Press release
Global Packaging Tube Market To Grow At A CAGR Of 5.7 And To Reach USD 3.5 Billion By 2031
A packaging tube is essentially a cylindrical, hollow object made of plastic, paperboard, aluminum, or another metal with a round or oval form. The packaging tube also known as squeeze tube, or collapsible tube and is used for viscous substances such as toothpaste, artist's paint, glue, caulk, and ointments. The personal care industry is expected to grow significantly as a result of increasing consumer awareness of their own personal health and wellness.
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Consumption of personal care products is increasing as a result of rising self-consciousness, which will boost the need for tube packaging. Due to consumer spending power, the U.S. is one of the major markets in the worldwide beauty and personal care sector. In addition, rise in demand for these types of packaging from application industries like cosmetics & personal care, healthcare, and food is anticipated to be the primary driver of the packaging tube market growth.
The market for organic personal care products is anticipated to experience growth due to shifting consumer preferences for organic products. Tube packing is projected to gain popularity because it allows for accurate and effective dispensing and because organic products are frequently marketed in tiny quantities and at a premium price.
The industry's expansion is predicted to be challenging due to shifts in the cost of raw materials like plastic, aluminum, and other materials. Polyethylene, polyethylene terephthalate, and polypropylene make up the majority of plastic materials. The erratic price of crude oil has a significant impact on the cost of these polymers. Furthermore, it is predicted that throughout the course of the forecast period, packaging tube market share expansion would be constrained by stringent government laws regarding the use of plastic and its disposal, as well as by rising environmental concerns.
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In addition, the outbreak of COVID-19 has led to halt in logistic and manufacturing activities across the globe, which, in turn, has led to interruption of supply chain, thereby hindering growth of the packaging tube market. However, this situation is improving as the government is relaxing norms around the world for resuming business activities.
The packaging tube market for advanced materials like bioplastics, aluminium, and other materials is expected to expand as plastic usage is more restricted. The majority of renewable energy sources are used to create plastics like polylactic acid, including maize starch, sugarcane, chips, tapioca roots, and other starches. Polylactic acid is the bioplastic that is currently most widely utilized. Biodegradability, recyclability, and non-toxicity are the main factors affecting global demand for bioplastics.
The packaging tube industry is segmented on the basis of product type, material and application, and region. Based on product type, the market is divided into squeeze & collapsible and twist. Based on material, the market is divided into plastic, and aluminum. Based on application, the market is divided into food & beverage, personal & oral care, pharmaceutical and cleaning products. Region wise, the global packaging tube market analysis is conducted across North America, Europe, Asia-Pacific, and LAMEA.
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The major players profiled in the packaging tube 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., and Hoffman Neopack AG.
KEY FINDINGS OF THE STUDY
• The report provides an extensive analysis of the current and emerging global packaging tube market trends and dynamics.
• Depending on product type, the squeeze and collapsible segment was the largest revenue generator in 2021.
• By material, the above plastic segment generated the highest revenue in 2021.
• Based on application, the personal and oral care segment dominated the market in 2021.
• Region wise, Asia-Pacific dominated the market in 2021, and it is also anticipated to dominate the global market throughout the study period.
• The global packaging tube market forecast analysis from 2022 to 2031 is included in the report.
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