Nowadays, there is significant growth in international trade because of the increasing global population and constantly rising demand for food, decreasing arable land area. This represents one of the important factors which strengthen the flexitanks market. The U.S. has the presence of the largest pharmaceutical companies all over the globe, including Eli Lilly and Company, Pfizer, Johnson & Johnson, and Abbott Laboratories. These companies mainly prefer single-trip flexitanks to ship temperature-sensitive liquids, thus resulting in substantial growth prospects for the industry in this country.
According to Data Bridge Market Research, the Flexitank Market witnessed a healthy CAGR of 21.0% from 2022 to 2029.
“Huge advantages of flexitank over traditional transportation containers is expected to drive the market growth”
Flexitank is the most flexible, efficient, and economical substitute for transporting non-hazardous liquids. It is a recyclable and disposable flexible tank container than other traditional transportation containers because it delivers a sustainable and safe solution for transporting liquids. One of the problems with using a traditional transportation container is cleaning it after transportation. Sometimes something gets left in these tanks and cross-contaminates the liquid inside, resulting in lost profit, but flexitanks eliminate this because most are single-use and can be removed after use. Therefore, the advantages of flexitanks over traditional transportation containers are likely to [propel the growth of the flexitank market.
What restraints the growth of the flexitank market?
“Fluctuating price of raw materials”
Commonly, flexitanks are manufactured by using plastic monomers. The most commonly used plastic resin includes polypropylene (PP), ethylene and polyethylene (PE), and acrylonitrile butadiene styrene (ABS), among others. Within the initial phase of 2021, plastic resin prices reached historic highs. High-density polyethylene contracts have observed a US$ 0.285/lb gain in price since December 2020, ending at about US$ 1.05/lb. Therefore, the increasing fluctuations in plastic prices diminish the demand for flexitanks in the market.
Segmentation: Global Flexitank Market
The flexitank market is segmented on the basis of product, type, loading type, material and application.
- On the basis of product, the flexitank market is segmented into monolayer, bi-layer, and multilayer.
- Based on type, the flexitank market is segmented into single use, reusable.
- On the basis of loading type, the flexitank market is segmented into top loading, bottom loading.
- On the basis of material, the flexitank market is segmented into polyethylene, polypropylene, others.
- Based on application, the flexitank market is segmented into food grade liquids, non-hazardous chemicals, industrial liquids, agricultural liquids, others
Regional Insights: Asia-Pacific is expected to dominate the flexitank market
Asia-Pacific is expected to dominate the market and is expected to grow significantly because of rapid industrialization and growing commodity exports from various countries such as Indonesia, India, China, Thailand, Malaysia, and Vietnam in this region. Moreover, the high manufacture and export of palm oil from Malaysia and Indonesia will further boost the growth of the flexitank market in this region.
In addition, the North America region is likely to register the highest growth rate during the forecast period of 2022 to 2029 because of growing transportation activities from pharmaceutical, food and beverage, and other sectors. Furthermore, the strong presence of prominent market players will positively influence market growth.
Recent Developments: Global Flexitank Market
- In 2020, Hillebrand announced their acquisition of Braid, a player in bulk liquids logistics. With this acquisition, Hillebrand strengthens its proficiency in handling non-hazardous liquids in bulk, such as non-hazardous chemicals, juices, wine, olive oil, and edible oils.
- In 2020, SIA Flexitanks launched static storage tanks. These tanks are suitable for temporarily storing water and many other non-hazardous liquids. Static storage tanks are perfect for emergency firefighting. These tanks offer a seamless solution when a mains supply of water is not available
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-flexitank-market
The Prominent Key Players Operating in the Flexitank Market Include:
- SIA FLEXITANKS (U.S.)
- Qingdao LAF Packaging Co., Ltd. (China)
- Rishi FIBC Solutions PVT. Ltd (India)
- Hinrich Industries (U.S.)
- Büscherhoff Packaging Solutions GmbH (Germany)
- MYFLEXITANK (Malaysia)
- Bulk Liquid Solutions (India)
- TRUST Flexitanks (Spain)
Above are the key players covered in the report, to know about more and exhaustive list flexitank market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Flexitank Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Flexitank and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
