Tube Packaging Market Is Estimated To Witness High Growth Owing To Rising Demand From Healthcare Industry

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Tube packaging refers to a form of protective packaging that utilizes rolled sheets of aluminum, plastic or steel films to package various products including pharmaceuticals, cosmetics, adhesives and lubricants. Popular tube types include laminate, extruded and metal tubes. Tube packaging offers several benefits like product protection, ease of handling, precise material dispensing which make them suitable for end use industries like healthcare, food and construction. In the healthcare industry, tubes are widely used for packaging of medicines like ointments, gels and creams. The advantages of tube packaging such as leak proof seal, reclosability and easy application make them preferred choice for pharmaceutical products.

The global tube packaging market is estimated to be valued at US$ 10585.97 Mn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The tube packaging market growth is majorly driven by rising demand from healthcare industry. According to World Health Organization (WHO), global healthcare spending is expected to increase from US$ 8.5 trillion in 2020 to US$ 10 trillion by 2022. This rising healthcare expenditure is creating increased demand for pharmaceutical products which in turn is propelling the uptake of tube packaging. Moreover, tube packaging provides ease of handling and controlled dosage to users which is another factor fueling their adoption for pharmaceutical products packaging.

SWOT Analysis

Strength: Tube packaging provides protection to several sensitive items like pharmaceuticals, food products, cosmetics, etc. It offers tamper evidence and ensures the product remains clean and fresh for longer durations. This reduces damage and wastage during transportation and storage. Tube packaging helps brands stand out on shelves with attractive graphics and branding on the tubes.

Weakness: Tube packaging requires specialized machinery for production which results in high initial setup costs. Frequent design changes trigger additional costs and long lead times to adjust tube lines. Certain types of tubes like aluminum tubes have lack of flexibility for reclosability.

Opportunity: Growing pharmaceutical, food, and personal care industries globally are fueling demand for innovative and sustainable tube packaging solutions. Developing economies offer untapped potential with increasing disposable incomes and changing consumption patterns. Brands can leverage tube shapes and textures to enhance consumer experience and facilitate product application.

Threats: Rising raw material prices especially of plastic resins and paper poses margin challenges. Stricter environmental regulations around plastic waste management threaten viability of certain plastic tube designs. Existing manufacturers face competition from new local players with low production costs.

Key Takeaways

The global Tube Packaging Market Share is expected to witness high growth over the forecast period supported by expanding end use industries. The global tube packaging market is estimated to be valued at US$ 10585.97 Mn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030.

North America currently dominates the market owing to presence of leading tube packaging manufacturers and strong demand from pharmaceutical companies in the region. Asia Pacific is projected to be the fastest growing region on account rapid economic development, favorable policies and emergence of contract packaging specialists catering to global brands. This can be attributed to factors such as growing middle class population, increasing healthcare spending, and rising consumer goods consumption in emerging economies like India and China. Local tube manufacturers in Asia are strengthening their production infrastructure to cater to global as well as domestic demand.

Key players related content comprises:
Key players operating in the tube packaging market are 3M Company, Essel Propack Limited, ALBEA, Montebello Packaging, and Linhardt GmbH & Co. KG. 3M Company specializes in pharmaceutical and personal care tubes while Essel Propack dominates the volume markets in India and Asia. ALBEA offers bespoke tube filling and decorating capabilities. Montebello Packaging focuses on sustainable and customizable solutions. Linhardt supplies pumps and closures with tubes.

For more insights, read- https://www.pressreleasebulletin.com/tube-packaging-market-trends-size-and-share-analysis/

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