The flexitank market is estimated to be USD 366 million in 2018 and is projected to reach USD 912 million by 2023, at a CAGR of 20.0%
NEW YORK, April 15, 2019 /PRNewswire/ --
Competitive advantages over other alternatives
The flexitank market is estimated to be USD 366 million in 2018 and is projected to reach USD 912 million by 2023, at a CAGR of 20.0%. The majority of flexitanks are consumed in the food-grade liquids, non-hazardous chemicals, and pharmaceutical liquids applications. Increase in the demand for flexitanks around the globe is primarily driven because of the economic benefits of flexitanks. These include environment-friendly nature, requirement of lesser time and efforts in filling and discharging these tanks, and compatibility with a large number of industrially viable fluids along with reducing risk of cross-contamination of liquids. These tanks are also less expensive as compared to ISO tanks and drums. It saves around 50.0% on packaging cost and can transport 10.0% more cargo than ISO tanks and 30.0% more cargo than drums. Also, as they are single use bags, so there is no issue of its maintenance cost, whereas ISO tanks and drums require proper cleaning after each shipment. Thus, flexitanks are capturing a competitive edge over other alternatives which is favorable for its market growth.
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The food-grade liquids application segment accounted for the largest market share.
The foodgrade liquids segment dominates the flexitank market and is expected to register the highest CAGR during the forecast period.Growth in the adoption of flexitanks for food-grade liquids transportation is expected to drive the demand for flexitanks.
Edible oils and apple juice are largely exported from the APAC region.Orange juice, wine, and juice concentrates are exported in large quantity from North America, South America, and Europe.
Compared to these, food grade liquids and non-hazardous chemicals are traded or exported in less quantity from Europe and North America. This scenario creates the demand for flexitanks from food-grade liquids application segment.
APAC is the largest and projected to be the fastest-growing flexitank market.
APAC is estimated to account for the largest share of the flexitanks market in 2018, owing to the growing production of edible oils, latex, pharmaceutical liquids across the region.APAC is the largest producer and exporter of palm oil and other edible oils.
Also, APAC countries such as Thailand, Malaysia, Indonesia, Myanmar, and Singapore are the largest producer and exporter of latex. Together these countries export more than 75.0% of latex. This scenario across the region is favorable for the growth of the flexitank market during the forecast period.
Extensive primary interviews were conducted in the process of determining and verifying sizes of several segments and sub-segments of the flexitank market gathered through secondary research.
The breakdown of primary interviews has been given below.
• By Company Type: Tier 1 – 46%, Tier 2 – 31%, and Tier 3 – 23%
• By Designation: C Level Executives – 31%, Director Level – 15%, Others – 54%
• By Region: North America – 15%, Europe – 23%, APAC – 39%, South America – 8%, Middle East & Africa -- 15%
The key companies profiled in this report include 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).
Research Coverage
The flexitank market has been segmented based on type, loading type, application, and region.This report covers the flexitank market and forecasts its market size till 2023.
It also provides detailed information on company profiles and competitive strategies adopted by the key players to strengthen their position in the flexitank market.The report also provides insights into the driving and restraining factors in the flexitank market along with opportunities and challenges across these industries.
The report also includes profiles for top manufacturers in the flexitank market.
Reasons to Buy the Report
The report is expected to help market leaders/new entrants in the following ways:
1. This report segments the flexitank market and provides the closest approximations of revenue numbers for the overall market and its segments across different verticals and regions.
2. This report is expected to help stakeholders understand the pulse of the flexitank market and provide information on key market drivers, restraints, challenges, and opportunities influencing the growth of the market.
3. This report is expected to help stakeholders obtain an in-depth understanding of the competitive landscape of the flexitank market and gain insights to improve the position of their businesses. The competitive landscape section includes detailed information on strategies such as new product launch and expansion.
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