipated to witness incredible growth, as the number of enterprises constructing their manufacturing facilities in the region increases. Improving transportation services and regulations are also likely to give a significant boost to the shipping containers market in Asia Pacific. Other regions exhibiting lucrative prospects for the shipping containers industry include North America, Latin America, and the Middle East and Africa.

In terms of product types, the global shipping containers market is anticipated to be dominated by the dry containers segment. However, the market for reefer containers for transporting perishables will exhibit the fastest growth in forthcoming years. Based on market value, the reefer containers segment is anticipated to exhibit a CAGR of 6.30% between 2015 and 2021.

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Some of the leading players operating in the market are Singamas Container Holdings Limited, China International Marine Containers Co., Ltd., Maersk Container Industry AS., CXIC Group Containers Company Limited, W&K Container Inc., Dong Fang International Container (Hong Kong) Co., Ltd., YMC Container Solutions, TLS Offshore Containers International Pvt. Ltd., and Sea Box, Inc.

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