12 Jan Trends in the Shipping Container Modification Market in 2022
Once, the vast majority of those iconic, rectangular steel boxes, first introduced by an American haulier and entrepreneur in the '50s, would have served out their seafaring duties, been decommissioned, and been sold for their scrap metal value. Today, there are more than 17 million of these globally. Over 5 million of these are actively engaged in transporting marine freight and, collectively, make around 200 million voyages annually. While many of the others serve as land-based storage, the shipping container modification market now claims many of those that might otherwise have been sold to other shippers or recycled. In effect, repurposing these storage vessels has proved to be a better business option than recycling them. This fact is borne out by how much this industry's value has grown during recent years. Current predictions indicate a compound annual growth rate (CAGR) of 6,6% between 2020 and 2027. That translates as an increase on the 2019 figure of just over $76,5 million to annual shipping container modification sales worth a massive $114 million within the next five years. So, what are the factors driving this continuing increase in consumer demand, and how will they influence the market in 2022 and beyond? One of the principal drivers of this...