Rising Maritime Trade and Efficiency Drive Global Shipping Container Market to reach USD 10,661.5 Million by 2034, Led by Asia-Pacific Region

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Jun 03, 2024, 10:01 ET

The global shipping container market is booming, driven by factors like rising maritime trade, efficient cargo transportation needs, and improvements in ships. The Asia-Pacific region, particularly, is expected to lead the market growth due to its strong manufacturing base and flourishing international trade. However, political and economic uncertainties pose challenges.

NEWARK, Del., June 3, 2024 /PRNewswire/ -- According to Future Market Insights Inc., 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.

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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.

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.

"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," says Ismail Sutaria (Lead Consultant, Packaging and Materials at Future Market Insights, Inc.).

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.

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.

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.

Purchase now and gain full access to the Shipping Container Industry report, featuring comprehensive Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives.

About the Author:

Ismail Sutaria (Lead Consultant, Packaging and Materials at Future Market Insights, Inc.) 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.

Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show - Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.

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