June 17, 2024
Tube Packaging Market

Tube Packaging Market: Growing Demand for Sustainable Packaging Solutions Drives Market Growth

The global tube packaging market is estimated to be valued at US$9,263.5 million in 2021 growing at a CAGR of 6.9% during the forecast period of 2022-2030, according to a new report by Coherent Market Insights.

Market Overview:

Tube packaging refers to the use of cylindrical containers for packaging products. These tubes offer several advantages such as ease of use, convenience, and portability. They are widely used in industries such as cosmetics, pharmaceuticals, and food and beverages. The need for secure and sustainable packaging solutions is driving the demand for tube packaging in these industries. Tube packaging provides protection against contamination, ensures product integrity, and enhances shelf life. Moreover, the growing focus on eco-friendly packaging materials is further fueling the demand for sustainable tube packaging options.

Market Key Trends:

One key trend in the tube packaging market is the increasing adoption of recyclable and biodegradable materials. With growing environmental concerns, companies are shifting towards sustainable packaging solutions. This trend is driven by consumer demand for eco-friendly products and a push towards reducing plastic waste. Manufacturers are exploring alternatives such as paper-based tubes, compostable plastics, and bamboo-based materials to meet the sustainability goals. Additionally, technological advancements in manufacturing processes are enabling the production of eco-friendly tube packaging options without compromising on quality and performance.

Porter’s Analysis:

Threat of new entrants: The tube packaging market faces a moderate threat of new entrants. While the market is dynamic and offers growth opportunities, the high initial capital investment required for setting up manufacturing facilities and the need for advanced technology and expertise act as barriers for new players.

Bargaining power of buyers: The bargaining power of buyers in the tube packaging market is moderate. Buyers have the ability to switch between suppliers and demand competitive pricing and high-quality products. However, the presence of a large number of suppliers and the need for customized packaging solutions give buyers some leverage.

Bargaining power of suppliers: The bargaining power of suppliers in the tube packaging market is moderate. Suppliers are important in providing raw materials such as plastics, aluminum, and paperboard. However, the presence of multiple suppliers and the availability of substitute materials give buyers some negotiation power.

Threat of new substitutes: The threat of new substitutes in the tube packaging market is low. Tube packaging offers unique advantages such as ease of use, portability, and product protection, which are not easily replicated by substitute packaging options. The strong brand loyalty towards tube packaging also acts as a barrier for substitutes.

Competitive rivalry: The competitive rivalry in the tube packaging market is high. The market is fragmented with the presence of several key players, leading to intense competition. Innovation in packaging design, sustainability initiatives, and cost-effectiveness are key factors driving competition among players.

Key Takeaways:

The global Tube Packaging Market Growth is expected to witness high growth, exhibiting a CAGR of 6.9% over the forecast period of 2022-2030, due to increasing demand from various end-use industries such as cosmetics, personal care, pharmaceuticals, and food & beverages. The rising preference for portable and convenient packaging solutions, along with the increasing need for product differentiation, is driving the market growth.

In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the tube packaging market. This can be attributed to the rapid growth of end-use industries, such as cosmetics and personal care, in countries like China and India. The increasing disposable income, urbanization, and changing lifestyles are also contributing to the market growth in this region.

Key players operating in the 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, CCL Industries Inc., Hoffman Neopack AG, Huhtamaki Oyj, and CCL Packaging USA. These players focus on product innovation, mergers and acquisitions, and collaborations to strengthen their market position and cater to the growing demand for tube packaging globally.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it