Flexitanks Market anticipated to expand at the fastest revenue-based CAGR from 2020

Flexitanks Industry Overview

The global flexitanks market size is expected to reach USD 3.31 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 21.0% from 2020 to 2028. The rising global trade of various liquid food products, chemicals, pharmaceuticals, and industrial products is principally augmenting the market growth.

Flexitanks Market Segmentation

Grand View Research has segmented the global flexitanks market on the basis of product, application, and region:

Based on the Product Insights, the market is segmented into Single-trip and Multi-trip.

The single-trip product segment led the market and accounted for a revenue share of 93.8% in 2020. The segment is estimated to retain its leading position throughout the forecast period due to the low cost and wide availability of single-trip products.
Usually, 1mm thick PE is incorporated as the inner material in these products to enhance the barrier properties of the package. Single-trip products are ideal for the transportation of polymers, lubricating and transformer oils, surfactants, liquid malt, cement and construction additives, edible oils, and specialty chemicals.
In terms of volume, the multi-trip product segment is projected to expand at a considerable CAGR over the forecast period. These flexitanks rank high on the sustainability front as they eliminate the need to be disposed of post a single user and can be reused numerous times, thereby optimizing the Total Cost of Ownership (TCO).

Based on the Application Insights, the market is segmented into Foodstuffs, Wine Spirits, Chemicals, Oils, Industrial Products and Pharmaceutical Goods.

The foodstuffs application segment led the market and accounted for a 35.7% share of the global revenue in 2020 owing to the high demand from end-use applications, such as fruit juices, sauces, concentrates, edible oils, and bakery and confectionery products.
Wine products are usually at risk of spoilage when packaged using ordinary shipping boxes. Polyethylene-based flexitanks help combat this issue and are being increasingly used by wine producers across the globe to replace insulated pouches or insulated shipping containers. Double- and multi-layered PE is among the most widely used materials for the packaging of wine.
An increasing number of chemical companies are adopting flexitanks over traditional corrugated packaging due to their low cost and high durability. In addition, flexitanks for applications in the chemical industry can be manufactured from recycled plastic resins, which eliminates the need for 100% virgin polymers. This further lowers the product price and supports sustainability.
In the oil segment, flexitanks are commonly utilized for the transportation of base oils, lubricants, and transformer oils. The overall drive in innovation and production has led to the demand for industrial lubricants, such as metalworking fluids, greases, and process oils, which are required for the smooth functioning of machinery.

Flexitanks Regional Outlook

North America
Europe
Asia Pacific
Central South America
Middle East Africa

Key Companies Profile Market Share Insights

The global market is highly fragmented with the presence of a significant number of companies. Competitive prices and advancements in technologies, coupled with innovative packaging solutions, are followed by the market players to gain a competitive advantage.

Some prominent players in the flexitanks market include: