Plastic Tube For Packaging Market by forecast 2023 | Global Plastic Tube For Packaging Market Information by Materials (laminate, plastic, aluminum, and others), by Product (squeeze tubes, twist tubes, and others), Application (personal care, pharmaceuticals, food, consumer goods and others) and Region - forecast 2017-2023
Plastic Tube For Packaging Market Overview
The global Plastic Tube For Packaging Market, according to the report by Market Research Future (MRFR), is poised to reach a substantial market valuation at a moderate CAGR over the review period.
The driving factors for the growth of the Plastic Tube For Packaging Market are the increasing preference for tube packaging in several consumer products from industry verticals such as cosmetics, pharmaceuticals, and various other household use products. This is attributed to the superior properties offered by tube packagings, such as convenience, safety, and sustainability. The growing population with busy lifestyles, innovation, and creativity in designs, and packaging are increasing the demand for tube packaging. The increasing demand for personal care and cosmetic products is one of the significant factors contributing to market growth over the review period.
On the other hand, the fluctuating prices of raw materials are expected to create restraints for the Plastic Tube For Packaging Market growth over the assessment period.
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The key market players of the global market for tube packaging identified by MRFR are
- Amcor Ltd. (Australia)
- CCL Industries (Canada)
- Sonoco Products Company (U.S.)
- Sinclair & Rush, Inc. (U.S.)
- Albea Group (Luxembourg)
- World Wide Packaging LLC (U.S.)
- Huhtamaki (Finland)
- Essel Propack Ltd (India)
- Montebello Packaging (Canada)
- Unette Corporation (U.S.)
October 2019: L’Oréal, a world leader in cosmetics and beauty products, announced its collaboration with Albéa, a leading packaging solutions provider, to launch the first carton-based cosmetic tube, substituting most of the plastic with a bio-based, verified paper-like material.
October 2019: Stora Enso, a leading global provider of renewable solutions for the packaging, biomaterials, wooden constructions, and paper industry, introduced a paperboard tube as an eco-friendly replacement for plastic tube packaging for cosmetics.
Tube Packaging Market Segmental Analysis
The global Plastic Tube For Packaging Market has been segmented based on material, product, and application. The types of materials used in the market include laminate, aluminum, plastic, and others.
The products available in the global market are twist tubes, squeeze tubes, and others. The squeeze tube segment is leading the market over the review period, owing to its superior properties of damage proof, non-toxic, and hygienic.
The applications of tube packaging are used for products manufactured in personal care, cosmetics, pharmaceuticals, food, consumer goods, and others. The pharmaceutical segment is expected to dominate the market over the review period. The growth of the pharmaceutical industry contributes to the demand for tube packaging since tube packaging is preferred for pharmaceutical packaging since it is inexpensive, lightweight, flexible, and unbreakable.
The global Plastic Tube For Packaging Market based on region is segmented into Europe, the Asia Pacific, North America, and the rest of the world.
Europe is also one of the essential markets for tube packaging and is expected to reach a substantial market valuation over the review period. This is attributed to the presence of established industry verticals and dominant market players who are contributing to the growth of the market. The Asia Pacific region is expected to be the most lucrative Plastic Tube For Packaging Market across the globe owing to the increasing growth in the manufacture of consumer goods from China and India. With rising awareness about global warming and concerns about the changing climatic conditions, the advent of eco-friendly packaging technologies, which are inexpensive and produced from recycled material and eco-friendly techniques of tube packaging, has driven the market towards growth. From the last couple of years, disposable income in developing countries has been growing. The better disposable income in these developing countries, resulting in an increase in buying power, which is consequential for the demand for consumer goods, and thus for Plastic Tube For Packaging Market. Developing economies such as India, Japan, and China, are expected to offer profitable market dynamics for the growth of the Tube Packaging For Cosmetics Market.
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Related News : https://www.marketwatch.com/press-release/plastic-tube-packaging-plastic-tube-packaging-market-2019-top-manufacturers-financial-overview-business-revenue-global-trends-industry-growth-size-and-forecast-till-2023-2019-09-30