seattle, WA -- (SBWIRE) -- 03/11/2020 -- The market is projected to witness considerable growth in terms of volume over the forecast period due to technological advancements in the packaging industry. Moreover, factors such as ease of transportation & handling, eco-friendly nature, and lower cost of tube packaging materials are playing an important role in the growth of the tube packaging market.
The tube packaging materials commonly used include plastic, metal, brick cartons, paper, cardboard, and glass. These materials are used in various end-use industries dependent on packaging requirements. For instance, aluminum and tin are used to store food & beverages in cans. This is due to corrosion resistant properties of these metals, which ensure that the product is not contaminated. Similarly, alcohol is typically stored and sold in glass bottles, as it looks visually appealing and has a longer shelf life than plastic bottles.
Get The Holistic SAMPLE With Research Methodology: https://www.coherentmarketinsights.com/insight/request-sample/571
Based on material type, the laminated segment held the largest market share in the industry in 2017. Laminate tubes are made from several film layers assembled by heat, pressure, or adhesives, in order to achieve improved oxygen, water or light resistance, or better appearance. Laminate tubes are manufactured with plastic and aluminum layers. The combination of layers is selected to minimize cost and maximize the quality of the tube.
End users of packaging materials include food and beverages, electronics, pharmaceuticals, personal care, textile, consumer goods, and chemical processing industries. The largest share is held by food and beverages packaging segment due to increasing consumption of packaged food in emerging economies. According to Department of Industrial Policies and Promotion (DIPP), India received US$ 6.82 billion worth of foreign direct investment (FDI) for the food processing sector during the period 2000-2016, for improving and promoting the food processing industry.
Favorable growth of end-use industries such as food & beverages, pharmaceutical, and personal care across the globe has created high growth opportunity for manufacturers in the tube packaging market. According to the International Trade Association report, the global market for pharmaceuticals is expected to reach US$ 1.3 trillion by the end of 2020. Total sales of pharmaceuticals in the U.S. were US$ 333 billion in 2015, which was triple the size of sales in China. Total exports in the U.S. personal care and cosmetics market amounted to US$ 10.4 billion in 2015 and grew at an average rate of 15% from 2015 till 2017.
Browse More Information: https://www.coherentmarketinsights.com/market-insight/tube-packaging-market-571
Stringent government regulations regarding tube packaging materials are expected to hamper the tube packaging market growth. However, technological advancements in the packaging industry are predicted to drive demand for tube packaging in the near future. International Standard of Organization (ISO) imposed standards on the packaging. For instance, ISO 18604:2013 specifies the requirements for packaging which are recoverable in the form of material recycling while accommodating the continuing development of both packaging and recovery technologies and sets out procedures for assessment of meeting its requirements. Manufacturers need to meet such standards in order to maintain their product quality and compete in the global market.
The global tube packaging market was pegged at 36.00 billion tons in 2017 and is expected to register a CAGR of 8.1% in terms of volume, over the forecast period (2018 – 2026).
Europe is the fastest growing region and held the largest market share of about 30.0% in 2017, owing to widespread adoption of tube packaging in oral care and cosmetic industries. Availability of a wide-range of tube packaging solutions along with rising demand for convenient packaging is projected to fuel the market growth in Europe in the near future.
Furthermore, companies are focused on developing new technologies to expand their market share. For instance, in May 2017, World Wide Packaging Inc. launched a groundbreaking tube decorating technology known as Direct Flexo Imaging (DFI), which utilizes high-resolution print imaging.
Place Query: https://www.coherentmarketinsights.com/insight/talk-to-analyst/571
Players operating in the global tube packaging market are adopting various growth strategies such as mergers and acquisitions and business expansions to cater to increasing demand for tube packaging. For instance, in July 2018, CCL Industries completed the acquisition of Treofan Americas. Treofan Americas manufactures and supplies polypropylene films for packaging, labeling, and specialty film markets and offers to package and label films, coated flexible packaging films, tobacco films, and technical films.
Major players operating in the global tube packaging market include Albea S.A., Amcor Limited, Essel Propack Limited, Sonoco Products Company, World Wide Packaging Inc., Montebello Packaging Inc., VisiPak, Inc., Intrapac International Corporation, and CCL Industries Inc.