Oct 17, 2017   SOURCE: BusinessWire

Global Flexitanks Market - High Demand from Food Industry in APAC to Drive Growth | Technavio

According to the latest market study released by Technavio, the global flexitanks market is expected to grow at a CAGR of close to 16% during the forecast period.

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Technavio has published a new report on the global flexitanks market from 2017-2021. (Graphic: Busin ...

Technavio has published a new report on the global flexitanks market from 2017-2021. (Graphic: Business Wire)

This research report titled ‘Global Flexitanks Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.

According to Sharan Raj, a lead analyst at Technavio for logistics research, “APAC has been an emerging market for flexitanks due to the higher demand from the food industry in this region. One of the main reasons for the popularity of flexitanks in APAC is the cost advantage. Since the region has many developing countries with a higher middle-income population, the spending level for cargo movement in the region is economical. Manufacturers are unable to afford the higher transportation and logistics costs in developing countries. Hence, these countries are the major growth drivers for the rising demand for flexitanks.”

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The market research analysis categorizes the global flexitanks market into three major application segments. They are:

  • Food applications
  • Industrial applications
  • Chemical applications

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Global flexitanks market by food applications

During the forecast period, the food application segment is expected to hold the major share of the global flexitanks market. Only the approved items by Container Owners Association (COA) can be transported using flexitanks. The food items that can be transported using flexitanks are beer and wine, edible oils, food additives, glycerin, mineral water, fruit juice, vegetable oils, and other flowable food items. The growth in the global vegetable oil, beer, and fruit juice and cold drinks market is expected to influence the growth of the global flexitanks market.

Global flexitanks market by industrial applications

The global volume of flexitanks market by industrial applications is expected to grow progressively during the forecast period. The list of industrial items that are approved by COA for transportation via flexitanks includes lubricating oil additives, natural and synthetic latex, hydraulic fluids, engine oils, and other lubricating oils. The rapid industrialization across APAC and EMEA is the major reason for the growth of the global lubricants market.

In addition, the popularity of other semi-solid or flowable liquid substances is also growing in the market, thereby triggering the growth of the global flexitanks market. Therefore, Technavio estimates the global flexitanks market by industrial applications to grow at a CAGR of more than 15% making it the fastest growing segment during the forecast period.

Global flexitanks market by chemical applications

The market is expected to show an upward growth during the forecast period. The COA approved chemicals, which can be transported using flexitanks are plasticizers, printing inks, salt solutions, amino acids, detergents, emulsions, silicate solutions, alkylates, and other bases and process oils.

“The rising number of research laboratories and academic institutions are the triggering factors for the growth of the laboratory chemical market in APAC. The growing laboratory chemical market will increase the requirements for flexitanks as they can act as both a warehouse package and transport package utensil for laboratory chemical manufacturers,” says Sharan.

The top vendors highlighted by Technavio’s market research analysts in this report are:

  • Environmental Packaging Technologies
  • MY FlexiTank
  • Qingdao LAF Packaging
  • SIA Flexitanks
  • Trans Ocean Bulk Logistics

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