The demand within the global market for flexitanks has been rising on account of advancements in the field of liquid handling, predicts Transparency Market Research (TMR). The competition in the global flexitanks market is expected to increase in the years to come, majorly due to fragmented demand dynamics of the global market. The relation of the global flexitanks market to the transportation of bulk liquids places on onus of safety upon the manufacturers and vendors. Hence, the leading vendors in the global flexitanks market have been making ardent efforts to improve the performance of their tanks. These vendors have made several fundamental changes have to their business strategies over the past decade.
Acquisitions are expected to be a key strategy for the leading vendors in the global flexitanks market. These vendors can gain the benefits of localisation and selective growth by acquiring regional and local vendors. It is expected that the small-scale vendors in the global flexitanks market would from alliances amongst themselves. This strategy could help these marginal vendors to avert the momentous competition from larger entities. Collaborations and partnerships are also expected to be a key highlight of the global flexitanks market in the years to come.
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Transparency Market Research (TMR) finds that the global market for flexitanks market would expand at a stellar CAGR of 14.3% over the period between 2018 and 2025. Furthermore, the global market for flexitanks accumulated total revenues worth US$ 330 Mn in 2017. Based on application, the storage and transportation of non-hazardous chemical in flexitanks has gained popularity. On the basis of geography, the market for flexitanks in Asia Pacific is projected to expand at a stellar pace in the years to come.
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Need for Safe Transport of Liquids
The demand within the global flexitanks market has been rising as the several industries deploy these tanks for liquid transport. The need for safe and sound transport of non-hazardous liquids has played a major role in enhancing the growth dynamics of the global market. Furthermore, the market for flexitanks has also expanded alongside advancements in the chemical industry. The need for bulk chemicals is felt across various industrial and manufacturing units within the chemical industry. Industrial liquids are used in voluminous amounts across the manufacturing bases, and hence, flexitanks are made available across these units. It is expected that the global flexitanks market would earn humongous revenues from the worldwide chemical industry.
Mishaps and Failures to Hamper Market Growth
Although flexitanks are in great popularity across the globe, the market for these tanks still suffers from the risk of toppling. A number of mishaps during the transportation of liquids via flexitanks have come to light over the past years. This has created apprehensions in the minds of the end-users which has in turn restrained market demand. However, the indispensable use of flexitanks in the chemicals industry is expected to keep propelling market demand. Furthermore, the use of flexitanks for the transport of agricultural liquids has also generated commendable opportunities for growth within this market.