Tube Packaging Market Revenue, Opportunity, Segment and Key Trends To 2023
Market Research Future (MRFR)’s new study projects that the global tube packaging market is set to expand at a CAGR of 5.79% during the forecast period 2017 to 2023. The value of the global market is estimated to reach USD 8,297.7 Mn by the end of 2023. The thriving personal care industry coupled with the increasing demand for cosmetics is likely to drive the proliferation of the tube packaging market over the assessment period.
The inclination of consumer demand towards convenient, safe, and sustainable packaging has paved the way for the large-scale adoption of tube packaging solutions. Innovation is the key area of focus for the key players who are coming up with constantly evolving packaging solutions to meet the increasing demand. Other factors that are responsible for aiding the proliferation of the tube packaging market are increasing working population, changing lifestyle, rising demand for creative packaging, etc.
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The thriving pharmaceutical industry is fueling demand for tube packaging, and the trend is likely to perpetuate in the upcoming years. Packaging plays a crucial role in the growth of the pharmaceutical industry by protecting the drug from infection, sunlight, etc. As per IMS Market Prognosis, USD 956 Bn was spent on medicines in 2011 which is estimated to reach USD 2,890-3,020 Bn by 2023-end. Nevertheless, price volatility of the raw materials is anticipated to hold the growth of the tube packaging market over the next couple of years.
By material, the global tube packaging market has been segmented into laminate, plastic, aluminum, and others.
By product, the tube packaging market is segmented into Squeeze tubes, Twist tubes, and others.
By application, the global tube packaging market has been segmented into personal care, pharmaceuticals, food, consumer goods, and others.
The global tube packaging market, by region, has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. Europe is expected to exhibit significant growth during the forecast period. The boom witnessed in the end-user industries such as food, oral care, personal care, and pharmaceutical is likely to drive the growth of the tube packaging market in the region. The increasing demand for sustainable packaging is propelling the expansion of the regional tube packaging market. The trend is forecasted to continue in the foreseeable future.
Asia Pacific is the fastest growing market for tube packaging globally. The growth can be ascribed to the changing consumer behavior pattern that demands convenient packaging. Innovation is the key area of focus for the key manufacturers in the region and endeavors are directed towards innovating product offerings. This, in turn, is expected to augment the tube packaging market in the region. Other factors that are complementing the proliferation of the regional market are changing lifestyle, increasing purchasing power, expansion of the personal care industry, etc.
Some of the key players profiled in the report are CCL Industries (Canada), Amcor Ltd. (Australia), Sonoco Products Company (U.S.), Albea Group (Luxembourg), Sinclair & Rush, Inc. (U.S.), Huhtamaki (Finland), Montebello Packaging (Canada), Essel Propack Ltd (India), World Wide Packaging LLC (U.S.), and Unette Corporation (U.S.).
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