Global Tube Packaging Market 2022-2028

Global Tube Packaging Market 2022-2028

Market Overview

The global tube packaging market is estimated to exhibit a significant CAGR of 5.9% during the forecast period (2021-2028). The global tube packaging market was valued nearly at $9.0 billion in 2021 and is estimated reach around $13.3 billion in 2028. The growing trend towards flexible tube packaging solutions in place of rigid packaging in various industries such as cosmetics, pharmaceuticals, and others act as a major factor that propels the market growth during the forecast period. Advanced packaging technology such as tube packaging has allowed companies to introduce innovation in products rather than adhere to traditional packaging methods. The adoption of tubes in packaging is increasing due to several benefits such as ease of use, portability, and convenience. The tubes are an excellent choice for the packaging industry as they can be manufactured with short lead times and are suitable for many packaging possibilities, which includes 3D printing. Changing preferences for products and packaging formats may result in increased demand for tube-based packaging products.

Market Segmentation

The global tube packaging market is segmented based on material type, and vertical. Based on the material type, the market is segmented into laminated tubes, aluminum tubes, plastic tubes, and others such as paper. Laminated tubes held the highest market share of 42.5% accounted for $3.8 billion in 2021 and is anticipated to reach nearly $5.8 billion in 2028. Laminated tubes packaging is the most commonly used packaging solution in the cosmetic and personal care industry. Laminated tubes are manufactured by combining plastic and metal which increase their durability; hence, they are suitable for mass products such as toothpaste and others.

Further, based on vertical, the market is classified into cosmetics and oral care, food & beverages, pharmaceutical, and others. The other segment comprises several cleaning products. Cosmetics and oral care segment held the highest market share of 55.5% during the forecast period. Cosmetics and oral care segment were valued at around $5.0 billion in 2021 and is estimated to reach $7.7 billion in 2028. The growth is attributed to the wide usage of tube used in the packaging of cosmetic products such as skin care, hair care, make-up, and oral cosmetics. Further, changing preferences of packaging, innovative package designs, and increasing demand for cosmetics due to the growing youth population are anticipated to drive the market in the forecast period.

Geographically, the report covers the analysis of four major regions including North America (the US, and Canada), Europe (UK, Germany, Italy, Spain, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), and the Rest of the World. The Asia-Pacific market held the highest market share of 41.4% accounted for around $3.7 billion in 2021 and is estimated to reach nearly $5.7 billion in 2028. The market in Asia-Pacific is anticipated to grow at the highest CAGR of 6.4% during the forecast period. Well established cosmetic and personal care industry and food and beverage industry has been creating demand for tube packaging in the region.

Moreover, the study of the global tube packaging market report covers the analysis of various players operating in the market. Some of the key players covered in the report include Amcor, Berry Global, Inc, Essel Propack, CCL Industries Corp, Hoffman Neopack AG, Albea Group, and Huhtamaki Oyj. The players offer a wide range of tube packaging solutions to serve various end-user industries and adopt organic and inorganic growth strategies to remain competitive in the market. In addition, the companies are focused on packaging that is increasingly light-weighted, recyclable, and reusable.

Recent Developments-

● In 2021, Albéa developed the first PCR tube made from chemically recycled plastics. This innovation was made possible by SABIC’s latest recycling technology, which converts post-consumer plastic waste into its original molecular form. This material is then reused to create a high-performance plastic, comparable to virgin new material.

● In July 2021, Berry Global acquired RPC, one of the leading plastic product design and engineering companies for packaging and select non-packaging markets, with 189 sites in 34 countries. RPC develops and manufactures a diverse range of products for a wide variety of customers and holds strong market positions in many of the end markets. It uses a wide range of polymer conversion techniques and is also one of the largest plastic recyclers in Europe.

● In June 2021, Amcor Ltd. acquired Bemis Company, Inc., a global manufacturer of flexible packaging products to become the global leader in consumer packaging.