The Global Flexitanks Market was valued at USD 750.23 Mn in 2020 and is expected to reach USD 2,950.43 Mn by 2027, with a growing CAGR of 21.6% during the forecast period.
Flexitanks are used to transfer large amount of non-hazardous liquids. The conventional method to transfer the liquid using drums or containers are more costly as compared to Flexitanks. A flexitank is a bladder intended to fit within a 20-foot common cargo container. This transforms the freight container in the form of a non-hazardous bulk liquid unit of transportation. It is also known as a ‘flexibag’.
Increasing global trade in the pharmaceutical industry is anticipated to drive the flexitanks market growth during the forecast period. The superior capabilities provided through Flexitanks in terms of portability, non-fragility, and weight, makes them an appealing alternative for drums, barrels and others. These characteristics help to substitute drums over Flexitanks and to utilize them in pharmaceutical transport. For instance, the global trade for pharmaceuticals in 2019 reached 636 USD billion. Additionally, the use of Flexitanks in the transportation of food liquids is expected to increase the demand for Flexitanks. For instance, In 2019, EvroPac shipped thirty thousand tons of liquid cargo in Flexitanks per month.
Nevertheless, the inability to transport hazardous chemicals may hinder the market growth during the forecast period. As Flexitanks may sometimes spill. The risk of transporting hazardous chemicals may cause severe injuries or even death at times.
The unique insights provided by this report also include the following:
Based on layer, the multi-layer segment held the largest market share in 2020 and is expected to grow significantly due to its high durability
Based on layer, the market has been segmented into single layer and multi-layer. The multi-layer segment in Flexitanks accounted for the largest market share in 2020 and is expected to witness tremendous growth during the forecast period as these Flexitanks contains 4 to 5 layers of polyethylene and they are highly durable compared to single layer Flexitanks. Moreover, Flexitanks are used to transport olive oil, glycerin, polyol, and others. For instance, In Spain, “Flexitank Espana” uses flexitank to transport 24000 litres of olive oil. In 2019, Spain exported olive oil worth USD 195 billion.
Based on the application, the foodstuffs segment in the Flexitanks market accounted for the largest market share during the forecast period
Based on the application, the market has been segmented into non-hazardous chemicals, foodstuffs, pharmaceutical products & industrial products, and others. The foodstuffs segment held the largest market share during the forecast period. Global population expansion and the demand for edible oils, wines, & others are expected to drive the market growth during the forecast period. For instance, In 2019 the other vegetable oils trade accounted for 3.39 USD billion. In 2019 the top importers of Other Vegetable Oils were Myanmar $363M, United States $197M, Germany $163M, China $155M, and Netherlands $129M. The use of Flexitanks for the transportation of vegetable oils is expected to foster the market growth in the near future.
Based on region, the Asia Pacific held a significant market share during the forecast period
Based on region, the global Flexitanks market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2020, Asia Pacific held the largest market share in the Flexitanks market owing to the increase in agricultural exports. For instance, Exports of Edible Vegetable Oil (including Palm Oil) in China rose to 32.136 USD million in December from 23.512 USD million in November 2019. Moreover, the increasing demand for chemicals is expected to foster the market growth in the near future. For instance, in 2017 China’s chemical industry contributed approximately USD 1.5 trillion of sales in 2017, amounting to nearly 40% of global chemical industry revenue. The use of Flexitanks in non-hazardous chemicals transport is expected to drive the market growth during the forecast period.
The report also provides an in-depth analysis of Flexitanks market dynamics such as drivers, restraints, opportunities, and challenges
The COVID-19 pandemic has significantly impacted many businesses across the globe which resulted in the slowdown of economies. The market was affected due to the halting of production and disruption in the supply chain across the globe. However, the logistics industry was able to quickly regain its market position as essential food products & liquids were still transported at the time of Covid-19 lockdowns. For instance, McClean is one of the largest providers of Flexitanks. According to McClean estimates 2 million Flexitanks full of wine shipped globally in 2020, a year up 25% from 1.6 million in 2019.
Note: A detailed analysis is specific to the Flexitanks market will be provided in the report.
The report also provides an in-depth analysis of key trends in the Flexitanks market
The report also provides an in-depth analysis of recent news developments and investments
The key players operating in the Flexitanks Market are:
Priyanka has been writing chemicals & material market research reports for the last 12 years. A post-graduate, her specialization is in the chemicals sector. Preparing end-to-end reports covering minute details for market insights, competitive intelligence and trend analysis in the CMFE sector.