The global flexitanks market is expected to reach USD 922.3 million by
2022, according to a new study by Grand View Research, Inc. Cost advantage
offered by bulk shipping has compelled most of the shippers to look for bulk
packaging solutions. Flexitanks being the most cost effective liquid bulk
packaging solution has gained more popularity than its counterparts such as ISO
tanks and barrels. Increasing need for efficient, flexible storage and
portability of liquids has considerably driven the global flexitanks market.
Other advantages such as foldability, portability and easy setup have fueled
flexitanks demand over past few years.
Risks associated with bulk fluid transfer include leakage of
contained products that subsequently results in cleanup activities. Flexitanks
are subject to pressures from container walls while on long distance routes
during rail and ship transport of cargoes. Although these products are
manufactured in accordance with environmental legislations, risks associated
with leakage incidents still exist.
Single-trip flexitank as the leading product segment and
accounted for 94.8% of total market volume in 2014. Curtailment of cleaning and
repositioning cost is expected to remain key driving factors for this segment
over the forecast period. Single-trip flexitanks are also expected to witness
the highest growth over the forecast period.
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Further key findings from the study suggest:
- Global flexitanks market demand was 800,000 units in 2014 and is expected to reach 3,135,791 units by 2022 growing at a CAGR of 18.6% from 2015 to 2022
- Foodstuffs were the leading application segment and accounted for over 30% of total market volume in 2014. Easy availability of FDA approved flexitanks in all regions has been a major factor for its increased penetration.
- Chemical is expected to be the fastest growing application segment at an estimated CAGR of 18.9% from 2015 to 2022. The growth can be attributed to 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 over 60% of the total volume in 2014. Increasing commodity trade along with higher market penetration is expected to spur the regional market growth over the next seven years. The region is also expected to witness the fastest growth over the forecast period.
- Key market players include Trans Ocean Bulk Logistics Ltd., SIA Flexitanks Ltd., Qingdao LAF Packaging Co. Ltd., Bulk Liquid Solutions, BLT Flexitank, MY FlexiTank, Environmental Packaging Technologies Inc., KriCon Group BV, Mak & Williams and Trust Flexitanks. Most of the companies have integrated throughout flexitank production, distribution and logistics services.
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About Grand View
Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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