ISO Tank Containers Market to Boom as the Demand for Crude Oil and Gas has Skyrocketed

ISO or intermodal containers are used for intermodal freight transportation. They're built to International Organization for Standardization (ISO) specifications and can be used for various modes of transportation, including trucking, rail, and shipping. These regulations govern the size, strength, and durability of a shipping container. These requirements are in place to ensure that the container can withstand the harsh conditions encountered during transit and has the structural integrity needed to be lifted by cranes or other heavy gear.

ISO tank containers exist in various sizes, and there are plenty of them on the market. However, due to the ease of travel and transfer from one vehicle to another by any mode of transportation, such as rail, road, sea, and air, the 20ft container is the most popular size used to transport liquid commodities around the world. 

The ISO (International Standards Organization) Frame is 20' long, 8' wide, and 8'6" high, is now the international standard for container dimensions. Tank containers are commonly built to 20ft specifications, but they can also be found in lengths of 10ft, 30ft, 40ft, and 45ft.

Cost-effectiveness, Convenience of Transportation, and a Rise in Oil and Gas Exports to Contribute to Market Growth

ISO Tank Containers can easily be transported to railways by trucks, and they can be transported to a cargo yard or deck by trains. Due to its compact size and greater safety, it may also be transported by air. Shipping tanks should have the same size, a solid mechanical frame, a secure locking system, and a common connection. 

The demand for crude oil and gas on the global market has skyrocketed. According to our research, the output will continue to surpass real needs in the coming years. Although the number of operating wells is declining, production is increasing. 

As a result, existing wells began to experience more pressure to boost their output to satisfy the rising demand. The Middle East accounts for 12% of the global oil and gas output.

Untapped Potential of the ISO Tank Containers Market 

China currently produces more than 85% of the world's ISO containers. Because of the number of raw materials and the need for competent labor, the country has many container manufacturers.

This is a lucrative opportunity for market participants to expand their manufacturing line or plant in economies where raw materials are readily available and supportive of government policies. Importing ISO containers from China to other nations, for example, can cost up to 40% more than the actual price. Furthermore, the ongoing trade battle between the United States and China and China and India has produced attractive income pockets for ISO container manufacturers.

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Impact of Covid-19

Covid-19 impacted ISO tank container manufacturers, who were forced to drastically reduce production capacity to keep up with price rises and demand shortages. The market, notably in Asia-Pacific, suffered a major reduction in demand. But it didn't last long. The market quickly rebounded in Europe and the United States. The rapid growth was seen, increasing the pressure on the tank maker to increase output to meet the rising demand.

Market Recovery Timeline from the Impact of COVID-19 and its Challenges

Companies are resuming operations and adjusting to the new normal as they recover from the COVID-19 impact, which resulted in stringent containment measures such as social distancing, remote working, and the shutdown of commercial activities, all of which posed operational issues.

The expanding petrochemical industry is estimated to boost the growth of the ISO tank containers market during the forecast period. ISO tank containers are used to transport hazardous petrochemicals because they are made of stainless steel and are surrounded by various protective layers that provide resistance to the corrosive effects of the petrochemicals.

Regional Insights

Asia-Pacific is the market leader in the global ISO container market. China is the world's leading ISO container manufacturer, and the country produces almost 80% of the world's manufacturing. In recent years, Chinese container production has decreased on the global market as India has begun to create containers to minimize its dependency on Chinese suppliers. India is already paying up to 40% more on the actual price of imported containers due to hefty taxes on both countries' products and higher shipping costs.

The Middle East and Africa are the second-largest markets for ISO tank Containers, and the region uses most ISO tank containers for oil and gas transportation and export. The UAE and Saudi Arabia are the primary consumers of commodities in the Middle East. In the Middle East, there is a range of oil-based economies.

Key Highlights

  • The global ISO tank container market is projected to reach USD 320.40 million by 2029, from USD 205.81 million in 2020, and is anticipated to register a CAGR of 4.7% between 2021 and 2029.
  • Among the types, the less than 30 feet segment dominates the global market at USD 174.34 million and is expected to continue to do so in the years ahead at a CAGR of 4.5%.
  • Among all modes of ISO Tank Container, the market has seen a growth in rail in 2021, which stands at USD 95.5 million, whereas the CAGR is 5.1%.
  • Land Transportation accounted for 68.64% of all applications in 2021, although it is expected to develop quickly during the projection period. Land Transportation has a high development rate since it is easily connected to every region, and intended products may be carried and delivered to the desired site without much difficulty.
  • The ISO tank container market has been exploding in recent years, with an increasing number of enterprises entering the market, ease of transportation, and ever-increasing demand for crude oil and natural gas.

Market News

  • January 2022- With China International Marine Containers (Group) Ltd. Equipment, a hydrogen energy tank, hydrogen cylinder, and hydrogen refueling station have been installed to help accomplish the "low carbon" Winter Olympic Games.
  • November 2020- According to the latest number, Stolt Tankers has cut its fuel use by 6% since 20201. The same amount reduces CO2 emissions as eliminating 18,000 cars from the road for a year.
  • January 2020- The 40,000th Bertschi AG container has recently been added to the Group's container fleet, fresh from production. The company also broke the one billion mark for the first time with record sales of CHF 1.02 billion.

ISO Tank Containers Market: Segmentation

By Container Type

  • ≤30 ft
  • >30 ft

By Application

  • Road
  • Rail
  • Marine

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • The Middle East and Africa

" Crucial Insights The Report Provides:"

* Known and Unknown Adjacencies Influencing the Growth of Market

* Explorable Revenue Sources

* Customer Behaviour Analysis

* Target Partners

* Customized Geographical Data Based on Customers as well as Competitors

* Analysis of Market Size and CAGR between the Forecast Periods

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