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Global Flexitank Market Sizewas valued at USD 1.2 Billion in 2022. The Flexitank market industry is projected to grow from USD 1.4 Billion in 2023 to USD 5.9 Billion by 2032,exhibiting a compound annual growth rate (CAGR) of 22.70% during the forecast period (2023 - 2032). The growing popularity of flexitanks throughout the industries of food, oil, chemicals, and industrial products as well as their competitive benefits over traditional alternatives including ISO containers, drums, barrels, and IBCs,are the key market drivers enhancing the market growth.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Growing international trade and flexitanks' competitive advantages over less innovative options like ISO containers, drums, barrels, and IBCs are expected to propel the industry. Flexitanks may hold 12,000 to 26,000 liters of liquid. These are widely used to transport a variety of liquid items, including alcohol, fruit juice, concentrates, mineral water, edible oils, tallow, malt extracts, lubricants, fertilisers, non-hazardous chemicals, and pharmaceuticals. Since they are much less expensive than ISO containers and drums and have a payload capacity of up to 15% more than IBCs and 44% higher than drums, Flexitanks are a popular option for bulk packing. Furthermore, the bulk of their applications are single-use, which reduces the risk of contamination.
Market expansion is predicted to be aided by the demand to reduce bulk packaging weight in order to increase freight cost effectiveness. Additional elements that are anticipated to increase product demand during the anticipated years include the need for less labor and logistical support when handling flexitanks, the elimination of cleaning charges owing to one-time consumption, and environmental friendliness. Issues like leakage or fracture of the contents in flexitanks may impede the usage of the product for the transportation of hazardous liquids, limiting the growth. In addition, the business is expected to face challenges due to fluctuating plastic resin prices, which are utilized as a raw material in the manufacture of flexitanks.
Exports of industrial goods rose from USD 8 trillion in 2006 to USD 11 trillion in 2016, according to the World Trade Organization. Growth is expected to continue on its upward trend because of the rising reliance of nations on one another for different commodities. Food items, chemicals, petroleum products, and pharmaceuticals are a few of the major commodities expected to grow most quickly in the next years. In order to avoid any losses, its transportation is also projected to be safer. Over the course of the predicted period, it is anticipated that the market for flexitanks would expand significantly due to the ease of loading and unloading and decreased transportation losses connected with these tanks.
Despite the fact that there are other means of carrying liquid commodities outside these tanks, like IBCs and drums, they are significantly less expensive. Even though its manufacture costs are higher than those of other conventional items, its installation requires just about a quarter as much time and very little labor. According to SIA Flexitanks, standard products can hold up to 24 tonnes of payload, which is around 15% more than IBCs and 40% more than drums. It is now simpler to reduce spending on transportation. Additionally, flexitanks have lower demurrage costs at unloading ports than alternative storage choices like IBCs and drums. This lower cost of shipping is expected to assist the rise of the flexitank sector. Thus, driving the Flexitank market revenue.
The global Flexitank market segmentation, based on Application, includes food-grade liquids, non-hazardous chemicals/liquids, and pharmaceuticals liquids. Food-grade liquids segment dominated the global Flexitank market in 2022.This is a result of the rising demand from end-use industries, such as edible oils, bread and confectionary products, fruit juices, sauces, and concentrates. The rapid expansion of retail chains and the rising food requirements brought on by the growing populations in emerging economies are expected to enhance demand for items in this sector in the coming years.
The global Flexitank market segmentation,based on Type, includes monolayer and multilayer. Monolayer segment dominated the global market in 2022.This is due to the product's lower price compared to similar multilayer products. Monolayer tanks will help the monolayer market grow since they reduce the possibility of contamination from other liquids in the event of a layer rip, as is the situation with multilayer tanks.
Many times, the payload liquid is not enough to fill the product's capacity, which increases transportation costs and reduces the product's functionality because it lacks the internal pressure it needs to keep from swaying. Because they make it simpler to transfer two or more liquids in one container, multilayer products are expected to see faster growth in the market because doing so saves shipping costs for consumers and prevents damage to tanks from low internal pressure.
The global Flexitank market segmentation, based on Loading Type, includes top loading and bottom loading. Bottom loadingType segment dominated the global market in 2022. Initially, these commodities were created using top loading layouts. The benefits of bottom loading flexitanks, however, are straightforward loading and unloading methods and little payload loss. In the past, these benefits have greatly increased the bottom loading sector's market share; going forward, they will continue to do so.
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By region, Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study.The Asia Pacific Flexitank market dominated this market in 2022 (45.80%). The presence of China and India, the two main producers and consumers of agricultural goods, is to blame for this. The high levels of palm oil production and export in Indonesia and Malaysia also contributed to the regional market's expansion.Moreover, In the Asia-Pacific region, the Indian Flexitank market had the quickest rate of growth while China's Flexitank market had the greatest market share.
Further, the major countries studiedin the market reportare The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
The North America Flexitank Market is expected to register significant growth from 2023 to 2032. This is a result of the steadily growing industrial sector in the United States. Market expansion is also likely to be favored by the presence of beneficial trade agreements like NAFTA, which allows for free commerce between the United States, Canada, and Mexico. Further, In the North American area, the U.S. Flexitank market had the biggest market share, while the Canada Flexitank market had the quickest rate of expansion.
EuropeFlexitank marketaccounted for the healthy market share in 2022.This is because more temperature-sensitive pharmaceuticals are being produced and exported, particularly in Germany, Switzerland, Belgium, France, and the Netherlands.Further, In the European region, the German Flexitank market had the biggest market share, and the U.K. Flexitank market had the quickest rate of growth.
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Flexitank market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Flexitank sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Aerospace Foam industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Flexitank sector. Major players in the Flexitank market, including Bulk Liquid Solutions, SIA FLEXITANKS, Qingdao LAF Packaging Co., Ltd., Hengxin Plastic Co.,Ltd., Qingdao Global Flexitank Logistics, TRUST Flexitanks, Rishi FIBC Solutions PVT. Ltd., PROAGRI SOLUTIONS LLC., Anthente International, MYFLEXITANK, Hinrich Industries., bornitflexi, UWL, Inc., Sun Logistics, and Büscherhoff Packaging Solutions GmbH, are attempting to increase market demand by investing in research and development operations.
JF Hillebrand is a transporter of alcoholic beverages. The company, which mostly uses ocean shipping, is a major player in the international transportation of alcoholic beverages. The company's headquarters are in Mainz, Germany. It began to exist in 1844. In October 2020, Braid's acquisition by Hillebrand, a key player in the logistics of bulk liquids, was announced. This purchase enhances Hillebrand's expertise in handling non-hazardous liquids in bulk, including wine, olive oil, non-hazardous chemicals, juices, and culinary oils.
The company that offers SIA Flexitanks' customizable sustainability platform aspires to deliver in-depth analyses of the governance, society, and environment. The company's platform enables organizations to develop policies and practices that are mindful of their impact on society and the environment while also providing them with access to crucial data and reporting that aids in maintaining sustainable growth trajectories. SIA Flexitanks introduced static storage tanks in July 2020. These can be used to temporarily store non-hazardous liquids like water. Static storage tanks are perfect for combating fires during emergen
· Bulk Liquid Solutions
· SIA FLEXITANKS
· Qingdao LAF Packaging Co., Ltd.
· Hengxin Plastic Co.,Ltd.
· Qingdao Global Flexitank Logistics
· TRUST Flexitanks
· Rishi FIBC Solutions PVT. Ltd.
· PROAGRI SOLUTIONS LLC.
· Anthente International
· MYFLEXITANK
· Hinrich Industries.
· bornitflexi
· UWL, Inc.
· Sun Logistics
· Büscherhoff Packaging Solutions GmbH
September 2019: A division of SIA Flexitanks called SIA Asia has established its growth in the Asia Pacific market by constructing new office and storage facilities in Malaysia. The facilities will benefit the company by extending its reach throughout Asia Pacific and providing consumers in the region with high-quality service.
January 2020: The scope of services provided by VTG Tanktainer GmbH for the transportation of liquid goods has been expanded to include Flexitanks. The company did this to give its customers a selection of practical transportation options.
· Monolayer
· Multilayer
· Top Loading
· Bottom Loading
· Food-Grade Liquids
· Non-Hazardous Chemicals/Liquids
· Pharmaceuticals Liquids
· North America
- US
- Canada
· Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
Report Scope
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 1.2 Billion |
|
Market Size 2023 |
USD 1.4 Billion |
|
Market Size 2032 |
USD 5.9 Billion |
|
Compound Annual Growth Rate (CAGR) |
22.70% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Type, Loading Type, Application, and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
|
Countries Covered |
The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
Bulk Liquid Solutions, SIA FLEXITANKS, Qingdao LAF Packaging Co., Ltd., Hengxin Plastic Co.,Ltd., Qingdao Global Flexitank Logistics, TRUST Flexitanks, Rishi FIBC Solutions PVT. Ltd., PROAGRI SOLUTIONS LLC., Anthente International, MYFLEXITANK, Hinrich Industries., bornitflexi, UWL, Inc., Sun Logistics, and Büscherhoff Packaging Solutions GmbH |
|
Key Market Opportunities |
Increase in commodity trade in BRICKS nations |
|
Key Market Dynamics |
Increasing global trade, coupled with the competitive benefits of flexitanks over their traditional substitutes, such as ISO containers, drums, barrels, and IBCs and increase adoption across the food, oils, chemical, and industrial goods domain |
The global Flexitank Market was valued at USD 1.2 billion in 2022, and it is estimated to reach USD 5.9 billion by 2032.
The global market is projected to grow at a CAGR of 22.70% during the forecast period, 2023-2032
Asia Pacific had the largest share in the global market
The key players in the market are Bulk Liquid Solutions, SIA FLEXITANKS, Qingdao LAF Packaging Co., Ltd., Hengxin Plastic Co.,Ltd., Qingdao Global Flexitank Logistics, TRUST Flexitanks, Rishi FIBC Solutions PVT. Ltd., PROAGRI SOLUTIONS LLC., Anthente International, MYFLEXITANK, Hinrich Industries., bornitflexi, UWL, Inc., Sun Logistics, and Büscherhoff Packaging Solutions GmbH
The Monolayer Type dominated the market in 2022
The Bottom LoadingType had the largest share in the global market.
Report Code :
RL6563
Published on :
Aug 2023
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