The new report by EMR titled, ‘ASEAN ISO Tank Container Market Report and Forecast 2022-2027’, gives an in-depth analysis of the ASEAN ISO tank container market, assessing the market based on its segments like modes of transport, applications, and major countries. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
- Historical Market Size (2021): USD 43.33 Million
- Forecast CAGR (2022-2027): 8.10%
The Government of India ordered the use of ISO tankers to meet the urgent need to transport sufficient quantities of oxygen to meet the booming demand triggered by the pandemic, that led to the bolstering of the market in the historical period. The ASEAN region witnessed significant growth in tank operations, even during the pandemic, as it was recognised as the “just-in-time” alternative mode of shipment. The ASEAN market for ISO Tank containers is being driven by the increasing transport of freight owing to ASEAN’s robust trade and investment relationships with trading partners, such as China and the United States of America. The two ASEAN countries, Indonesia and Malaysia, supply most of the global demand for palm oil and the ISO tankers because their protective layers play a vital role in transporting this commodity. In addition, many manufacturing companies are adopting the ISO tank containers because of their durability of more than 20 years, and it is a cost-effective mode of transporting materials safely. The successful growth of this industry is leading meaning small market players to invest in ISO tank containers, which is expected to bolster the market in the forecast period.
Industry Definition and Major Segments
The ISO tank container, also called a portable container, is built in compliance with standards set by the International Organisation for Standardisation. It is a vessel made of stainless steel with protective layers of aluminium or polyurethane. It is used to transport hazardous or non-hazardous liquids, gases, and powders as bulk cargo by different modes of transport such as road, rail, and marine.
The ISO tank container industry, by transport mode is segregated into
Based on application, the market can be divided into:
- Food and Beverages
- Industrial Gas
The regional markets for ISO tank container include Vietnam, Thailand, Indonesia, Singapore, and Malaysia, among others.
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The ISO tankers are being extensively adopted over drums or chemical tankers because they are environmentally friendly, sustainable, and reduce carbon footprints. The technological advancements in the remote sensing of cargo transported and IoT are further bolstering the market. Moreover, the increasing number of tank leasing companies is leading to the easy availability of tankers, which is further propelling the market in the ASEAN region. The high-quality services offered by various companies in the region is helping the market flourish. For instance- The reefer containers of BLPL Singapore Pte. Ltd offers an ideal solution to store and transport frozen foods. These containers enable you to maximise profit and maintain the quality of the food products. They offer services across the Indian Sub-continent, South-East Asia, and the Middle East. The NRS Corporation is another logistics service company that provides different services such as door-to-door transportation, maintenance of ISO tank containers, and the lease of tank containers. Such services are expected to propel the market in the forecast period.
Key Market Players
The major players in the market are NRS Corporation, BLPL Singapore Pte. Ltd., CS EURASIA LEASING (SEA) Pte Ltd, Vietnam Pacific Lines (M) Sdn Bhd, Siam Tank Terminals Co., Ltd., Tankformator (S) Pte Ltd., and Ltd. ISOTANK VIETNAM, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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