The global flexitank market sizeis projected to reach USD 1,201.6 million by the end of 2027. The increasinginvestment in the development of sustainable products associated with themanufacturing of flexitank will aid the growth of the market in the comingyears. The increasing number of regulatory approvals for transport anddistribution networks will bode well for the market. According to a reportpublished by Fortune Business Insights, titled “Flexitank MarketSize, Share & Industry Analysis, By Reusability (Single-Use and Reusable),By Product (Monolayer and Multilayer), By Loading Type (Top Loading and BottomLoading), By Application (Food-Grade Liquids [Alcoholic Beverages; Edible Oils;Juices, Concentrates, and Syrups; and Others], Non-Hazardous Liquid Chemicals,and Pharmaceutical Liquids), and Regional Forecast, 2020-2027,” themarket was worth USD 439.3 million in 2019 and will exhibit a CAGR of 13.7%during the forecast period, 2020-2027.
COVID-19 Impact Analysis:
The recent coronavirus outbreak hascreated a sense of panic across the world. Due to the rapid spread of thedisease, governments across the world are taking maximum efforts to curb thespread and minimize the adverse effects. As a result, several businesses havebeen forced to shut down. Due to social distancing practices, there ishesitancy among business vendors as well as working professionals across theworld. The Covid-19 pandemic has had a huge adverse effect across severalindustries.
The report will include the impactof the Covid-19 pandemic on the global market. It will also include thestrategies that major companies are adopting to overcome the downfalls duringthis pandemic.
Flexitank is a lightweightdisposable bladder that is normally made out of plastic. The product isnormally used for shipping of non-hazardous liquid materials that istransported through shipping containers. The advancements in the materials usedin manufacture of flexitank will lead to a wider product adoption. Theincreasing applications of the product are attributable to the favorable propertiesof the material used in manufacturing. The stringent guidelines associated withthe use of this product, set by organizations such as the Containers OwnersAssociation (COA) will ensure safety of the product, subsequently leading to awider product adoption across the world. The growing investment in R&D ofthe material associated with flexitank will contribute to the growth of themarket in the coming years. Additionally, the presence of several large scalecompanies will emerge in favor of market growth.
Increasing Regulatory Approvals willHelp Companies Generate Huge Revenues
The report encompasses severalfactors that have contributed to the growth of the market in recent years.Among all factors, the increasing number of regulatory approvals has made thehighest impact on market growth. In November 2019, SIA Flexitanks got approvalfrom the Canadian CN Rail network and Norfolk Southern Rail network forshipping of flexitanks. SIA already has shipping approvals from CSX and BNSFrail networks and this approval will help the company expand its transportationover other regions. These approvals will open new territories and markets forthe company and subsequently generate massive revenues in the coming years.SIA’s approval from CN and NSR networks will not just benefit the company butwill also have a direct impact on the growth of the overall market in thecoming years. The report highlights a few of the other industry developments,similar to this and discusses their impact on market growth.
Asia Pacific to Emerge Dominant;Increasing Food and Chemical Manufacturing Hubs Will Aid Growth
The report analyses the ongoingmarket trends across five major regions, including North America, LatinAmerica, Europe, Asia Pacific, and the Middle East and Africa. Among allregions, the market in Asia Pacific is projected to emerge dominant in thecoming years. The increasing number of food as well as chemical manufacturingunits in several countries across this region will have a direct impact on thegrowth of the regional market. Additionally, the increasing efforts put inimport as well as export activities will create several opportunities formarket growth. As of 2019, the market in Asia Pacific was worth USD 245.42million and this value is projected to increase further in the coming years.The market in North America will also witness considerable growth driven by theincreasing transport activities for liquid chemicals through rail-basedcontainers.
Browse Detailed Research Insightswith Table of Content: https://www.fortunebusinessinsights.com/flexitank-market-103047
