Containers Market to Grow by 6.5%
The shipping containers market estimated to grow with a CAGR of 6.5% during the forecast period from 2018 to 2026, said a report.
According to ResearchAndMarkets' latest report, the number of goods carried by shipping containers witnessed an extravagant grow from 102 million metric tons in 1980 to 1.83 billion metric tons in 2017.
The quantity is projected to claim more than 60% of the world seaborne trade and almost 90% of the non-bulk cargo transported across the globe, it said.
The number is quite promising and anticipated to proliferate significantly in the coming years. Therefore, the aforementioned number strongly advocate the consistent growth rate of global shipping containers market.
With more than 17million containers across the globe and more than 6 million shipping containers sailing on cargo ships, shipping containers market registered market growth of 6.5% throughout the forecast period.
A number of shipping containers are available for cargo transportation and are classified according to container size, container type, and deployment. Based on size, shipping containers are classified into a small container (20 feet), large container (40 feet) and high cub container, said the report.
In 2017, Asia Pacific currently holds the majority of market share in the global shipping containers market. China manufacturers the majority of shipping containers and also contributes significantly to global maritime trade. Consequently, Asia Pacific is expected to hold its market position throughout the forecast period.
The leading shipping containers vendors including China International Marine Containers (Group) Ltd. (CIMC), Dong Fang International Container (Hong Kong) Co. Ltd., Jindo Co. Ltd., Maersk Container Industry AS, CXIC Group Containers Company Limited, and MSC Mediterranean Shipping Company S.A. All the aforementioned companies face stiff competition in order to maintain their market position.