The global tube packaging market was 36.00 billion tubes in 2017 and is projected to exhibit a CAGR of 8.1% during the forecast period (2018–2026).
Key Trends and Analysis of the Tube Packaging Market:
Technological advancements in packaging industry coupled with multiple advantages such as high elasticity and ease of packaging offered by tube packaging are expected to propel the growth of the tube packaging market. To cater to rising demand for quality tubes, manufacturers are focusing on innovation not only in materials, products, and processes but also in the technology that they employ. For instance, in Oct 2016, Essel pioneered SHOT (Super High Output Tubes) technology, which enables the company to produce 500 tubes per minute, which were 60-250 tubes per minute previously.
Excellent barrier protection, high elasticity, and ease of packaging allow tubes to be a preferred packaging option. Laminated tubes are a popular choice for packaging in various industries due to its multi-layered barrier, which reduces the transfer of oxygen and light.
In 2017, based on product type, squeeze tubes segment dominated the global tube packaging market and contributed for over 60.0%, in terms of volume. Squeeze tube packaging guarantees stability for specialty cosmetics and its unique compounds, thus increasing the shelf life of the products. It provides consumers with ease of handling and can easily dispense the right amount of cosmetics that is needed, thus reducing product wastage.
On the basis of application, oral care segment held the largest market share in 2017. Oral care is one of the important segment in fast-moving consumer goods (FMCG) industry. For instance, according to International Journal of Research in Finance and Marketing (IJRFM) study on ‘Growth of Personal Care Product Market in India’, India oral care market is growing with a CAGR of 11.4% from 2012-2017, and the CAGR is projected to double by 2021.
Key Market Takeaways:
Europe held significant market share in the global tube packaging market in 2017. The market growth in the region is driven by the large-scale use of tube packaging in the healthcare industry. Furthermore, the post-recession recovering economies are predicted to generate huge demand for tube packaging over the approaching years.
Some of the major players operating in the global tube packaging market include Albea S.A., Amcor Limited, Essel Propack Limited, Sonoco Products Company, World Wide Packaging Inc., Montebello Packaging Inc., VisiPak, Inc., Intrapac International Corporation, and CCL Industries Inc.
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