The global foldable steel containers market is poised for growth, with a projected Compound Annual Growth Rate (CAGR) of 4.5% from 2023 to 2033. The market’s value is expected to increase from US$ 95.3 million in 2023 to US$ 148.0 million by 2033, compared to its value of US$ 91.2 million in 2022.
The forecasted period presents a promising outlook for the foldable steel container industry, with sales projected to grow by 1.6 times the current market value. This growth trajectory is expected to create an additional potential for expansion, amounting to US$ 56.8 million.
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Foldable steel containers serve as flexible and cost-effective solutions for storage and shipping requirements across various sectors. Their foldable design optimizes available space, making them suitable for logistics and shipping, where minimizing wasted return space is crucial for cost reduction and environmental impact.
As global trade continues to expand, foldable steel containers have gained popularity due to their ability to meet standardized transportation regulations. Their ease of stacking and securing on cargo ships, railways, and trucks facilitates efficient intermodal transit and seamless cross-border movement of goods, benefiting companies engaged in international supply chains.
Furthermore, the environmentally friendly nature of foldable steel containers has significantly contributed to their demand. Their reusability and recyclability make them a sustainable choice, aligning with growing environmental concerns and preferences.
As per the comprehensive analysis conducted by ESOMAR-certified consulting firm, FMI, the global foldable steel containers market is expected to grow at a healthy CAGR during the forecast period (2022-2032). The objective of the study is to analyze key market dynamics and uncover critical trends & opportunities that will elevate the sales foldable steel containers in the coming 10-years.
The market is expanding rapidly due to increased maritime shipping as a result of increased trade agreements among nations. The majority of foldable steel containers are manufactured in accordance with the International Organization for Standardization (ISO) specifications, primarily to enable smooth and hassle-free loading/unloading and to ensure that the container will withstand extreme environments and structural integrity during transportation.
Foldable steel containers are reusable industrial containers used for storing and transporting bulk liquid products. When the sides of foldable steel containers are empty, they can be folded inward, allowing the container to collapse into a much smaller package for return shipment or storage. Almost all rigid foldable steel containers are designed to be stacked vertically one on top of the other using a forklift. The foldable steel containers are made of FDA-approved materials and are suitable for use in environments with the strictest hygienic standards.
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Key Takeaways :
- The global foldable steel containers industry exhibited a CAGR of 1% during the historical period between 2018 and 2022.
- China foldable steel containers industry is estimated to surge at a CAGR of 0% during the forecast period.
- The United States foldable steel containers industry is estimated to elevate at a CAGR of 2% during the assessment period.
- Based on material, the stainless steel segment is anticipated to hold around 60% of the foldable steel containers industry share by the end of 2033.
- The pharmaceutical segment in terms of end-use industry is expected to witness growth at 5% CAGR in the pharmaceutical sector through 2033.
Competitive Landscape
Renowned producers of foldable steel containers are emphasizing eco-friendly procedures and embracing sustainability as a key principle. This includes utilizing recyclable or recycled materials, employing energy-efficient manufacturing techniques, and encouraging container reuse to cut down on waste.
They are spending money on research & development to improve the look and functionality of their folding steel containers. This entails using cutting-edge materials, enhancing durability, and implementing tracking & monitoring smart technology.
A few businesses are growing their presence abroad to take advantage of new markets and opportunities. To increase accessibility and efficiency, they can construct local manufacturing facilities, partner with existing businesses, or open new distribution channels.
For instance,
- Steel King Industries Inc. announced in May 2023 that it will be expanding its headquarters to accommodate new technology-based products and solutions. These will support the business’s position and help to draw in new talent.
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Key Segments Profiled in the Foldable Steel Containers Industry Survey
by Material:
- Stainless
- Carbon
by End Use Industry:
- Transport & Logistics
- Food and Beverage
- Agriculture
- Pharmaceuticals & Cosmetics
- Other End Use Industries (Automobile, etc.)
by Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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