The global containerized trade grew steadily at a CAGR of 1.7% in 2019 but witnessed a sharp decline in 2020, owing to the widespread COVID-19 pandemic. However, with things getting back to normal, the container trade is recovering across the world, and it is expected to be back at 2019 levels in 2022 and is estimated to grow approximately at a CAGR of 3%. This highlights a healthy and positive influence on the growth of the global container tank shipping market during the forecast period.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201201005890/en/
Tank Container Shipping Market by End-user and Geography – Forecast and Analysis 2020-2024 is now available at Technavio (Graphic: Business Wire)
Click Here to Get a Free Sample Report Delivered in a Minute
Global Tank Container Shipping Market: Overview
The global containerized shipping market has been growing steadily over the past three decades. For example, the global tank container fleet has grown to about 719,840 compared to 67,000 in 1991. The number of companies leasing tank containers increased from 27 in 2013 to 35 in 2019. Similarly, the number of operators worldwide increased from 116 in 2013 to 212 in 2019. This suggests a steady and healthy growth of the market over the years.
The global tank container shipping is mainly driven by the rising global demand for oil and gas. Besides, many countries across the world are signing free trade agreements to increase cross-border trade activities. For instance, the world’s largest free-trade agreement, the Regional Comprehensive Economic Partnership (RCEP), was signed on 15 November 2020. The countries that signed the agreement include China, Japan, South Korea, Australia, New Zealand, and 10 other countries. All these countries represent almost 30% of the global GDP and 30% of the global population. The RCEP is expected to pave the way for expanded free-trade deals among these countries, thus benefitting the growth of the global tank containerized shipping market during the forecast period.
Develop Smart Strategies for Your Business: Get a Free Sample Report Now!
Global Tank Container Shipping Market Growth Across Regions
Europe is currently the largest market for tank container shipping. In 2019, the market was valued at 213.42 twenty-foot equivalent units (TEU) and is estimated to reach 214.6 TEU by 2024. Slightly better growth is expected across North America (2.74 TEU), South America (3.89), and MEA (8.03) over the forecast period. But the APAC region will account for maximum incremental growth of 26.4 TEU during 2020-2024. China and India will play a major role in driving the market in APAC.
Global Tank Container Shipping Market: End-user Landscape
The oil and gas industry is currently the largest end-user segment for tank container shipping. The segment is expected to contribute about 16.82 TEU to the global market during 2020-2024. While the chemical segment will account for 1.55 TEU and the remaining incremental growth of 23.87 TEU will originate from various other end-user segments during the forecast period.
Give Your Business a Head Start for 2021: Download Our Free Sample Report
Related Reports on Industrials Include:
Global Container Leasing Market – Global container leasing market is segmented by type (dry containers, reefer containers, tank containers, and special containers) and geography (APAC, Europe, MEA, North America, and South America). Click Here to Get an Exclusive Free Sample Report
Global Seafreight Forwarding Market – Global seafreight forwarding market is segmented by service (FCL and LCL) and geography (Europe, APAC, North America, South America, and MEA). Click Here to Get an Exclusive Free Sample Report
Technavio’s research reports are backed with competitive intelligence and benchmarking. Our latest report on the call center outsourcing market is designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support.
Subscribe to World-Class Market Intelligence and gain instant access to 17,000+ market research reports and connect with expert analysts
Table of Contents:
- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 – 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by End-user
- Market segments
- Comparison by End-user
- Oil and gas – Market size and forecast 2019-2024
- Chemical – Market size and forecast 2019-2024
- Others – Market size and forecast 2019-2024
- Market opportunity by End-user
- Customer landscape
- Geographic segmentation
- Geographic comparison
- Europe – Market size and forecast 2019-2024
- APAC – Market size and forecast 2019-2024
- North America – Market size and forecast 2019-2024
- MEA – Market size and forecast 2019-2024
- South America – Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers – Demand led growth
- Market challenges
- Market trends
- Vendor landscape
- Landscape disruption
- Competitive scenario
- Vendors covered
- Market positioning of vendors
- Bertschi AG
- Bulkhaul Ltd.
- Den Hartogh Holding BV
- Eagletainer Logistics Pte Ltd
- Gruber GmbH & Co. KG
- HOYER GmbH
- Intermodal Tank Transport Inc.
- NewPort Tank
- Stolt-Nielsen Ltd.
- Suttons Transport Group Ltd
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.