Container Market Grows at 8.6%
The Global International Orginization for Standardization (ISO) Shipping Container Market is growing at a CAGR of 8.6% during 2017-2026, said a report.
According to Stratistics MRC, growth of seaborne trade, growing demand for commodities and rising industrial expansion in China are the key driving factors for the market growth.
However, factors such as the effect on the environment and fluctuating raw material prices are hindering the market growth, the market research report said.
ISO container is any type of shipping container which is designed, manufactured, tested and certified to the standards of the International Standards Organisation in terms of size, strength and durability. They are made out of various grades of steel and built for freight transport. Their intended use is for transportation across modes which include rail, road or sea freight.
Based on Type, High Cube Refrigerated Container segment held considerable market share during the forecast period which is attributed to the advantage of the versatility and higher payload. By geography, Asia Pacific is expected to grow at a faster rate due to is driven by China's low-cost labor and huge dependency on seaborne trade.
Some of the key players profiled in the ISO Shipping Container market include CIMC, CXIC Group, Maersk Container Industry, Sea Box, SINGAMAS, Shanghai Universal Logistics Equipment, Charleston Marine Containers, Hoover Container Solutions, Hapag-Lloyd, Evergreen Marine Corporation., 3M Company , Cardinal Health, Inc., Spectrum Chemical Manufacturing Corp., Medline Industries, Inc. and Micronova Manufacturing Inc.