Flexitank Market worth $912 million by 2023 | Key Players include Braid Logistics, Bulk Liquid Solutions, Environmental Packaging Technologies, SIA Flexitanks, Trans Ocean Bulk Logistics, Qingdao LAF Packaging, Hengxin Plastic, Qingdao Global Flexitank Lo

According to recent market research "Flexitank Market by Type (Monolayer and Multilayer), Loading Type (Bottom Loading and Top Loading), Application (Food-Grade Liquids, Non-Hazardous Chemicals/Liquids, and Pharmaceutical Liquids), and Region - Global Forecast to 2023", The flexitank market is projected to grow from USD 366 million in 2018 to USD 912 million by 2023, at a CAGR of 20.0% during the forecast period. The growth of the flexitanks market can be attributed to the growth in the global trade of beverages. In addition, economic and competitive advantages of flexitanks compared to its traditional substitutes such as ISO tanks and drums is driving its demand globally.

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The multilayer segment dominates the flexitank market and is projected to be the fastest-growing type segment.

The multilayer type segment accounted for the largest share and expected to register the highest CAGR during the forecast period. This segment has high-performance benefits over the monolayer segment. These benefits are its durability and strength which are highly required when flexitanks are transported throough old containers. Also, flexitanks have multiple layers which protect the cargo from getting contaminated. Its oxygen and moisture barrier properties are vital for the transportation of food-grade liquids. These benefits boost the flexitank market.

The food-grade liquids application segment is projected to register the highest CAGR during the forecast period.

Food grade liquids such as juice, juice concentrates, wine, animal oils, edible oils, glucose, glycerin, jam, malt extract, sauces, sorbitol, vinegar, water, and sugar syrup are traded in bulk quantities globally. These liquids are traded across all the regions. For example, edible oils and apple juice are exported majorly from the APAC region. Fruit juice, juice concentrate, and wine are exported from North America, South America, and Europe. Thus, flexitank finds global demand in the food-grade liquid application.

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The market size of flexitanks is estimated at USD 366 million in 2018 and is projected to reach USD 912 million by 2023, at a CAGR of 20.0% between 2018 and 2023. Flexitank is an ideal solution for transportation of bulk liquids such as food-grade liquids and non-hazardous liquids. Flexitank has economic benefits, which saves 50% on packaging cost and can carry 30.0% more load than drums and 10.0% more load than ISO tanks. These benefits are likely to drive the demand for flexitanks during the forecast period.

The key players in the flexitank market include Braid Logistics (Scotland), Bulk Liquid Solutions (India), Environmental Packaging Technologies (US), SIA Flexitanks (Ireland), Trans Ocean Bulk Logistics (US), Qingdao LAF Packaging (China), Hengxin Plastic (China), Qingdao Global Flexitank Logistics (China), Trust Flexitanks (Spain), and Rishi FIBC (India). The flexitank market report analyzes the key growth strategies adopted by the leading market players, between 2015 and 2018, which includes expansion and new product launch.

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Braid Logistics is among the key players in the flexitanks market, which has adopted organic strategies, such as expansion and new product launch. In 2018, the company expanded its global network in APAC with the establishment of Braid Japan Co., Ltd. (Japan). This expansion will allow the company to cater to the Japanese export market and expand its footprints across the market in APAC. In 2016, it launched Braid Agis-tank, which is ideal for liquids with high solid contents such as pepper mesh, fruit pulp, grape mash, olives, and fish slurries.

Environmental Packaging Technologies is one of the leading manufacturers of flexitanks. This company also adopted organic strategies, such as expansion and new product launch. In 2017, the company launched new flexitank under brand name LIQUIRIDE, especially for refrigerated shipping containers. The company will benefit from this new line of flexitanks, which focuses on applications requiring temperature-control transportation of fresh juices and concentrates. In the same year, it doubled its production capacity of flexitanks at its Michigan, US plant. This development is in response to the increasing demand for flexitanks in North America.

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