SAN FRANCISCO, July 13, 2016 /PRNewswire/ -- The global flexitanks market is expected to reach $1.49 billion by 2024, according to a new report by Grand View Research, Inc. Increasing commodity export, particularly in Asia Pacific, is expected to foster flexitanks demand over the forecast period. Cost-effective and efficient nature of flexitanks has increased product popularity among the end-users. Flexitanks can carry more amount of liquid in a standard container than the ISO tanks or drums used for bulk transport traditionally.
Single trip was the leading product segment and accounted for over 90% of total market volume in 2015. Single trip flexitanks are very much cost-effective compared to multi-trip flexitanks, as they eliminate cleaning and repositioning costs incurred. Green logistic practices incorporated by most of the flexitank manufacturers and logistics providers ensure proper disposal of used flexitanks without causing any environmental ill-effect.
Virtually, flexitanks can be utilized for any liquid and semi-solid food material. This has helped higher flexitank penetration in the foodstuffs application segment. Higher operational benefits and cost-effectiveness have made flexitanks an attractive alternative.
China and South East Asian countries have become the prominent manufacturing hubs for key manufacturers in the world. Huge foodstuffs & chemicals export from Asia Pacific & North America is expected to push flexitanks demand to greater heights over the forecast period.
Global flexitanks market demand was 984,000 units in 2015 and is expected to reach 4,928,106 units by 2024, growing at a CAGR of 18.6% from 2016 to 2024
Foodstuffs were the leading application segment and accounted for over 30% of total market volume in 2015. 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 19.0% from 2016 to 2024. 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.
Product Outlook (Volume, Units; Revenue, USD Million, 2014 - 2024)
Application Outlook (Volume, Units; Revenue, USD Million, 2014 - 2024)
Wine & Spirits
Regional Outlook (Volume, Units; Revenue, USD Million, 2014 - 2024)
Middle East & Africa
Central & South America
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.