The flexitank market is projected to grow from USD 366 million in 2018 to USD 912 million by 2023, at a CAGR of 20.0% during the forecast period. The growth of the flexitanks market can be attributed to the growth in the global trade of beverages. In addition, economic and competitive advantages of flexitanks compared to its traditional substitutes such as ISO tanks and drums is driving its demand globally.
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Competitive advantages as compared to other alternatives
Competitive advantages such as foldability, cost-effectiveness, portability strength, no contamination, along with ease of set up are projected to increase the demand for flexitanks over other alternativessuch as barrels, IBCs, ISO tanks, and drums. The transporters of various liquids have an rising concerns regarding portability of liquids and increasingly looking for flexible storages. Furthermore, flexitanks contain approximately 31% more liquid than any other containers. Various industries and transporters consider flexitank as an essential alternative for bulk liquid transportation at a lower cost.
Multilayer flexitanks to be the faster-growing type segment of the flexitank market
The availability of undamaged, neat, and clean containers is a major challenge in the logistics industry. Containers with scrapped inner walls of are likely to puncture the flexitanks which prompted the need of multilayer flexitanks. Environmental conditions such as high heat, cold, humidity, and temperature fluctuation, also have an adverse effect on the cargo of the flexitanks especially when food-grade liquids such as wine, juice, and juice concentrates are transported. This boosted the demand for multilayer flexitanks with oxygen and humidity barrier flexitanks.
APAC to be the fastest-growing regional segment of the flexitank market
APAC is projected to be the fastest-growing flexitanks market. The growth of the APAC flexitanks market can be attributed to increased production of food-grade liquids such as edible oils, juice, and juice concentrates, syrups, and other food-grade liquids. Additionally, the growth across chemical production, especially from China and Japan, is expected to drive the demand for flexitanks.
Braid Logistics (Scotland), Bulk Liquid Solutions (India), Environmental Packaging Technologies (US), SIA Flexitanks (Ireland), Trans Ocean Bulk Logistics (US), Qingdao LAF Packaging (China), Hengxin Plastic (China), Qingdao Global Flexitank Logistics (China), Trust Flexitanks (Spain), and Rishi FIBC (India) are the leading players operating in the flexitank market.
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