Global Tube Packaging Market Growth by Materials (laminate, plastic, aluminum, and others), by Product (squeeze tubes, twist tubes, and others), Application (personal care, pharmaceuticals, food, consumer goods and others) and Region – forecast 2017-2023
Tube Packaging Market Overview
The thriving personal care industry coupled with the increasing demand for cosmetics is likely to drive the proliferation of the Tube Packaging Market Growth 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 Growth are increasing working population, changing lifestyle, rising demand for creative packaging, etc.
The global Tube Packaging Market Growth 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.
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Key players operating in the global Tube Packaging Market Growth 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.)
- Unette Corporation (U.S.).
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.
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.
By material, the global Tube Packaging Market Growth has been segmented into laminate, plastic, aluminum, and others.
By product, the Tube Packaging Market Growth is segmented into Squeeze tubes, Twist tubes, and others.
By application, the global Tube Packaging Market Growth has been segmented into personal care, pharmaceuticals, food, consumer goods, and others.
Growth in the Pharmaceutical Industry
Increasing demand from the pharmaceutical industry have been increasing overall growth in the Tube Packaging Market Growth. 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. Because they are cheap, lightweight, flexible, and unbreakable, It is mostly used in pharmaceutical. 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.
The global Tube Packaging Market Growth, by region, has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. Europe is expected to witnessess significant growth during the forecast period.The increasing demand for sustainable packaging is propelling the expansion of the regional Tube Packaging Market Growth. 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 Growth 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.
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