LONDON--(BUSINESS WIRE)--The global tank container shipping market is expected to register an incremental growth of 42.24 thousand TEU, progressing at a CAGR of over 1% during 2020-2024. According to the report by Technavio, the outbreak of the COVID-19 pandemic has negatively impacted the growth of the market in the short term. The market witnessed the closure of several industries owing to the imposition of lockdowns worldwide. This has severely affected the business of companies that use tank container shipping in a wide range of applications. However, the market is expected to gain traction with businesses resuming their operations and the adoption of progressive initiatives to control the spread of COVID-19.
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"One of the primary growth drivers for this market is the growing seaborne trade,” says a senior analyst for the Industrials industry at Technavio. The growth of the global population has increased the demand for various manufactured goods. This has created the need for efficient and cost-effective transportation modes such as seaborne transportation to ensure timely delivery of manufactured goods. This has increased the demand for tank containers, which, in turn, is driving the growth of the global tank container shipping market.
Tank Container Shipping Market Segment Highlights for 2020
- The tank container shipping market is expected to post a year-over-year growth rate of -12.21%.
- Based on the end-user, the market saw maximum growth in the oil and gas industry segment in 2019. The growth of the segment can be attributed to the rising demand for energy from developing countries such as China and India, which has increased the need for tank containers for the transportation of oil and gas.
- The growth of the market will be significant in the oil and gas segment during the forecast period.
- 63% of the growth will originate from the APAC region.
- The growth of the market in APAC is driven by rising investments in oil and gas E&P activities.
- China and India are the key markets for tank container shipping in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The tank container shipping market size is expected to accelerate at a CAGR of over 1% during the forecast period.
- The tank container shipping market is segmented End-user (Oil and gas, Chemical, and Others) and Geography (Europe, APAC, North America, MEA, and South America).
- The market is fragmented due to the presence of many/few established vendors holding significant market share.
- The research report offers information on several market vendors, including 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., and Suttons Transport Group Ltd
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses 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.