LONDON, Oct. 29, 2015 /PRNewswire/ -- The tube packaging market includes all the types of tubes such as squeeze tubes, twist tubes, and other tubes. The tube packaging market has varied applications, such as cosmetics & oral care, food & beverages, pharmaceuticals, consumer goods, and others. Tubes possess properties such as excellent barrier properties, convenient packaging, which fuel the growth of the tube packaging market.
The market for tube packaging is observed to be matured in developing economies, such as Europe and North America. The reason behind this is the high disposable income. The European 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 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. Mergers & acquisitions, and partnerships and expansions are the key strategies adopted by market players to ensure their growth in the market. Companies such as, , Essel Propack(India), Sonoco (U.S.), Huhtamaki OYJ(Finland), and Amcor Ltd.(Australia) are some of the prominent companies in the tube packaging market.
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