PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1498795
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1498795
Flexitank Market size was valued at USD 1,154.2 Million in 2023, expanding at a CAGR of 23.30% from 2024 to 2032.
Flexitanks are a versatile as well as cost-effective bulk liquid transportation solution designed to transfer non-hazardous liquids in ordinary 20-foot containers. They are typically comprised of numerous layers of polyethylene reinforced with a specific outer layer and efficiently convert dry cargo containers into liquid transport vessels. These containers can transmit up to 24 tons of payload, providing a significant boost in capacity over traditional options such as intermediate bulk containers (IBCs) and drums.
Flexitank Market- Market Dynamics
Increasing Worldwide Trade, Combined With The Competitive Advantages Of Flexitanks, Is Driving Market Growth
The sector is expected to be pushed by expanding global trade as well as flexitanks' competitive benefits over more traditional alternatives such as ISO containers, drums, barrels, and IBCs. Flexitanks come in capacities extending from 12,000 to 26,000 liters. Alcohol, fruit juice, concentrates, mineral water, edible oils, grease, malt extracts, lubricants, fertilizers, non-hazardous chemicals, and medications are among the many liquids transported in these containers. Flexitanks are a popular bulk packaging option since they are much less luxurious than ISO containers and drums, and they can hold up to 15% more payload than IBCs and 44% more than drums. Furthermore, the bulk of their applications are single-use, which reduces the risk of contamination.
. Flexitank Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 23.30% over the forecast period (2024-2032)
Based on Type segmentation, the monolayer was the leading type in 2023
Based on Loading Type segmentation, bottom-loading was the dominating loading type in 2023
On the basis of region, Asia Pacific was the leading revenue generator in 2023
The Global Flexitank Market is segmented on the basis of Type, Loading Type, Application, and Region.
The market is divided into two categories based on Type: monolayer and Multilayer. The monolayer category led the global market in 2023 because the product is less expensive than competitors in the multilayer market. Furthermore, using monolayer tanks reduces the risk of contamination from other liquids during a layer rip, as opposed to multilayer tanks, and will help expand the monolayer market.
The market is divided into two categories based on Loading Type: Top Loading and Bottom Loading. The bottom-loading segment dominated the global market in 2023. bottom-loading flexitanks have some advantages, including simplified loading and unloading methods and low payload loss when unloading. These benefits have already helped the bottom-loading sector raise its market share significantly, and they are expected to do so again throughout the market's projected timeframe.
Flexitank Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. In 2023, the Asia Pacific Flexitank market dominated this market. This is owing to the presence of China and India, the two largest agricultural producers and consumers. Indonesia and Malaysia's high levels of palm oil production and export helped to expand the regional market even more. Furthermore, China's Flexitank market had the highest market share, while India's Flexitank market was the fastest expanding in the Asia-Pacific region.
North America's flexitank market is expected to grow rapidly as companies seek cost-effective and efficient liquid transportation options. Flexitanks are in high demand due to the region's strong economic activity and a growing emphasis on sustainable logistics. As businesses grasp the benefits of increased cargo capacity and lower transportation costs, flexitanks' flexibility and versatility make them a top choice. Technology developments and increased awareness of the environmental benefits of flexitank systems are also driving expansion.
Leading market players such as SIA FLEXITANKS, Bulk Liquid Solutions, Qingdao LAF Packaging Co., Ltd., and Hengxin Plastic Co., Ltd., among others, are investing extensively in research and development to extend their product lines, allowing the Flexitank market to grow even further. Market participants are also pursuing a variety of strategic initiatives to grow their worldwide footprint, with significant market developments including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. To grow and survive in a more competitive and expanding market, the Flexitank sector must provide cost-effective products.
In November 2023, ASF Inc. has increased its product line of flexitanks. The primary goal of this extension was to provide workers with effective and efficient solutions for transporting hazardous and non-hazardous bulk liquids from the point of production to the point of consumption.
GLOBAL FLEXITANK MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
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
Buscherhoff Packaging Solutions GmbH
Others