New York (US), June 12, 2023 (GLOBE NEWSWIRE) -- Flexitank Market Overview
The MRFR analysis reports predict that the “Flexitank Market Research Report Information By Type, Loading, Application and By Region Forecast Till 2032" The flexitank market is likely to witness significant revenue growth. The growing uptake of flexitanks for the cargo shipment of food, oil, and chemicals would drive market growth. Market Research Future (MRFR) states that the global flexitank market value will escalate from USD 0.9 billion in 2022 to USD 5.6 billion by 2032, growing at a 22.30% CAGR throughout the forecast period (2023-2032).
Flexitanks refer to flexible tank containers for bulk cargo shipment of various liquids, food items, and non-hazardous chemicals. Flexitanks are a popular choice for secure storage and shipment of food-grade goods, fuels, potable water, industrial chemicals, and more. Freight forwarding by containers is a lucrative choice to ship bulk goods over long distances.
With their high efficiency and exceptional contamination prevention capabilities, flexitanks are used for food-grade goods and non-hazardous chemical transportation. Flexitanks make storage and transportation easy for liquid fuels like gasoline, diesel, and oil due to their protective linings and berms, providing extra containment safety to the surrounding environment.
In emergencies or during disaster reliefs, flexitanks are used to store and transport potable water. In addition to food-grade liquid components like milk, juices, wines, and others, Flexitanks enable the safe storage and transport of industrial liquid chemicals, such as lubricants, liquid detergents, fertilizers, liquid latex, paints, and others. Due to their large capacity and cost-efficiency, flexitank containers witness huge demand from many industries.
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They offer an economically viable solution to bulk traders for transporting non-hazardous liquid cargo and better protection against liquid cargo contamination. In addition to more efficient and cost-effective storage and transportation of liquid cargo, flexitanks have a lesser environmental impact, and therefore, they are used as practical alternatives to the traditionally used drums and ISO containers.
Key Companies in the Flexitank market include
- 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
- Büscherhoff Packaging Solutions GmbH
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size 2032 | USD 5.6 Billion |
| Compound Annual Growth Rate (CAGR) | 22.30% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Loading Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Dynamics | Increasing global trade, coupled with the competitive benefits of flexitanks over their traditional substitutes, such as ISO containers, drums, barrels, and IBCs and increase adoption across the food, oils, chemical, and industrial goods domain |
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Industry Trends
Growing demand for storage tanks complying with EPA UST regulations drives the market growth. Due to the rising adoption of concentrated solar power (CSP) technology, offering increased power generation capacity, flexitanks are extensively used to store petroleum, waste matter, water, chemicals, and other non-hazardous materials while meeting strict industry standards and regulations.
Besides, the growing oil & gas industry and the increasing use of water in the industrial and commercial sectors substantiate the market size. Increasing adoption of flexitanks to improve fuel economy influences the growth of the market. Additionally, the rising adoption of poly water tanks and activities of replacement of aging chemical storage tanks are the key driving forces behind the market growth.
Segments
The Flexitank market is segmented into types, loading types, applications, and regions. The type segment is sub-segmented into monolayer and multilayer. Of these, the monolayer segment holds the largest market share due to its cost-effective operations. Besides, using monolayer tanks minimizes the contamination of liquids in the event of a layer rip, which substantiates segment growth.
On the other hand, the multilayer segment is growing rapidly, as these tanks make the shipment of two or more liquids in one container, lowering the cost of shipping and preventing damage to the tank from insufficient internal pressure. The loading type segment is sub-segmented into top loading and bottom loading. Among these, the bottom loading segment perceives vast revenue growth due to its advantages in simple loading & unloading procedures and minimal payload loss when unloading.
The application segment is sub-segmented into food-grade liquids, non-hazardous chemicals/liquids, pharmaceutical liquids, and others. Of these, the food-grade liquids segment accounts for the largest market share, witnessing increasing demand across end-use industries. Also, the growing applications, including bread & confectionery goods, sauces, fruit juices, concentrates, and edible oils, boost the segment growth. By regions, the flexitank market is sub-segmented into North America, Europe, Asia-Pacific, MEA, and the rest of the world.
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Regional Analysis
The Asia Pacific region dominates the global flexitank market, mainly due to major agricultural producers and consumers, China and India. Also, expanding palm oil production and export in Indonesia and Malaysia supports regional market growth. Besides, rapidly developing manufacturing sectors and the increasing population in this region boost the adoption of flexitanks.
With vast developments of transport infrastructures tapping LNG, China, and India hold substantial flexitank market shares. The growing food & beverage industry and demand for liquid storage tanks substantiate the region's flexitank market size. Growing investments by manufacturers also drive the growth of this market.
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Competitive Analysis
The flexitank market appears competitive with the presence of several notable players. Manufacturers strive to increase production capacities by employing cost-effective manufacturing techniques. Many are exploring the possibility of new development after mastering their existing product lines.
For instance, on Dec.12, 2021, a group of companies, including Vast Solar, Solar Dynamics, CyD, and Alia Energy Consulting and Critical Engineering, announced the development of a flexitank to prevent thermal storage leaks. Scalable to all tank sizes, this novel design can solve serious issues in the CSP industry, preventing hot salt tank failure.
The Flexitank will replace high-temperature molten salt thermal energy storage tanks used in CSP and standalone thermal energy storage. Due to thermal cycling and fatigue impacts, the molten storage tanks operating at CSP plants develop major leaks, causing catastrophic business loss. Vast Solar Consortium has patented the new Flexitank as a solution that prevents thermal storage leaks.
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