The Tube Packaging Market is Projected to driven by enhanced product security and sterilization
Author : Purvaja Jadhao | Published On : 06 Feb 2024
Tube packaging is used across various industries for storing and transporting a wide range of products including cosmetics, toothpastes, adhesives, pharmaceuticals and food products. Tube packaging provides superior product protection against leakage, contamination and damage during transportation. Tubes can effectively dispense low to medium viscosity products such as lotions, creams, gels, pastes and sticky liquids in a hygienic manner. The packaging structure and seal design prevents product degradation and maintains quality and shelf-life. Tubes enable accurate and controlled dosing and are ideal for home and industrial use.
The global Tube Packaging Market is estimated to be valued at US$ 12195.04 Mn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Sustainability is a key trend gaining traction in the tube packaging market. Manufacturers are developing eco-friendly packaging solutions made from recycled and biodegradable materials to reduce plastic waste. Compostable tubes made from paper or plant-based polymers are increasing in popularity. In addition, manufacturers are utilizing lightweight packaging designs and optimized packaging to tubes to reduce material usage without compromising on protection. Advanced digital printing technologies allow personalization and promotion of products through visually appealing tube designs customized for end-use industries. Innovation in closure technology is leading to better sealing performance along with convenient and mess-free dispensing experience for consumers.
Porter’s Analysis
- Threat of new entrants: Low as high initial investments and economies of scale are required to manufacture tubes. Presence of dominant players also poses a threat to new entrants.
- Bargaining power of buyers: Moderate as tubes are standardized product and few big buyers dominate the market. However, presence of substitutes provides some bargaining power to buyers.
- Bargaining power of suppliers: Moderate due to requirement of specialized inputs. However, presence of many suppliers limits their power.
- Threat of new substitutes: Low as tubes have wide applications and no direct substitute exists.
- Competitive rivalry: High as the market is dominated by fewglobal players. Players compete on the basis of product innovation, pricing andquality.
Key Takeaways
The Global Tube Packaging Market Demand is expected to witness high growth over the forecast period. The global Tube Packaging Market is estimated to be valued at US$ 12195.04 Mn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031.
Asia Pacific accounts for the largest share of the tube packaging market owing to high demand from personal care and pharmaceutical industries in China, India, Indonesia andVietnam.China dominates the Asia Pacific tube packaging market. North America tubes packaging market is driven by stringent government regulations for packaging standards in healthcare and personal care sectors. The U.S. generates highest demand for tube packaging in the region.
Key players operating in the Tube Packaging market are Amcor Limited,Prepack Thailand Co., Ltd., Berry Plastics, Mondi Group, Sealed Air Corporation, Sonoco Products Company, Constantia Flexibles Gmbh, and AR Packaging Group. These companiesare focusing on innovation, partnerships and mergers & acquisitions to strengthen their position in the market.
For more details on the report, Read- https://www.rapidwebwire.com/tube-packaging-market-growth-demand-and-overview/
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