Flexitanks Market: Segmented: by Product Type (Monolayer Flexitanks and Multilayer Flexitanks); By Loading Type (Top Loading and Bottom Loading); By Application (Food-Grade Liquids, Non-Hazardous Chemicals/Liquids, Pharmaceutical Liquids and Others); By Region (North America, Asia-pacific, Europe, Latin America and Middle-East and Africa)- Analysis of market share, size & trends for 2016-19 and forecasts to 2030
Flexitanks Market is anticipated to surpass USD 1297.35 million by 2030 from USD 356.13 million in 2020 at a CAGR of 19.23% throughout the forecast period, i.e. 2020-2030
Flexitank is used for storing and transporting non-poisonous liquids for industrial and also for edibles purposes, like water, juice, diesel, food, edible oil, non-hazardous chemicals, syrups, and pharmaceutical drugs, and others. Flexitanks are made up of several layers of polyethylene and offer protection against contamination. Flexitanks are developed to ensure that the value and standard of the product are maintained during transportation. With rapid industrialization and globalization, products are manufactured in one place but are demanded or consumed at other places and this is possible only when relevant transportation facilities are present. Moreover, flexitanks offer an economic advantage over the conventional transportation method. Development of the healthcare segment, particularly in developing countries, is generating a demand for pharmaceutical fluids which in turn boosts the demand for flexitanks.
The Flexitanks Market is estimated to grow on the back of the following reasons. The main drivers of the Flexitanks Market are the rise in international trade of food & beverages, non-harmful chemicals, and flexible storage. Moreover, competitive advantages offered by flexitanks such as easy transportation, lower cost, & no repositioning costs coupled with increasing demand from end-user industries are likely to steer the market demand for flexitanks. The use of polypropylene and polyethylene replaceable bladders is anticipated to expand the market opportunities and surpass issues related to drum vessels, like ISO tanks and others. As bladders permit one-time use of inner plastic bags, minimization of the risk of cross-contamination is positively observed. The excessive initial cost of flexitanks is one of the major factors restraining the growth of the market.
Based on type, the flexitanks market is segmented into monolayer flexitanks and multilayer flexitanks. The monolayer segment accounted for a major share in 2019 and is anticipated to be the fastest-growing segment during the forecast period due to greater carrying capacity than multilayer flexitanks and more competitive advantages offered by monolayer flexitanks. These are used for transporting and storing all types of non-hazardous liquids and semi-solid goods. Thus, rising export and import are projected to boost the demand for monolayer flexitanks in upcoming years.
Based on the loading type, the flexitanks market is categorized into top-loading flexitanks and bottom loading flexitanks. The bottom loading flexitanks segment held a significant market share of XX% in 2019 and is expected to grow at a CAGR of XX% greater than that of top-loading flexitanks. This is so because the bottom loading flexitanks need less labor and a small number of work hours in contrast to top-loading flexitanks.
The flexitanks market is segregated by application into food-grade liquids, non-hazardous chemicals/liquids, pharmaceutical liquids, and others. The food-grade liquids segment held a major market share in 2019 and is expected to grow the fastest owing to increased demand for food-grade liquids such as wines, non-hazardous chemicals, and pharmaceutical liquids across borders triggering the need of flexitanks.
Competitive advantages of flexitanks to propel the growth of the market
An increase in the trade of exporting beverages worldwide has supplied ignition to the growth of the Flexitank market during the forecast period. Additionally, the services offered by flexitanks are cost-effective as compared to other drums &vessels and consequently, businesses appraise employing Flexitanks as a supreme alternative for decreasing transportation costs. This, however, will propel the market growth during the forecast period. Moreover, no repositioning costs and a decline in loading costs are some of the major factors that will make Flexitank more desirable over other vessels for storing a large number of liquids for transport, hence supporting the market tendency.
Asia-Pacific to grow at the highest CAGR during the forecast period
Global Flexitanks Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia-Pacific, and Middle-East & Africa. Geographically, Asia-Pacific is likely to dominate the market due to rapid industrialization and the concentration of major wine exporting industries in the region. Moreover, the increased production of industrial products and non-hazardous chemicals is gaining the attention of flexitanks across the region. Growth aspects including the expansion of end-user industries such as chemical, pharmaceutical, and food & beverage, will propel the market demand. Subsequently, Europe is anticipated to grow at a CAGR of XX% due to an increase in industrial and chemical production in the region.
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