Increase in international and seaborne trade are primarily responsible to increase dry van container’s adoption. Manufacturers are leveraging advanced technologies to innovate manufacturing processes for dry van containers. These innovative processes are dedicated to prolong the dry van container’s service period along with its efficiency to transport material in bulk. Enclosed trailers are highly sought after in the market and have increased the adoption rate. Latest Fact.MR report predicts the global dry van container market to grow at 2.8% CAGR during the forecast period 2018-2028. It also states that emerging economies in Asia Pacific will generate maximum sales in the coming future. Other prominent regions that are anticipated to generate sales in market are North America and Europe.
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Manufacturers prefer steel for manufacturing dry van containers owing to its positive attributes like durability. Its price is also vital in its increased prominence as it is cheaper than aluminum. Steel gets the major demand from transportation and logistics industry. However, aluminum is the material that is gaining traction recently on the backdrop of its positive attributes like high strength, magnetic resistance, malleability, corrosion resistance, high elasticity and low weight. These properties act as catalyst in fueling aluminum’s demand in dry van container market.
Europe leads in demand
Europe leads the global market in demand and it is expected to increase in the coming future. New carriers are getting adopted in the European market. Germany significantly contributes in dry van container market growth with enhanced freight logistics. It is the leading region in Europe and tops the region in logistics performance. Seaborne trade in emerging nations of Africa and Asia Pacific surge the sale as well as demand in the global dry van container market. US is known to be the region with ample opportunities for dry van containers due to presence of robust shipping line.
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World Shipping Council states that containerized shipping segment is responsible for a significant part of economic activity in the region. Also, increased manufacturing output of America is also a significant example. Major companies of the dry van container market are expanding their production capacity. This promotes the growth of leasing sector which in turn propels the global dry van container market.
Economic stability in international trade creates favorable environment for the market growth. Rapid globalization and urbanization are responsible for the fast expansion of seaborne trade. International Chamber of Shipping states that seaborne trade has a significant contribution in international overseas trade. In fact, it accounts for 90% of the global overseas trade. This influence has surged the number of large ships with extended container capacity. This surge positively influences the global dry van container market.
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Changing global scenarios have decreased the oil prices which is anticipated to boost the shipping industry’s growth. Fuel production is projected to increase in near future which will give way to numerous opportunities in dry van container market. Energy Information Administration of US forecast 10.7 million barrels fuel production per day during the forecast period.
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