ISO tank containers are intermodal containers used for storing and transporting gases and liquids in bulk. Their strength, durability, and resistance to high temperatures make them excellent for international shipping and storage. The International Organization for Standardization (ISO) establishes tight criteria for the manufactures of these containers; thus, the nation’s prefer to trade using the ISO tank containers.
The COVID-19 harmed global container shipping capacity, resulting in the cancellation of 11% of sailings on all mainline trades in May 2020. Demand for commodity vessels such as dry bulk and tanker vessels has decreased, as have freight rates. According to reports, Very Large Containership Vessels (VLCVs) are leaving Chinese ports with only 10% of their capacity occupied. Certain manufacturing activities were halted in January 2020 due to the government's mandatory quarantine measures to curb the spread of the pandemic. In mid-February 2020, China's provinces began production.
Due to the urgency, industry reports indicate that air transport will be the preferred mode of transportation for the COVID-19 vaccine globally. Further, there will be a high demand for marine reefer containers for the vaccine's transportation. Over 60,000 reefer containers are estimated to be required for vaccine distribution over the forecasted period.
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Currently, Asia-Pacific has the highest share of the ISO container market and is predicted to expand at a high CAGR during the forecasted period. Modernization of infrastructure and expansion in the chemical, construction, and infrastructure industries have increased commerce, which is expected to boost the Asia-Pacific market's demand for ISO containers.
China is the primary producer of various products shipped worldwide, making it one of the top users of ISO containers. Europe and North America, after Asia-Pacific, are expected to account for a sizable portion of the worldwide market due to the areas' growing adoption of standards and government regulation.
Reefer containers are used to transport pharmaceuticals and perishable goods. There is little certainty about whether a substantial number of current reefer containers will be repurposed to distribute the vaccine or if more containers will join the market to accommodate the predicted rise in demand. India, China, France, the United Kingdom, Switzerland, Russia, Japan, Brazil, and the United States, are all identified as vaccine manufacturing regions. The high cost of shipping containers is expected to constrain the market's expansion. Container prices vary according to their size and condition.
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