A tank container finds application is transporting non-hazardous and hazardous materials. It is usually constructed as per the standards set by the ISO. It is mainly used in transferring or handling liquid products such as oil, chemicals, and liquid food products.
The global tank container shipping market is seeing healthy competition because of the efforts by nimble players to offer quality service to grow their customer base. Numerous tank containers operators and companies worldwide are seen providing a range of services to meet the varied requirements of their customers. While the large companies have the financial leverage to offer a range of services, the smaller ones typically focus on a specific product or region. In order to strengthen their position in such a cutthroat market, companies are actively banking upon dealmaking activities. All these, no doubt are having a positive impact on the global tank container shipping market.
Tank Container Shipping Preferred over Pipeline Transportation for its Affordability
Majorly fuelling the global tank container shipping market is its advantages over pipeline transportation. Pipeline transportation typically has higher lead time. Besides, pipes can be damaged by natural disasters. It also yields reduced efficiency for short distance transportation. Owing to such drawbacks, tank container shipping is preferred.
Additionally, rising energy needs of the world leading to the increasing exploration and production of oil and gas is also driving demand in the global tank container shipping market. Such a mode of transportation is affordable compared to others, and hence is seeing swift uptake.
Oil and Gas Industry Emerges as Major Demand Driver in Tank Container Shipping Market
Some of the key end use industries driving demand in the global tank container shipping market are chemicals, petroleum, and oil and gas, among others. Among them, of course the oil and gas and petroleum industries are generating most of the sales. This is because of the surging industrialization and urbanization across nations. Apart from fuels, gases, and chemicals, tank container shipping is also used to transfer fruit juices, wines and spirits, toxic substances, and sweet oils.
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Middle Eastern and African Nations Hold Pivotal Position in Market Owing to Large Oilfields
With respect to geography, the Middle Eastern nations of Iran, Saudi Arabia, Kuwait, Iraq, and the UAE have emerged as the main contributors to the global tank container shipping market. This is because of their large oil fields that exports massive amounts of crude oil to the rest of the world. Even the African nations of Nigeria, Egypt, Angola, Tanzania, and Libya are prominent regions in the market owing to their large oil production sites. To transport the oil produced, they are opting for tank container shipping.