The global Tube Packaging Market is estimated to be valued at US$ 10585.97 Mn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:-
Tube packaging provides flexibility in applications such as toothpaste, hair color, cosmetics, and pharmaceuticals, adhesive and industrial products. Tubes are used for multiple applications ranging from premium cosmetics to low-cost toothpastes. Tubes are manufactured using a wide range of materials such as plastic, aluminum and laminates. Plastic tubes account for the largest share in the market due to their cost effectiveness and flexibility in design. Aluminum tubes are used for premium products such as hair color and certain skin care products owing to their barrier properties. Laminate tubes find application in pharmaceuticals.
Market key trends:-
Growing demand for flexible packaging from personal care and cosmetics industry is a key trend in the tube packaging market. Flexible tube packaging provides advantages such as product protection, ease of handling and improved shelf appeal. Rising health consciousness among consumers has increased the demand for toothpastes, hair color, pharmaceutical products and cosmetic products packaged in tubes. Innovation in tube designs catering to multiple applications such as kiss-cut tubes with applicators is supporting the growth of the market. Manufacturers are focusing on developing sustainable tubes made from recycled plastic content and aluminum to cater to environmental concerns of brand owners and end users.
Porter's Analysis:-
- Threat of new entrants: The threat of new entrants is moderate due to the requirement of high initial capital investment to build manufacturing facilities and purchase machineries.
- Bargaining power of buyers: The bargaining power of buyers is high due to the presence of numerous established tube packaging manufacturers and easy availability of substitute’s products.
- Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many raw material suppliers and switching costs are low.
- Threat of new substitutes: The threat of new substitutes is moderate as plastic tubes and pouches are substituting conventional metal tubes in several end user industries.
- Competitive rivalry: High due to presence of numerous global and regional players competing on the basis of innovation, product quality, and pricing.
Key Takeaways:-
The Global Tube Packaging Market Demand is expected to witness high growth, exhibiting CAGR of 4.6% over the forecast period, due to increasing demand for flexible and convenient packaging solutions across various industries.
The Asia Pacific region dominates the global tube packaging market, owing to strong presence of pharmaceutical and cosmetic industries and rapid urbanization in countries such as China, India. China represents majority share of the regional market due to favorable government policies supporting flexographic printing industry and availability of cheap labor.
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 launches, mergers, and acquisitions to strengthen their distribution network and product portfolio.
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