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ISO Tank Container Market Insights and Forecast 2024-2033: Demand and Forecast

Bhuvan

ISO Tank Container Market Insights and Forecast 2024-2033: Demand and Forecast

The ISO Tank Container by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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https://www.thebusinessresearchcompany.com/report/iso-tank-container-global-market-report

According to The Business Research Company’s ISO Tank Container, The iso tank container market size has grown strongly in recent years. It will grow from $1.51 billion in 2023 to $1.66 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to the expansion of seaborne trade, an increase in mergers and acquisitions and an increase in investments..

The iso tank container market size is expected to see strong growth in the next few years. It will grow to $2.38 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to growing petrochemical industry, a surge in oil and gas exports, growing adoption of shipping containers and increasing import and export activities. Major trends in the forecast period include partnering with companies offering iot software, developing smart solutions using advanced smart technologies, implementing ai powered trackers in iso tank container, launching online tracking solutions, adopting advanced solutions such as optical character recognition and launching innovative products. .

The growing petrochemical industry is expected to propel the growth of the ISO tank container 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 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. Additionally, according to the International Energy Agency, a France-based autonomous intergovernmental organization, petrochemicals are expected to account for more than a third of the increase in oil consumption through 2030 and almost half through 2050, outpacing trucks, aircraft, and shipping. This is due to the surge in demand for petrochemical products. Therefore, the growth of the petrochemical industry drives the growth of the ISO tank containers market.

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The iso tank container market covered in this report is segmented –

1) By Container Type: ≤30 ft, >30 ft

2) By Transport Mode: Road, Rail, Marine

3) By Application: Chemicals, Petrochemicals, Food And Beverage, Pharmaceuticals, Industrial Gas, Other Applications

The 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.

The iso tank container market report table of contents includes: