Global Flexitank Market To Reach US$922.3m By 2022
The global flexitank market will grow to US$922.3 million in size by 2022, according to a new study.
The report by Grand View Research explored the increase in popularity and expected it to continue to escalate, putting the trend down to the financial advantage offered by bulk shipping and the fact that flexitanks are the most cost effective liquid bulk packaging solution. Other advantages such as flexibility, foldability, portability and easy setup have also contributed to fuelling demand over the past few years.
Single-trip flexitank was the leading product segment and accounted for 94.8% of total market volume in 2014. Curtailment of cleaning and repositioning cost is expected to remain key driving factors for this segment over the forecast period. Single-trip flexitanks are also expected to witness the highest growth over the forecast period.
Further key findings from the report suggest:
Global flexitanks market demand was 800,000 units in 2014 and is expected to reach 3,135,791 units by 2022 growing at a CAGR of 18.6% from 2015 to 2022
Foodstuffs were the leading application segment and accounted for over 30% of total market volume in 2014. 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 18.9% from 2015 to 2022. 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 2014. 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.
Browse the full research report, ‘Flexitanks Market Analysis By Product (Single-Trip, Multi-Trip), By Application (Foodstuffs, Wine & Spirits, Chemicals, Oils, Industrial Products, Pharmaceutical Goods) And Segment Forecasts To 2022’, at www.grandviewresearch.com/industry-analysis/flexitanks-market