DUBLIN--(BUSINESS WIRE)--The "ISO Tank Container Global Market Report 2021: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global iso tank container market.
The global ISO tank container market is expected to grow from $0.91 billion in 2020 to $0.99 billion in 2021 at a compound annual growth rate (CAGR) of 8.9%.
The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1.46 billion in 2025 at a CAGR of 10%.
- China International Marine Containers Co. Ltd.
- Nantong Tank Container CO. Ltd.
- CXIC Group Containers Company Limited
- Singamas Container
- Welfit Oddy
- Danteco Industries BV
- Bewellcn Shanghai
- Chart Industries Inc.
- Corban Energy Group
- Cryeng Group
- Intermodal Tank Transport
- M1 Engineering
- Quantum Technologies Group Inc.
- Rootselaar Group
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The main types of containers in ISO tank containers are dry container, thermal and refrigerated container, tank container, open-top container, insulated container, flat rack container, and others. Thermal and refrigerated containers are temperature-controlled transportation containers that maintain a constant low temperature. They are only used to transport perishable goods such as fruits and vegetables over vast distances. The different modes of transportation include road, rail, marine and are used to transport chemicals, petrochemicals, food and beverage, pharmaceuticals, industrial gas, others.
The ISO tank container market consists of sales of tank containers by entities (organizations, sole traders, and partnerships) that are engaged in manufacturing intermodal ISO tank containers for transporting liquid products. The ISO tank container is designed and manufactured as per the guidelines defined by the International Organization of Standardization (ISO). The ISO tank containers are suitable for different modes of transportation and can transport both hazardous and non-hazardous products.
Europe was the largest region in the ISO tank container market in 2020. North America was the second-largest region in the ISO tank container market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The growing petrochemical industry is expected to propel the growth of the ISO tank containers market in the forecast period. The ISO tank containers are used for transporting hazardous petrochemicals as they are made up of stainless steel and are surrounded by various types of protective layers that provide resistance to the corrosive effects of the petrochemicals. For instance, according to the TBRC report, the global petrochemicals market is expected to grow from $365.01 billion in 2020 to $429.11 billion in 2021 at a compound annual growth rate (CAGR) of 17.6%.
Additionally, according to the International Energy Agency, petrochemicals are expected to account for about 50% of the growth in global oil demand between 2030 and 2050, contributing nearly 7 million barrels of oil. The ISO tank containers leave almost less than 50% of the carbon footprint and hence they are majorly used to ship chemicals by petrochemical industries. Therefore, the growth of the petrochemical industry drives the growth of the ISO tank containers market.
Usage of the internet of things (IoT) for remote monitoring of ISO tank containers is shaping the ISO tank container market. The Internet of Things (IoT) is a system of internet-connected objects that can collect and transfer data over a wireless network without human intervention. Many companies operating in the ISO tank container sector are increasingly partnering with companies offering IoT software. For instance, in July 2021, Arkema, a France-based chemicals company collaborated with Nexxiot a Swiss company offering digital logistics solutions. This collaboration seeks to digitize Arkema's ISO tank (tank container) and rail freight wagon fleets, utilizing Nexxiot's IoT devices and intelligent cloud platform to help Arkema clients achieve end-to-end visibility, increase quality standards, and improve the overall service experience.
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