Shipping Container Market Size, Share, Growth Analysis, By Type(Dry Storage Containers, Flat Rack Containers), By End-user(Food & Beverages, Consumer Goods) - Industry Forecast 2024-2031

Global Shipping Container Market size was valued at USD 9.21 billion in 2022 and is poised to grow from USD 10.34 billion in 2023 to USD 26.16 billion by 2031, growing at a CAGR of 12.3% in the forecast period (2024-2031).

The global shipping container market is experiencing rapid growth due to the increasing maritime shipping activities resulting from the rise in trade agreements between nations. These shipping containers are typically manufactured according to the specifications outlined by the International Organization for Standardization (ISO). The ISO standards ensure efficient loading and unloading processes, as well as the container's ability to withstand harsh environmental conditions and maintain structural integrity during transportation. Notably, the United States boasts one of the world's largest pharmaceutical markets and ranks among the top three importers and exporters of medical products. Significant investments in drug development, healthcare product manufacturing, and exports create opportunities for shipping container vendors in the U.S. Maritime trade refers to the transportation of goods via sea or other waterways. According to the International Chamber of Shipping, approximately 11 billion tons of goods are transported annually using shipping containers. The industry's growth is further supported by the increasing volume of global trading activities. Additionally, the outbreak of COVID-19 in China in early 2020 led to several countries imposing trade restrictions to contain the spread of the disease. Consequently, trade between China and countries in Europe, as well as the U.S.-China trade, declined by 20.3% in the first quarter of 2020. The significant decline in China's export of consumer goods due to the COVID-19 pandemic had a substantial impact on the demand for shipping containers, given China's role as a major global exporter. However, with the rapid progress of vaccination efforts, there is an expected rebound in the demand for consumer goods, which will benefit the shipping container market in the short term.