According to a report published by Grand View Research, Inc., the global flexitanks market is estimated to reach a valuation of around USD 1.49 billion by 2024.
Surging demand for flexible storages coupled with increasing concerns about portability of liquids can propel the market over the forecast period (2014 to 2024). In addition, rise in commodity export is likely to increase the demand for flexitanks.
Growing commodity trade due rising availability of efficient transport facilities. Advanced transportation methods have enabled companies to use bulk shipping as they significantly cut down carrying costs. Economic downfall has incited end users to use cost-effective transportation method. Rising trend of bulk transport is expected to spur the growth of the market during the forecast period. These tanks are cost-effective as compared to ISO tanks and drums and therefore, considered as a crucial substitute for transportation of non-hazardous liquids.
In addition, the development of polyethylene and polypropylene disposable bladders is anticipated to support market growth. It can also solve problems related to drum containers ISO and IBC’s. The risk of cross-contamination can be reduced, since bladders allow single use of inner plastic bags. Ever-high demand for food items and oil and increasing consumer awareness regarding benefits of these tanks is projected to stir up demand for the product.
Full Research Report On Flexitanks Market Analysis:
Flexitanks can be employed for any liquid as well as semi-solid food material. They offer several benefits such as foldability and portability and require comparatively low labor and loading cost. Thus, theses tanks are considered as an efficient solution for transportation of bulk fluids to remote areas. Furthermore, growing practice of green logistics by manufacturers and logistics providers is poised to drive the market in the near future. With this practice, companies can assure right disposable of product to avoid environmental ill-effect.
The global flexitanks market can be segmented on the basis of product, application, and regions. Based on product, the market can be bifurcated into single-trip and multi-trip. In terms of application, the market can be classified into foodstuffs, wine and spirits, chemicals, oils, industrial products, and pharmaceutical goods. The chemicals segment is estimated to post a CAGR of 19.0% from 2016 to 2024.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Middle East and Africa, and Central and South America.
In 2015, Asia Pacific represented 61.0% of the overall market volume and is likely to command 67.4% of the total market by 2024. This growth can be attributed to rapid industrialization and growing commodity exports from countries such as China, Malaysia, India, Vietnam, Indonesia, and Thailand. Rising manufacturing of industrial products and high demand from industries including chemical, pharmaceutical, and food and beverages are expected to boost the demand for the product. The region is a hub for chemical and industrial products and increasing commodity exports from this region are stimulating the demand single trip flexitanks.
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In 2015, Europe held approximately 14.6% of the total volume. The region is a key exporter of wine and foodstuff. Countries such as Spain, Denmark, and the Netherlands are considered as key exporters of food items including malt extracts, olive oil, and fruit juices. Rising production of chemical and industrial products in the U.K. and Germany are creating an upswing in the demand for flexitanks from the oil and chemical segments.
The market in North America is anticipated to tread along a healthy growth track on account of increasing exports of lubricants and lubricating oils. Rising chemical and industrial exports from the U.S. and large foodstuffs exports from Mexico and Canada are fueling the demand for the product in the region. Flourishing oil and gas industry in the U.S is attracting several petroleum producers to build manufacturing plants in the country. Expanding production capacities of domestic chemical and industrial products are translating into high export of these commodities.
Key player operating in the market include SIA Flexitanks Ltd., Qingdao LAF Packaging Co. Ltd., TransOcean Bulk Logistics Ltd., and Trust Flexitanks. The market is extremely competitive in nature due to presence of several regional and international companies.
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