New York, Sept. 23, 2019 (GLOBE NEWSWIRE) -- The benefits of portability, foldability, and ease of set up along with cost-effectiveness, provided by the flexitanks are driving the demand for the product.
The global flexitanks market is forecast to reach USD 1.49 Billion by 2026, according to a new report by Reports and Data. Growth in the trade of food-grade liquids, non-toxic chemicals, and pharmaceutical liquids are the major driving factors of the flexible tank market.
Flexitank is a bulk liquid container that consists of multiple layers of polyethylene that has an outer covering of woven polypropylene and can be used for transportation of any non-toxic liquids using the standard 20-foot railway or sea container. Flexitank is used to transport almost any non-toxic liquids, for industrial as well as food application, like juice concentrate, food, edible and animal oils, and fats, syrups, juices, wine, water, pharmaceutical, and food additives among other products.
The Asia Pacific region held more than half the market for flexible tanks throughout the forecast period. Rapid industrialization and rise in commodity export in countries like Malaysia, Thailand, China, India, Indonesia, and Vietnam are encouraging market growth. Furthermore, factors such as growth in end-user industries like chemical, pharmaceutical, and food & beverage, will propel the market demand. The region is a hub for chemical and industrial products which leads to high rate of commodity exports, in turn propelling the demand for flexitank.
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Further key findings from the report suggest
- Singlelayer Flexitank dominated the market with 91.6% of the share in the year 2018 and is forecasted to grow with a higher CAGR of 19.1% during the forecast period. These type of tanks have increased carrying capacity as compared to multilayer flexitank and is also cost-efficient. Singlelayer flexitanks can carry all types of non-hazardous liquids and semi-solid products.
- Top loading flexitank is forecasted to grow with a CAGR of 18.0% during the forecast period. These type of flexitanks witness huge demand in Europe, for food-grade liquids and non-toxic chemicals transportation. There are difficulties in loading and unloading for the top loading flexitanks.
- Food-grade liquids are forecasted to hold a market share of 39.7% in the year 2018. The rise in export of food-stuff from several countries such as Mexico, Canada, Spain, Netherlands, India, Denmark, Brazil, and Singapore are propelling the demand for the market. Growing population and surge in demand for food is fueling the growth of the market.
- Europe is forecasted to grow with a CAGR of 19.2% during the forecast period. The growth in industrial and chemical industries in Germany and the U.K. has boosted the demand for the market. Flexitank is cost-effective and an effective mode of transportation which is anticipated to fuel the market demand.
- Key participants SIA Flexitanks, Bulk Liquid Solutions, Trust Flexitanks, Braid Logistics, Environmental Packaging Technologies, Proagri Solutions, Qingdao Global Flexitank Logistics, Hengxin Plastic, Trans Ocean Bulk Logistics, and Myflexitank, among others.
- In October 2018, Braid Logistics expanded its company in the Asia Pacific region with the establishment of Braid Japan Co. Ltd. The expansion will cater to the Japanese market and branch out in the Asian region.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/flexitanks-market
Segments covered in the report:
For the purpose of this report, Reports and Data have segmented into the global Flexitanks market on the basis of type, loading type, application, and region:
Type Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- Singlelayer Flexitank
- Multilayer Flexitank
Loading Type Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- Top Loading Flexitanks
- Bottom Loading Flexitanks
Application Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- Food-Grade Liquids
- Non-Hazardous Chemicals/Liquids
- Pharmaceutical Liquids
- Others
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Regional Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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