Some of the key driving factors for tube packaging market are significant growth in packaging industries coupled with innovative packaging and excellent barrier properties and trending mindset of end-users towards sustainable packaging among others. Moreover, this packaging technique has a wide range of application areas in different segments of industry which increases scope of its applications. In addition, there are other geographical drivers which are also responsible for the growth of the market.
However, due to presence of large number of manufacturers, the global tube packaging market is witnessing intense competition. Hence, in order to ensure proper growth in the market, major players are likely to adopt certain key strategies in the future, such as mergers and acquisitions, partnerships and expansions among others. Global economic meltdown and packaging raw material price volatility are two major restraints for tube packaging industry.
Global tube packaging market can be broadly classified into different segments based upon materials, applications, product and geography. By material type, this market is segmented into laminated tubes, aluminium tubes, plastic tubes and others. Laminated tubes have excellent barrier property and thus will drive the global tube packaging market even further in the future. There are different application areas of tube packaging, such as cosmetics and oral care, food and beverages, pharmaceuticals and consumer goods.
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The cosmetics and oral care segment is anticipated to witness huge growth in the future due to improved lifestyle globally, followed by pharmaceutical segment. In terms of product types, the market for global tube packaging is further classified into squeeze tubes, twist tubes and others. Increasing demand for convenient packaging is likely to drive the market for squeeze tubes.
The global tube packaging market is significantly large in Europe and North America, majorly due to increasing per capita income and consumer spending. Currently, Europe is dominating the market in terms of revenue. Moreover, Asia Pacific is expected to be the fastest growing segment. The key factors attributed to the demand for sustainable and innovative packaging in emerging economies, such as China and India among others. Moreover, there has been remarkable transition of end-users’s preference from traditional packaging to innovative packaging in parts of Middle East and Africa, which is eventually helping the market to develop even further in the future.