CHICAGO, June 25, 2019 /PRNewswire/ -- According to a research report "Tube Packaging Market by Type (Squeeze Tubes, Twist Tubes), Application (Cosmetics & Oral Care, Food & Beverages, Pharmaceuticals, Cleaning Products), Material (Laminated, Aluminum, Plastic), and Region - Global Forecast to 2021", published by MarketsandMarkets™, the Tube Packaging Market size is estimated to grow from USD 6.65 Billion in 2016 to USD 9.30 Billion by 2021, at a CAGR of 6.9%.
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The tube packaging market is projected to witness significant growth in the next few years with the increasing demand from the cosmetics industry for tube packaging as tubes protect cosmetic products from bacteria; in addition, squeeze tubes limit the exposure of the content to the outer atmosphere, thus increasing the shelf-life of the products.
Cosmetics & oral care gain maximum traction during the forecast period
The cosmetics & oral care segment dominated the market in 2015 and is projected to be the fastest-growing end-user sector in the next five years, as a result of the increase in demand for innovative packaging in various industries, which drives the market for tube packaging. Tube packaging is re-closable, non-reactive, allows for easy dispensing, and is available in small packages.
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Laminated segment to grow at the highest rate during the forecast period
The laminated segment is projected to grow at the highest CAGR during the forecast period, as a result of the increase in demand for packaging with excellent barrier protection, which is essential for packaging pharmaceutical products. Laminated tubes also minimize the transfer of oxygen and light, thus protecting the substance, which also drives the demand for laminated tubes.
The European region accounted for the largest market share for tube packaging market in 2015.
The U.K. contributes a major market share in the European tube packaging market. The demand for convenient, safe, and sustainable packaging will drive the market for tube packaging in the U.K. Europe is a developed region; with busy lifestyles and growing working population, the demand for convenience and on-the-go food is high, which is driving the market for tube packaging.
The major players in the Tube Packaging Market include Amcor ltd. (Australia), Albea Group (France), Huhtamaki OYJ (Finland),Constantia Flexible (Austria), Sonoco Product Company (U.S.), VisiPak ltd (U.S.), Essel Propack Ltd (India), Montebello packaging (Canada), and Unette Corporation (U.S.).
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