The global flexitanks market is expected to reach USD
1.49 billion by 2024, according to a new report by Grand View Research, Inc.
Increasing commodity export, particularly in Asia Pacific, is expected to
foster flexitanks demand over the forecast period. Cost-effective and efficient
nature of flexitanks has increased product popularity among the end-users.
Flexitanks can carry more amount of liquid in a standard container than
the ISO tanks or drums used for bulk transport traditionally.
Single trip was the leading product segment and accounted
for over 90% of total market volume in 2015. Single trip flexitanks are very
much cost-effective compared to multi-trip flexitanks, as they eliminate
cleaning and repositioning costs incurred. Green logistic practices
incorporated by most of the flexitank manufacturers and logistics providers
ensure proper disposal of used flexitanks without causing any environmental
ill-effect.
Virtually, flexitanks can be utilized for any liquid and
semi-solid food material. This has helped higher flexitank penetration in the
foodstuffs application segment. Higher operational benefits and
cost-effectiveness have made flexitanks an attractive alternative.
China and South East Asian countries have become the
prominent manufacturing hubs for key manufacturers in the world. Huge
foodstuffs & chemicals’ export from Asia Pacific & North America is
expected to push flexitanks demand to greater heights over the forecast period.
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Report By Grand View Research:
Further key findings from the study suggest:
·
Global flexitanks market demand was 984,000 units in 2015
and is expected to reach 4,928,106 units by 2024, growing at a CAGR of 18.6%
from 2016 to 2024
·
Foodstuffs were the leading application segment and
accounted for over 30% of total market volume in 2015. Easy availability of FDA
approved flexitanks in all regions has been a major factor for its increased
penetration.
·
Chemical is expected to be the fastest growing
application segment at an estimated CAGR of 19.0% from 2016 to 2024. The growth
can be attributed to increasing popularity of flexitanks along with the fact
that all non-toxic liquid chemicals can be transported using flexitanks.
·
Asia Pacific emerged as the leading regional market and
accounted for over 60% of the total volume in 2015. Increasing commodity trade
along with higher market penetration is expected to spur the regional market
growth over the next seven years. The region is also expected to witness the
fastest growth over the forecast period.
·
Key market participants operating in the global
flexitanks market include Environmental Packaging Technologies Inc., Qingdao
LAF Packaging Co. Ltd., Trans Ocean Bulk Logistics Ltd, and SIA Flexitanks Ltd.
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Research:
Grand View Research has segmented the global flexitanks
market on the basis of product, application and region:
Flexitanks Product Outlook (Volume,
Units; Revenue, USD Million, 2014 - 2024)
- Single-trip
- Multi-trip
Flexitanks Application Outlook (Volume,
Units; Revenue, USD Million, 2014 - 2024)
- Foodstuffs
- Wine & Spirits
- Chemicals
- Oils
- Industrial Products
- Pharmaceutical Goods
Flexitanks Regional Outlook (Volume,
Units; Revenue, USD Million, 2014 - 2024)
- North America
- U.S.
- Europe
- Germany
- France
- U.K.
- Belgium
- Netherlands
- Asia Pacific
- China
- India
- Singapore
- Middle East & Africa
- Central & South
America
- Brazil
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press release by Grand View Research :
About
Grand View Research
Grand View Research, Inc. is a U.S. based
market research and consulting company, registered in the State of California
and headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
For
more information: http://www.grandviewresearch.com
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