LONDON--(BUSINESS WIRE)--The global flexitanks market is expected to grow by 7.97 million units as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, healthy growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of almost 36%.
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The market is driven by the growing demand for edible oil in Asian countries. In addition, the growing production and consumption of wine in Europe is anticipated to boost the growth of the flexitanks market.
Globally, more than half of the demand for edible oil comes from Southeast Asian countries. Sunflower oil, peanut oil, coconut oil, soybean oil, and palm oil are some of the highly consumed edible oils in the region. The growth of the edible oil market in Asian countries can be attributed to the changing food consumption patterns and the rising population. According to estimates, the soybean oil consumption in Asian countries is expected to grow by 1.48% during 2019-2028. The rising consumption of edible oil will fuel the demand for flexitanks. This is because flexitanks offer cost advantages and space effectiveness for shippers and manufacturers. For example, four containers full of edible oil-filled drum are equivalent to three containers of edible oil-filled flexitanks. This allows shippers and manufacturers to transport higher quantities of edible oil using fewer containers. Therefore, the rising demand for edible oil in Asian countries is expected to drive the growth of the global flexitanks market during the forecast period.
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Major Five Flexitanks Companies:
Hinrich Industries
Hinrich Industries operates its business through the Packaging solutions segment. The company offers HR FLEXITANK, which is used to transport non-hazardous liquid products.
JF HILLEBRAND GROUP AG
JF HILLEBRAND GROUP AG operates its business through the Packaging solutions segment. The company offers flexitanks which are used for the safe transport of all the approved liquids.
MYFlexitank Industries Sdn Bhd
MYFlexitank Industries Sdn Bhd operates its business through a unified segment. The company offers flexitanks which help to send higher layloads and lower freight costs.
Neoflex Logistics Services Industrial Packing SA
Neoflex Logistics Services Industrial Packing SA operates its business through the Packaging solutions segment. The company offers flexitanks under the brand, Neoflex.
Philton Polythene Converters Ltd.
Philton Polythene Converters Ltd. operates its business through the Packaging solutions segment. The company offers flexitanks which are made from seamless PE films to reduce the number of welds.
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Flexitanks Market Application Outlook (Growth, Million units, 2020-2024)
- Industrial
- Food
- Chemical
- Others
Flexitanks Market Geography Outlook (Growth, Million units, 2020-2024)
- APAC
- North America
- Europe
- MEA
- South America
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