Flexitanks Market Is Projected To Rise As Of Growing Need To Reduce The Weight Of Bulk Packaging To
Flexitanks Industry Overview
The global flexitanks market size was valued at USD 717.4 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 21.0% from 2020 to 2028.
Increasing global trade, coupled with the competitive benefits of flexitanks over their traditional substitutes, such as ISO containers, drums, barrels, and IBCs, is expected to drive the industry. Flexitanks have capacities ranging from twelve thousand liters to twenty-six thousand liters. These are commonly used for shipping an extensive range of liquid products, including wines, fruit juices, concentrates, mineral water, edible oils, tallow, malt extracts, lubricants, fertilizers, non-hazardous chemicals, and pharmaceuticals.
The U.S. has the presence of the world’s largest pharmaceutical companies including Pfizer, Johnson & Johnson, Eli Lilly and Company, and Abbott Laboratories. These companies prefer single-trip flexitanks for the transportation of temperature-sensitive liquids, thus resulting in significant growth prospects for the industry in the country.
Gather more insights about the market drivers, restrains and growth of the Global Flexitanks Market
Flexitanks are considerably inexpensive than ISO containers and drums and carry approximately 15% more payload than IBCs and 44% more than the drums, which makes them economically favored bulk packaging solutions. Moreover, they are majorly used for single-use, which reduces the risk of contamination.
The growing need to reduce the weight of bulk packaging to increase the cost-effectiveness of freight is projected to support the market growth. In addition, low labor and logistic costs associated with flexitanks handling, zero cleaning cost owing to one-time use, and eco-friendliness are few other factors that are likely to fuel the product demand over the forecast years.
However, factors such as leakage or breakage of the contents in flexitanks result in total loss of the shipper, which may reduce the product usage for the transportation of hazardous liquids, thereby limiting the growth. Moreover, fluctuating prices of plastic resins, the raw material for manufacturing flexitanks, are expected to pose challenges to the manufacturers.
The outbreak of COVID-19 severely disrupted the supply chain and retail distribution for numerous products across the world. In the first quarter of 2020, the COVID-19 outbreak was majorly concentrated in China, and to contain the disease spread, several countries including the U.S. limited their imports from China. Thus, this temporary halt on imports from major exporting countries such as China resulted in a contraction in demand for the flexitanks in 2020.
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Flexitanks Market Segmentation
Grand View Research has segmented the global flexitanks market report on the basis of product, application, and region:
Flexitanks Product Outlook (Volume, Units; Revenue, USD Thousand, 2017 - 2028)
Single-trip
Multi-trip
Flexitanks Application Outlook (Volume, Units; Revenue, USD Thousand, 2017 - 2028)
Foodstuffs
Wine & Spirits
Chemicals
Oils
Industrial Products
Pharmaceutical Goods
Flexitanks Regional Outlook (Volume, Kilotons; Revenue, USD Thousand, 2017 - 2028)
North America
Europe
Asia Pacific
Central & South America
Middle East & Africa (MEA)
Market Share Insights
October 2018: Braid Logistics expanded its global network in APAC with the establishment of Braid Japan Co., Ltd. (Japan).
June 2017: Environmental Packaging Technologies (EPT) launched a new flexitank under brand name LIQUIRIDE, especially for refrigerated shipping containers.
Key Companies profiled:
Some prominent players in the flexitanks market include:
Qingdao BLT Packing Industrial Co., Ltd. (BLT)
Braid Logistics UK Ltd.
Bulk Liquid Solutions Pvt. Ltd.
Büscherhoff Packaging Solutions GmbH
Environmental Packaging Technologies, Inc.
Full-Pak
K Tank Supply Ltd.
Mak & Williams Flexitank Supply Ltd.
MY FlexiTank (MYF)
KriCon Group BV
Qingdao LAF Packaging Co., Ltd.
SIA FLEXITANKS
Yunjet Plastics Packaging
Trans Ocean Bulk Logistics Ltd.
TRUST Flexitanks
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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