Market Research Future published a research report on “Global Tube Packaging Market Research Report- Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Synopsis of Tube Packaging Market
The tube packaging popular in many products including pharmaceuticals, cosmetics, and miscellaneous household products. Growth in the personal care industry and rising demand for cosmetic products are the primary factors driving the demand for the tube packaging market. Additionally, increasing demand for small sized packs as well as advances in manufacturing processes are fueling market growth. The tube packaging market is expected to witness a high growth as a result of the increase in consumer preference for convenient, safe, and sustainable packaging.
Innovation in designs and packaging, busy lifestyles, and growing working population as well as convenience are driving the tube packaging market. Various factor are driving the market growth such as increase in the global population, growth in the cosmetic industry, and creative packaging are attracting more customers. However, banned raw material cost and the usage of plastic likely to hinder the growth of this market over the review period. The report provides information on the global tube packaging market and forecast from 2017 to 2023.
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Busy lifestyles, demand for convenient, safe, and sustainable packaging, and convenient use are driving the growth of tube packaging market. Preference shifting towards personal hygiene and beautification boost the market growth. However, fluctuations in raw material prices restraint the market.
The global tube packaging market is segmented into three segments: materials, product, and application. Market categorization on the basis of the material includes laminate, plastic, aluminum, and others. On the basis of the product, it includes Squeeze tubes, Twist tubes, and others. Light weighted, cost-effective, and can be used to package various types of products belonging to different industries such as pharmaceutical, cosmetics, and others. By the application, it is segregated as personal care, pharmaceuticals, food, consumer goods and others. The global tube packaging market is expected to reach USD 8,297.7 million by the end of the forecasted period at a CAGR of 5.79%.
Some of the major player operating in the global tube packaging market are Amcor Ltd. (Australia), Albea Group (Luxembourg), CCL Industries (Canada), Sonoco Products Company (U.S.), Sinclair & Rush, Inc. (U.S.), Essel Propack Ltd (India), Huhtamaki (Finland), Montebello Packaging (Canada), World Wide Packaging LLC (U.S.), and Unette Corporation (U.S.).
On Nov 23, 2016 Amcor announced an expansion of their flexible packaging platform in the strategically important Northern China region by the acquisition of Hebei Qite Packing Co. Ltd. with USD 28 million. This acquisition will enhance the attractive platform for growth with new and existing customers in the important Northern part of Asia Pacific region
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Tube Packaging Market by Product:
Global tube packaging market has witnessed exponential growth over the last few years and as per the analysis, the market is likely to retain the similar growth rate during the forecast period. The market has been divided into products such as squeeze tubes, twist tubes and others. In 2015, squeeze tube segment accounted for the largest share with 62.2% in the global tube market due to increase in the packaging industry. This type of tubes hold brand as well as available in different sizes, material, and colors. The squeeze tube segment is showing growth due to their excellent barrier properties such as damage proof, non-toxic and hygienic. It is mostly preferred tube packaging due to convenient and easy-to-use nature.
Growth in the Pharmaceutical Industry
Increasing demand from the pharmaceutical industry is fuelling the overall growth in the tube packaging market. The pharmaceutical packaging plays a major role in reducing disease level by protecting the drugs from direct light, moisture, and damage while handling or storing. It is mostly used in pharmaceutical because they are cheap, lightweight, flexible, and unbreakable. Polyethylene is the most commonly used material in this packing. According to the IMS Market Prognosis, the global spending on medicine for the year 2011 accounted for USD 956 billion and is estimated to be more than USD 2,890-3,020billion in the forecasted period. The pharmaceutical sector accounted for 20% of spending on medicine in 2011 and is estimated to account for 35% in 2020.
On the basis of geography, the market is segmented into North America, Europe, Asia Pacific and RoW. Geographically, Europe has always played a key role in the innovation of food, oral care, personal care, and pharmaceutical industries with design and packaging. Busy lifestyles and growing working population as well as convenience to carry and use driving the tube packaging market growth.
APAC is expected to witness the highest growth during the forecast period. Manufacturers focus on launching innovative pack formats, sizes, and functionality with leading pack types of squeezable plastic tubes, glass, and PET in response to consumer demand for convenience. The demand for packaged products is increasing in the Asia Pacific region due to the changing lifestyle and the increasing purchasing power. Moreover, growth in oral and skin care and niche categories such as men’s grooming and baby caregiving are adding an advantage to the growth of the market in the Asia Pacific region.
The report for Global Tube Packaging Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macroeconomic and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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