The global tube packaging market is anticipated to reach USD 49.7 billion by the end 2025, according to a new report released by Million Insights. The market is anticipated to grow at a CAGR of 6.5% over the forecast period, 2019 to 2025. Demand for personal care and cosmetic products is increasing at a robust pace, which is anticipated to proliferate the market growth from 2019 to 2025.
Convenient packaging is highly preferred especially for packing pharmaceutical products. It is highly effective in preventing microbial growth over ointments or creams and helps in extending their shelf life. This property is expected to drive market growth over the forecast period. For example, Soframycin is an antibiotic ointment packed in tube made up of aluminum. This packaging provides ease of applying the ointment and improves its shelf life.
Technologically advanced manufacturing processes are available for manufacturing tubes made up of aluminum, paper, and plastic having their application in different industries. These tubes are used to protect the material from micro-organisms and bacteria, thus, improving its shelf life. For example, Pidilite manufactures a super glue named Fevikwik which is packed in aluminum tube. The glue inside this aluminum tube does not react with the tube, thus, it is the most suitable material for packaging than other available materials.
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In 2018, the plastic segment accounted for the largest market share of 40.2%. Manufacturers of FMCG products are focusing on using cheaper materials for manufacturing tubes to cater to increasing population and large scale production. Therefore, they are highly preferring plastic tubes to pack face creams, ketchups, toothpastes, and other such products.
Nowadays, manufacturers prefer biodegradable and recyclable plastic for manufacturing tubes owing to rising awareness about soil and water pollution. For example, MPack Poland is the European company that offers environment-friendly packaging tubes to leading manufacturers in household chemicals, pharmaceuticals, and cosmetic companies in the regional market.
The healthcare application segment is predicted to grow at the fastest the fastest rate from 2019 to 2025. Pharmaceutical products especially in dermatology are generally packed in tubes. Ointments/creams with anti-inflammatory, anti-bacterial, and anti-fungal properties are extensively packed in tubes. For example, AstraZeneca reported that sales of pharmaceutical products across the globe accounted for USD 110 billion. Therefore, growing pharmaceutical and healthcare industry is the major factor anticipated to drive the demand for tube packaging over the forecast period.
In 2018, Europe dominated the tube packaging market, which accounted for the largest market share of 35%. Rising awareness about health and sanitation and availability of innovative pharmaceutical and cosmetic products are some of the factors expected to drive the growth in regional market. Enhanced standard of living and rising disposable income levels are the major factors anticipated to proliferate the growth in emerging economies like China and India.
Presence of leading players in this industry like Essel Propack, Sonoco Products Company, Huhtamaki OYJ, Visipak, Amcor Limited, Montebello Packaging, Albea Group, Worldwide Packaging, and Unette Corporation made the market highly competitive in nature. Manufacturers are focusing on strategic initiatives such as M&A and research and development (R&D). For example, in March 2018, SIG and Amcor collaborated for sourcing of aluminum foils to meet the regulations of the Aluminum Stewardship Initiative.
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Further key findings from the report suggest:
• North America is expected to account for the revenue share of USD 12.0 billion by the end of 2025.
• In, 2018, plastic segment accounted for the revenue share of 40.2% and it is expected to grow significantly over the forecast period
• Asia Pacific is projected to grow at the fastest CAGR of 7.6% from 2019 to 2025.
• Rising demand for tube packaging across different countries such as Germany, India, U.K. and Saudi Arabia owing to high consumption in domestic sector, rising disposable income levels, presence of key manufacturers, and growing world population.
• Presence of leading manufacturers such as Essel Propack, Sonoco Products Company, Huhtamaki OYJ, Visipak, Albea Group, and Amcor Limited made the tube packaging market highly competitive in nature.
Million Insights has segmented the global tube packaging market based on material, application, and region:
Tube Packaging Material Outlook (Revenue, USD Billion, 2015 – 2025)
Tube Packaging Application Outlook (Revenue, USD Billion, 2015 – 2025)
• Personal Care
Tube Packaging Regional Outlook (Revenue, USD Billion, 2015 – 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
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