"Grand View Research, Inc. – Market Research And Consulting."According to a new report published by Grand View Research, increasing global trade, coupled with the competitive benefits of flexitanks over their traditional substitutes, such as ISO containers, drums, barrels, and IBCs, is expected to drive the industryThe global flexitanks market size is expected to reach USD 3.31 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 21.0% from 2020 to 2028. The rising global trade of various liquid food products, chemicals, pharmaceuticals, and industrial products is principally augmenting the market growth.
Lower costs associated with flexitanks compared to conventional bulk liquid transport containers, such as ISO containers, IBCs, drums, and barrels, are likely to propel their demand. Furthermore, flexitanks carry higher payloads than IBCs and drums, which prove them to be a more economical means of bulk transportation.
A majority of the flexitanks are designed for single-use, which reduces the risk of packed product contamination. This superior protection against contamination makes them an ideal bulk packaging choice for food-grade liquids and pharmaceuticals. In addition, flexitanks do not require the forklift or other mechanism, which makes loading and unloading much faster. The aforementioned factors are attracting several application industries.
Low cost as compared to multi-trip flexitanks, wide availability, and lower risk of contamination are the key factors responsible for the high adoption of single-trip products. However, increasing sustainability trend is likely to restrain the growth of the single-trip flexitanks. Moreover, increasing demand for packaged liquid products, such as juices, and wines and spirits, on account of the rising penetration of the organized retail sector and substantial growth of the middle-class population, especially in emerging countries like China and India, is expected to fuel the market growth.
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Flexitanks Market Report Highlights
• The single-trip product segment accounted for the largest share of 93.8% in terms of revenue in 2020 owing to the excellent protection against contamination, low cost, wide availability, and non-requirement of cleaning as they are expendable
• The foodstuffs application segment is anticipated to expand at the fastest revenue-based CAGR from 2020 to 2028. Increasing demand for packaged beverages and liquid food additives are mainly contributing to the growth of the segment
• The chemicals application segment is expected to witness substantial growth from 2020 to 2028. The growth can be attributed to the increasing popularity of flexitanks, along with the fact that all non-toxic liquid chemicals can be transported using flexitanks
• Asia Pacific emerged as the leading regional market and accounted for 64.43% share of the total volume in 2020. Increasing commodity trade, along with higher market penetration, is expected to spur the regional market growth.
• The market is highly fragmented with the presence of a significant number of medium-sized companies. Key players are focusing on competitive product pricing and introducing new products within the market to attract end-user companies.
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Flexitanks Market Segmentation
Grand View Research has segmented the global flexitanks market on the basis of product, application, and region:
Flexitanks Product Outlook (Volume, Units; Revenue, USD Thousand, 2017 - 2028)
• Single-trip
• Multi-trip
Flexitanks Application Outlook (Volume, Units; Revenue, USD Thousand, 2017 - 2028)
• Foodstuffs
• Wine & Spirits
• Chemicals
• Oils
• Industrial Products
• Pharmaceutical Goods
Flexitanks Regional Outlook (Volume, Units; Revenue, USD Thousand, 2017 - 2028)
• North America
• The U.S.
• Europe
• Germany
• The U.K.
• Belgium
• Netherlands
• France
• Asia Pacific
• China
• India
• Japan
• Singapore
• Central and South America
• Brazil
• Middle East & Africa
List of Key Players of Flexitanks Market
• Qingdao BLT Packing Industrial Co., Ltd. (BLT).
• Braid Logistics UK Ltd.
• Bulk Liquid Solutions Pvt. Ltd.
• Büscherhoff Packaging Solutions GmbH
• Environmental Packaging Technologies, Inc.
• Full-Pak
• K Tank Supply Ltd.
• Mak & Williams Flexitank Supply Ltd.
• MY FlexiTank (MYF)
• KriCon Group BV
• Qingdao LAF Packaging Co., Ltd.
• SIA FLEXITANKS
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About Grand View Research
Grand View Research is a U.S. & India-based market research and consultancy firm. It is headquartered in San Francisco. We provide business insights, syndicated research reports, and customized research reports to large as well as small and medium-scale enterprises. Our database features thousands of statistics and in-depth analyses on more than 45 industries. Grand View Research’s extensive database is used by Fortune 500 companies to understand the regional as well as the global business environment.
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