According to the report by Expert Market Research (EMR), the [FURL=https://bityl.co/S56q]ASEAN ISO Tank Container Market Size[/FURL] reached a value of around USD 50.63 million in 2023. Aided by the shift towards sustainability and the expansion of the chemical industry, the market is projected to grow at a CAGR of 8.10% between 2024 and 2032.ISO tank containers, crucial for the efficient transport of bulk liquids, gases, and powders, have become increasingly indispensable in the logistics and transportation sectors across Southeast Asia.
ISO tank containers offer a robust, safe, and cost-effective solution for transporting hazardous and non-hazardous materials across long distances. They are particularly favoured for their environmental sustainability, reusability, and adherence to stringent safety standards, which make them a preferred choice over traditional shipping drums and tanker trucks.
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The ASEAN region, known for its dynamic economic growth and strategic geographical positioning, has seen a surge in demand for ISO tank containers. This upswing is largely driven by the expanding chemical industry, which relies heavily on these containers for the safe transport of chemicals. Additionally, the region’s focus on enhancing its agro-based and petrochemical sectors contributes significantly to the ASEAN ISO tank container market growth.
The rise in intermodal freight transportation is another critical factor propelling the market forward. Businesses are increasingly adopting intermodal transportation methods to reduce transportation costs and environmental impact, thus boosting the demand for ISO tank containers. This shift is supported by government initiatives across ASEAN countries aimed at improving transportation infrastructure, such as port facilities and freight corridors, which facilitate smoother and more efficient cargo movement. This is expected to drive the ASEAN ISO tank container market expansion.
One of the most significant ASEAN ISO tank container market drivers is technological innovation. As the market moves towards more automated and intelligent systems, the integration of advanced tracking and monitoring technologies in ISO tank containers is becoming increasingly common. These technologies not only enhance the safety and efficiency of transporting liquids and gases but also provide shippers and logistics companies with real-time data to optimise their operations. The adoption of IoT (Internet of Things) enabled devices and AI (Artificial Intelligence) in the management of these containers could revolutionise the way hazardous materials are handled and transported across the region, thereby contributing towards the ASEAN ISO tank container market development.
Competitive Landscape of Asean Iso Tank Container Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the ASEAN ISO tank container market. Some of the major players explored in the report by Expert Market Research are as follows:
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.
Ltd. ISOTANK VIETNAM
Others