The global tube packaging market is estimated to be valued at US$ 9,263.5 Million in 2022 and is expected to exhibit a CAGR of 6.9% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Tube packaging refers to flexible plastic or laminated packaging available in various types of tubes used for storing and transporting pharmaceuticals, cosmetics, dental products, adhesives, industrial products, and food products. Tube packages provide numerous advantages such as ease of use, protection against environmental conditions, affordability, barrier to moisture, oxygen, and light. The need for convenient, cost-effective, and durable packaging for various end-use industries is driving the demand for tube packages globally.
Market key trends:
One of the major trends gaining traction in the tube packaging market is increasing demand for eco-friendly packaging. Numerous manufacturers are focusing on developing sustainable packaging solutions by incorporating recycled materials in tube package production. For instance, Huhtamaki offers EcoLam recycled laminate tubes made from post-consumer recycled materials. Similarly, World Wide Packaging provides PCR plastic tubes using recycled High-Density Polyethylene (rHDPE) to lower the environmental impact. The rising awareness about green packaging and implementing policies prohibiting single-use plastics are compelling companies to opt for sustainable tube packaging formats.
Threat of new entrants: The threat of new entrants is moderate as the tube packaging market requires high initial capital investments and R&D which new entrants may find challenging.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of multiple players and availability of substitute packaging options. Buyers can negotiate on price and demand customized products.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are numerous suppliers of raw materials like plastics, glass, and aluminum used to manufacture tubes.
Threat of new substitutes: The threat of substitutes is high as bottles, stand-up pouches, squeeze tubes, and other flexible packaging provide competition in the market.
Competitive rivalry: The competitive rivalry is high among the major players to gain additional market share through innovation, pricing, and marketing strategies.
The global Tube Packaging Market Share is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing demand for flexible and sustainable packaging solutions.
The market size for tube packaging was valued at US$ 9,263.5 Million in 2021. North America dominates the tube packaging market currently due to high consumption of cosmetic and pharmaceutical products. Asia Pacific is expected to be the fastest growing market owing to rapid industrialization and growth of end use industries in countries like China and India.
Key players operating in the tube packaging market are Albea S.A., Amcor Limited, Essel Propack Limited, Sonoco Products Company, World Wide Packaging Inc., Montebello Packaging Inc., VisiPak, Inc., Intrapac International Corporation, CCL Industries Inc., Hoffman Neopack AG, Huhtamaki Oyj, and CCL Packaging USA. Major players are focusing on new product development and mergers & acquisitions to strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it