Flexitanks Market Size, Share & Trends Analysis Report By Product (Single-trip, Multi-trip), By Application (Food, Wine & Spirits, Chemicals, Oils), By Region, And Segment Forecasts, 2020 - 2027
New York, Sept. 09, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Flexitanks Market Size, Share & Trends Analysis Report By Product, By Application, By Region And Segment Forecasts, 2020 - 2027" - https://www.reportlinker.com/p05965051/?utm_source=GNW
Flexitanks Market Growth & Trends
The global flexitanks market size is expected to reach USD 2.4 billion by 2027 registering a CAGR of 18.9%. Rising global trade of various liquid food products, chemicals, pharmaceuticals, and industrial products is principally augmenting market growth. Flexitank is a collapsible and flexible bulk liquid storage unit made up of multiple layers of polyethylene with an outer layer covering of woven polypropylene.
Flexitanks are typically used for the transportation of non-hazardous liquids, including edible oils, juice concentrates, syrups water, food additives, pharmaceuticals, malt, industrial oils, and emulsions.Flexitanks are significantly cheaper than conventional bulk liquid transport containers, such as ISO containers, IBC’s, drums, and barrels.
Moreover, flexitanks carry higher payloads than IBC’s and drum, which prove them to be more economical means of bulk transportation.
Furthermore, most of the flexitanks are designed for single-use, which reduces the risk of packed product contamination.This superior protection against contamination makes them an ideal bulk packaging choice for food-grade liquids and pharmaceuticals.
In addition, flexitanks do not require the forklift or other mechanism, which makes loading and unloading much faster.The aforementioned factors are attracting several application industries.
Single-trip was the leading product segment and accounted for over 93.6% of the total market volume in 2015.
Low cost as compared to multi-trip flexitanks, wide availability, and lower risk of contamination are the key factors responsible for the high adoption of single-trip products.However, increasing the sustainability trend is likely to favor the growth of the segment.
Increasing demand for packaged liquid products, such as juices and wines & spirits, on account of rising penetration of organized retail sector and substantial growth of middle-class population, especially in emerging countries like China and India, is expected to fuel the market growth.
Flexitanks Market Report Highlights
• The single-trip product segment accounted for the largest revenue share in 2019. The segment will retain the leading position due to the products’ wide availability and low costs
• Moreover, single-trip products do not require cleaning as they are expendable and offer high protection against contamination
• The food application segment is anticipated to register the fastest CAGR of 19.4% from 2020 to 2027 due to high demand for food additives and packaged beverages
• The chemical application segment is expected to witness a substantial growth from 2020 to 2027 on account of wide usage of flexitanks to transport non-toxic liquid chemicals
• Asia Pacific is projected to be the largest as well as the fastest-growing regional market over the forecast years
• This growth is credited to the rising commodity trade along with higher market penetration in APAC
• The global market is highly fragmented with the presence of a significant number of medium-sized companies
• Most of the key companies focus on R&D to offer innovative products in competitive prices
Read the full report: https://www.reportlinker.com/p05965051/?utm_source=GNW
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