Tube Packaging Market, Trends, Revenue, Major Players, Growth Analysis & Forecast Till 2030
Market Insights:
The Tube
Packaging Market Size was valued at USD 12.22 Billion in 2022. The Tube
Packaging industry is projected to grow from USD 12.74 Billion in 2023 to USD
16.38 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.73%
during the forecast period (2023 - 2030)
The value of the
Global Tube Packaging Market
is estimated to reach USD USD 16.38 Billion by 2030. 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.
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 2030-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.
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Market
Segmentation:
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.
Regional
Analysis:
The global food
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.
Competitive
Dashboard:
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.).
Industry
News:
In February
2018, Silgan Dispensing Systems, a global supplier of highly engineered pumps
and sprayers for consumer goods, launched Amplify™, the company’s new airless
pump on the tube. The product is designed in partnership with Neopac, a global
supplier of tube packaging.
In August 2018,
LyondellBasell, a leading plastics, chemicals, and refining company, has
announced the acquisition of A. Schulman, Inc., a supplier of high-performance
plastic compounds, powders and composites.
In August 2018,
Kite Packaging Group Ltd. has announced the launch of triangular postal tubes.
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