Market Research Report
Flexitanks Market Size, Share & Trends Analysis Report By Product (Single-trip, Multi-trip), By Application (Food, Wine & Spirits, Chemicals, Oils), By Region, And Segment Forecasts, 2020 - 2027
|Published by||Grand View Research, Inc.||Product code||959594|
|Published||Content info||106 Pages
Delivery time: 2-3 business days
|Flexitanks Market Size, Share & Trends Analysis Report By Product (Single-trip, Multi-trip), By Application (Food, Wine & Spirits, Chemicals, Oils), By Region, And Segment Forecasts, 2020 - 2027|
|Published: August 14, 2020||Content info: 106 Pages||
Market Growth & Trends
The global flexitanks market size is expected to reach USD 2.4 billion by 2027 registering a CAGR of 18.9%, according to a new report by Grand View Research, Inc. Rising global trade of various liquid food products, chemicals, pharmaceuticals, and industrial products is principally augmenting market growth. Flexitank is a collapsible and flexible bulk liquid storage unit made up of multiple layers of polyethylene with an outer layer covering of woven polypropylene.
Flexitanks are typically used for the transportation of non-hazardous liquids, including edible oils, juice concentrates, syrups water, food additives, pharmaceuticals, malt, industrial oils, and emulsions. Flexitanks are significantly cheaper than conventional bulk liquid transport containers, such as ISO containers, IBC's, drums, and barrels. Moreover, flexitanks carry higher payloads than IBC's and drum, which prove them to be more economical means of bulk transportation.
Furthermore, most of the flexitanks are designed for single-use, which reduces the risk of packed product contamination. This superior protection against contamination makes them an ideal bulk packaging choice for food-grade liquids and pharmaceuticals. In addition, flexitanks do not require the forklift or other mechanism, which makes loading and unloading much faster. The aforementioned factors are attracting several application industries. Single-trip was the leading product segment and accounted for over 93.6% of the total market volume in 2015.
Low cost as compared to multi-trip flexitanks, wide availability, and lower risk of contamination are the key factors responsible for the high adoption of single-trip products. However, increasing the sustainability trend is likely to favor the growth of the segment. Increasing demand for packaged liquid products, such as juices and wines & spirits, on account of rising penetration of organized retail sector and substantial growth of middle-class population, especially in emerging countries like China and India, is expected to fuel the market growth.