Increasing global trade for edible oils is anticipated to drive the global Flexitanks market growth throughout the forecast period
The Global Flexitanks Market is expected to grow from USD 750.2 Mn in 2020 to USD 2,950.4 Mn by 2027, at a CAGR of 21.6%.
The global demand for Flexitanks is driven by the increasing demand for edible oils, wines & spirits. For instance, in 2019, wine was the world's most traded product, with a total trade of 35.7 Bn USD. Additionally, Flexitanks are cross-contamination proof. Moreover, the recycling of Flexitanks is another factor contributing towards the Flexitanks market demand. In 2020, SIA was focused on the development of recycled flexitank. This flexitank is manufactured by using polyethylene, an oil-based product, which can be recycled. Furthermore, Flexitanks are easily foldable, available in remote locations and easy to load & discharge. These characteristics are expected to support the market growth in the near future.
Based on application, the foodstuffs segment is anticipated to hold the largest market share during the forecast period. Majorly six types of liquid can be transported through Flexitanks, which include water, liquid sugar, glycerine, olive oil, & palm oil. All the above-mentioned liquids are utilized for daily needs, the cost of Flexitanks compared to drums is anticipated to support the market growth in the near future. For instance, Centra Foods used Flexitanks to deliver olive oil. The Flexitanks normally hold 5-7,000 gallons of oil and pump into on-site holding tanks at the delivery location used exclusively for oil storage. Moreover, In Africa Brent oil is the most traded commodity. The use of Flexitanks makes it more economical in the trading context. Base oil traders often look forward to cutting costs when margins in oil trade are tight, and currency exchange is constrained. The use of Flexitanks to transport Brent oil is anticipated to drive the market growth during the forecast period.
Global Flexitanks Market by Region Outlook (Revenue, USD Million, 2021-2027)
In terms of geography, Asia-Pacific is expected to dominate the Flexitanks market during the forecast period. The growth in the region can be attributed to the growing population leading to increasing demand for wines, edible oils, & others. For instance, in India there are various flexitank manufacturers, Rishi FIBC is a dedicated flexitank manufacturer in India which provides Flexitanks for the transportation of edible oils.
Moreover, North America is anticipated to have a significant market share in the Flexitanks market. In the U.S, odyssey a Flexitank manufacturer patented solutions with the resources of a strong North American intermodal network of customer service professionals, These Flexitanks minimize liquid dynamics and are used by the AAR (American Association of Railroads) for transportation of goods. Furthermore, SGS Flexitanks are used to transport non-hazardous liquid bulk cargoes in the US. The use of Flexitanks in the pharmaceutical industry is expected to drive the market growth in this region. For instance, ZIM, an Israel shipping company provides Flexitanks for pharmaceutical shipping. They also provide temperature temperature-sensitive, high-value pharmaceuticals in refrigerated containers substantially increases the complexity of cold-chain management since it requires strictly controlled temperature and humidity environments.
The Global Flexitanks Industry Segmentation:
Global Flexitanks Market by Layer Industry Outlook (Revenue, USD Million, 2021-2027)
Global Flexitanks Market by Application Industry Outlook (Revenue, USD Million, 2021-2027)
Key Findings:
Company Profiles and Competitive Intelligence
The key players operating in the Flexitanks Market are:
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