Newark, March 13, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 1.8 Billion Flexitank market will reach USD 14.80 Billion by 2033. Technological advancements in Flexitank is one major factor that may create lucrative opportunities for Flexitank devices in the market. Various technological advancements may propel the growth of the Flexitank market. The companies have gone through various advancements to earn profit, grow, and survive in the competitive market. Material innovations not only enhance the product’s effectiveness but capture higher market share thereby gaining an edge over its competitors
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Key Insight of the Flexitank Market
APAC accounts for the largest market size during the forecast period accounting for 57% of the total market. Whereas North America is expected to be the fastest-growing region in the period forecasted.
APAC emerged as the largest market for the global Flexitank market, accounting for 57% of the total market. Owing to globalization, and booming export-orientated countries: India, China, Japan and others. Whereas, North America accounts for the highest growth rate in the market owing to rising adoption of Flexitank in the chemical and food & beverages industry in the region.
Single trip dominated the market accounting for 95% of the total market.
Single trip dominated the market segment, with a market share of 95% in the global market. Owing to higher availability of single trip products, its cost-effective solutions for single trip, easy installation of the same. Whereas, Multi trip is expected to witness lucrative growth rate in the period, owing to its durability, strength. Higher demand for transportation of food grade in the market.
Food grade accounted for the largest share of the market share of 34% in 2023.
The Food grade segment has dominated the Flexitank Market with a market share of 34% in 2023. Owing rising demand of fruit juices, juice concentrates, edible oils, glucose, jam and other food & food products in the global market. Whereas chemical segment in the fastest growing segment in the market, owing to rising chemical industry in the region
Report Scope and Segmentation -
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 23.45% |
| 2033 Value Projection | USD 14.80 billion |
| Market Size in 2023 | USD 1.8 billion |
| Historical Data | 2020-2022 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | by Product Type, Application, Regions |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Flexitank Market Growth Drivers | Rising demand for bulky liquid transportation |
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Latest Development:
- In November 2023, ASF Inc. expanded its product line for flexitanks. The main objective behind this expansion was to provide users with effective and efficient solutions for carrying hazardous/non-hazardous bulk liquids from the place of production to the place of consumption.
- In August 2023, The Flexitank Association launched a certificate program in the needs of the Flexitank industry. Thereby helping its flexitank manufacturers and service providers transport the goods with ease
- In March 2022, SIA Flexitank launched Trinity Tank. This tank is in the shape of a tripod thereby allowing the customers to load various liquids in the same container. This can hold ~27,000 liters of liquid in one go.
Market Dynamics
Drivers: Rising demand for bulky liquid transportation
With an increase in Import and export business, there happens to be an increasing demand for the bulky liquids. These liquids ranges from chemicals, to alcohol, oils, pharmaceutical goods and other industrial products. Thus, to maintain the demand and supply of goods the market witnesses rising demand for bulky liquid transportation, which will fuel up the growth of Flexitank Market in the period forecasted.
Restraint: Lack of infrastructure
One major threat that may hamper the growth of the Flexitank Market is the lack of infrastructure and underdeveloped transportation infrastructure building within the majority of the regions. Further, transportation modes, storage capabilities, loading and unloading capacities and others are some examples that restraints flexitank’s growth. The absence of such a facility will impede the growth process of the Flexitank Market in the future.
Opportunity: Technological advancements in Flexitank
Various technological advancements may propel the growth of the Flexitank market. The companies have gone through various advancements to earn profit, grow, and survive in the competitive market. Material innovations not only enhance the product’s effectiveness but capture higher market share thereby gaining an edge over its competitors
Challenge: Strict regulatory compliance
Strict regulatory compliance related to safety and security of its people, following environmental protocols, and transportation of the hazardous products is one major challenge that may impede the growth of the Flexitank Market in the long run. This in turn leads to prevention of the product adoption. Additionally, following the government laid protocols needs additional amount for the licenses which needs additional investments, thereby reducing the growth of the Flexitank Market’s growth.
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Some of the major players operating in the Flexitank market are:
• Braid Logistics
• Trans Ocean Bulk Logistics
• SIA Flexitanks
• Bulk Liquid Solutions
• Environmental Packaging Technologies (EPT)
• Trust Flexitanks
• BeFlexi
• Mak & Williams Flexitank Supply Limited
• Qingdao LAF Packaging Co Ltd
• Rishi FIBC Solutions Pvt Ltd
Key Segments cover in the market:
By Product:
● Single trip
● Multi trip
By Application:
● Oils
● Pharmaceutical Goods
● Wines
● Chemicals
● Industrial Products
● Food grades
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About the report:
The global Flexitank market is analysed based on value (USD trillion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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