New York, NY -- (SBWIRE) -- 03/04/2016 -- Shipping containers are rectangular steel boxes that are widely used for transportation of goods and other commodities via both, seaborne and land-based modes of transport, involving the use of ships, trucks and rail. Moreover, besides facilitating intermodal transport, use of containers facilitates minimum handling of the goods by eliminating the need for loading and unloading of the goods at intermediate points during the transit. Shipping containers are classified into four major types, namely dry containers, reefer containers, tank containers, and others. Dry containers, by far, are the most widely used shipping containers across the globe.

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.

Drivers and Trends

The increasing containerization of global seaborne trade, i.e. the growing adoption of shipping containers for transportation of goods, is another factor that is expected to drive the growth of the global shipping containers market over the forecast period. However, slower economic growth across certain parts of the globe, such as
Europe and Asia, is likely to affect the global trade, thus translating into a slower growth of the global shipping containers market during the forecast period.

Market Taxonomy Persistence Market Research, in its report titled "Shipping Containers Market: Global Industry Analysis and Opportunity Assessment, 2015-2020", has categorized the global shipping containers market into key segments based on product types and geographic regions. Depending on the type of product, the global shipping containers market is divided into four major segments, namely dry containers, reefer containers, tank containers, and others. Two of these segments, namely dry containers and reefer containers, have been sub-segmented on the basis of size into 20' (20 ft.), 40' (40 ft.), 40' high cube (40 ft. High Cube), and into others sub-segments. Finally, on the basis of geographic regions, the overall shipping containers market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.

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Analysis, by Region

Amongst the aforementioned region based segments in the global shipping containers market, Asia Pacific is expected to expand at an accelerated CAGR of nearly 5.4% during the forecast period. The region is expected to account for a share of nearly 35% of the global shipping containers market value by the end of 2015. In terms of market value, Europe is expected to account for a major share of the global shipping containers market value during the forecast period. It is slated to account for a share of nearly 37% by the end of the forecast period.

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Analysis, by Product Type

Amongst the product type based segments of the global shipping containers market, the reefer containers segment is slated to expand at the fastest CAGR during the forecast period. The growth of this segment is primarily driven by the increasing preference for reefer containers over conventional refrigerated ships for transportation of perishable goods. The use of reefer containers ensures flexibility, efficiency, and reduced turnaround time as compared to the conventional means of perishables transport. In terms of market value, the reefer containers segment is expected to expand at a CAGR of 6.3% during the forecast period. Also, demand for tank containers for transportation of chemicals and other bulk liquids is expected to witness a steady growth during the forecast period.

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