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.
Albany, NY -- (SBWIRE) -- 11/06/2015 -- Shipping containers are defined as containers that facilitate the transport and carriage of goods without the need to unload and/or reload the cargo at intermediate points. These containers are large rectangular boxes made of a special corrosion resistant grade of steel and are characterized by high strength and durability. Containers are generally made up of aluminum and steel. The size and type built of each container comply with specifications and regulations formulated by the International Organization for Standardization (ISO).
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Shipping containers are classified into three main categories, namely dry containers, reefer containers, and tank containers. Dry containers are the most commonly used containers and are used in the transportation of bulk cargo, whereas reefer containers are used for transporting perishables such as fruits, vegetables, and dairy products, among others. Lastly, tank containers are cylindrical containers fitted in a rectangular steel frame. These containers facilitate intermodal transport of liquid chemicals and other liquids from one place to other. There are, however, other types of containers that cater to specific needs, such as containers for transporting out-of-gauge cargo. These may be either platform type or open-top containers, among others.
The demand for shipping containers is influenced by a number of factors. One of the major factors that are expected to drive the demand for shipping containers market is the anticipated growth in seaborne trade during the projected period. Increasing demand for transportation services is a key driver of the global shipping containers market. Rising number of factories and manufacturing units has fueled the growth of the global Shipping containers market. In addition, several government associations are also boosting the growth of the global Shipping containers market by providing specific guidelines to shipping companies.
However, high shipping freight rates obstruct the growth of the global Shipping containers market.
To understand and assess the opportunities in this market, the report is categorically divided into two main market analysis sections, i.e., by product type and by region. The report analyzes the global shipping containers market in terms of market value (US$) and volume (TEUs).
The report begins with an overview of the global shipping containers market, appraising the market performance in terms of revenue and volume, followed by PMR's analysis of key trends, drivers, and restraints witnessed in the global shipping containers market. Impact analysis of key growth drivers and restraints based on the weighted average model are also included in the report to equip the client with crystal clear decision-making insights.
In term volume, Asia-Pacific dominates the global Shipping containers market. This is due to improved transportation services in this region. In terms of market value, Europe is expected to dominate the global shipping containers market during the forecast period and Asia-Pacific is expected to be the second largest market for shipping containers Market.
Asia-Pacific is expected to witness high growth rates in the next five years, as many companies are constructing manufacturing facilities in this region. The rising number of manufacturing units would result in a significant rise in demand for containers. Improving transportation services are boosting the growth of the Shipping containers market in this region.
Some of the major companies operating in the global Shipping containers market are China International Marine Containers Co., Ltd., Singamas Container Holdings Limited, CXIC Group Containers Company Limited, Maersk Container Industry AS., Dong Fang International Container (Hong Kong) Co., Ltd., W&K Container Inc., TLS Offshore Containers International Pvt. Ltd., YMC Container Solutions, Sea Box, Inc.
The subsequent section analyzes the shipping containers market as per product type and presents a forecast for the period 2015 -2021.
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