Flexitank Market to Exhibit 13.12% CAGR over 2023 to 2030; SIA Launched Trinity Tank to Gain Strong Industry Footing

The global flexitank market size stood at USD 676.65 million in 2022. The market value is slated to rise from USD million in 2023 to USD 1,795.24 million by 2030 at a CAGR of 13.12% during 2023-2030. Fortune Business Insights™ presents this information in its report titled “Flexitank Market Size, Share & COVID-19 Impact Analysis, By Reusability (Single Use and Reusable), By Layer (Monolayer and Multilayer), By Loading Type (Top Loading and Bottom Loading), By Application (Food-Grade Liquids [Alcoholic Beverages, Edible Oils, Juices, Syrups, and Concentrates, and Others], Non-Hazardous Liquids, and Pharmaceutical Liquids), and Regional Forecast, 2023-2030”.

Flexitanks are used for the transportation of non-hazardous liquid materials and are soft and lightweight in nature. Considering the rise in business opportunities, major industry players are focused on the launch of new products to gain a competitive edge.

Market Growth Affected due to Halt on Food Grade Liquid Transportation during COVID-19 Pandemic

The pandemic put a halt on the transportation of food grade liquids. The market was negatively impacted considering the reduced consumer demand. However, the market recorded expansion during the post-pandemic period driven by the surging product demand from the hazardous liquid and food-grade liquid segments. 

SIA Flexitanks Rolled out Trinity Tank to Sustain Market Competition

In March 2022, SIA Flexitanks introduced its innovative trinity tank. With an overall capacity of 27,000 liters, the tank would allow shippers to load multiple tanks in the same container for the transportation of bulk liquids.

Market Share to Rise Due to the Cost-effectiveness of the Product Compared to IBCs and Drums

Considering the transportation of liquid products, flexitanks are more cost-effective than drums and IBCs. Besides, their installation requires less labor and time. These factors are favoring product adoption and are set to drive flexitank market growth over the forecast period.

However, the low pressure-sustaining capability of the product may hamper market expansion to a considerable extent.

Leading Companies Introduce New Products to Gain Competitive Edge

Major market participants are keen to deploy a series of strategies for strengthening their industry positions. These comprise research activities and the launch of new products. Some of the other steps include collaborations, partnerships, merger agreements, and others.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/flexitank-market-103047

List of Key Players Profiled in the Market:

• Infinity Logistics and Transport Venture Limited (Malaysia)
• TRUST Flexitanks (Spain)
• Sun Flexitanks (India)
• Bulk Liquid Solutions (India)
• United Accredited Company (UAC) (Saudi Arabia)
• ONE Flexitanks (Malaysia)
• Neoflex (Turkey)
• Wiefferink (Netherlands)
• Qingdao LAF Packaging Co., Ltd. (China)
• LiquA Europe SLU (Spain)

Key Industry Development

• December 2019 – Hillebrand launched a new 40 ft. flexitank. The solution was introduced for the sustainable transportation of non-hazardous liquids in temperature-controlled conditions.

Further Report Findings:

• Asia Pacific flexitank market share is set to hold a key position in the global market. This is due to the rising focus of various countries on enhancing their exports.   
• The North America market is poised to exhibit appreciable growth over the study period. This can be attributed to the substantial exports of fruit juices to countries in the east.
• Based on reliability, the market is segmented into single use and reusable. The single use segment accounts for the leading market share. This is due to the low cost of deploying the product compared to other options of bulk transportation.
• By layer, the market is subdivided into multilayer and monolayer. The multilayer segment registers a prominent market share. This can be attributed to the numerous benefits offered by multilayer solutions compared to monolayer solutions. Besides, multilayer tanks provide moisture and oxygen barriers, which help prevent the contamination of cargo.

Table of Segmentation