Tube packaging market worth $8.63 billion by 2020
A recent study from MarketsandMarkets (marketsandmarkets.com) entitled "Tube Packaging Market," defines and segments the global Tube Packaging Market with analysis and forecast of the global revenues for tube packaging. It also identifies the driving and restraining factors of the market with analysis of trends, opportunities, burning issues, winning imperatives, and challenges. The market is segmented and revenues are forecasted on the basis of major regions, such as North America, Europe, Asia-Pacific, and Rest of the World (RoW). The key countries are covered and their market sizes have been forecasted for each region. Further, the market is segmented and revenues are forecasted on the basis of application.
The market report found that the tube packaging industry has a positive outlook due to high growth in the packaging industries. Rising per capita income and rising trends of sustainable packaging are accelerating the demand for squeeze tubes and laminated. Consumer preference in emerging economies such as China, India, Brazil, and South Africa are gradually transitioning from traditional packaging to new innovative packaging. The movement of rural population to urban areas in developing countries has also been increased, due to which the demand for new tube packaging is on the rise. China and Japan are projected to witness the highest demand for the Tube Packaging Market in the coming years. The demand for sustainable packaging, convenient packaging and excellent barrier property of tubes is fueling the Tube Packaging Market. The demand for tube packaging is projected to rise in developing countries, such as China, India, and some other Asia-Pacific countries including Indonesia and Thailand.
The market for tube packaging is observed to mature in developing economies, such as Europe and North America. The reason behind this is the high disposable income. The Europe region formed the largest market for tube packaging, in terms of volume, having accounted for 12 Billion tubes in 2014. Asia-Pacific formed the second-largest market, with a share of 27%. The Asia-Pacific region is projected to be the fastest-growing market for tube packaging from 2015 to 2020. The global market for tube packaging is projected to grow at a CAGR of 6.65% from 2015, to reach $8,638.9 Million by 2020.
The market for tube packaging is driven by the growth in the flexible packaging industry along with excellent barrier properties and innovative packaging. The rising population has also encouraged the Tube Packaging Market. High disposable income has enabled the end users to spend more on such type of packaging, which facilitate ease of use. Most importantly, the changing mindset of end users has triggered the usage of tube in day-to-day life. The global Tube Packaging Market is marked with intense competition due to the presence of a large number of both, big and small firms.