Plastic is a significant material utilized in tube packaging on account of its lightweightness, low cost, durability, flexibility, and other factors. It is extensively utilized in a number of industries like food, cosmetic & personal care, and pharmaceutical, among others, as it results in fewer energy wastage and transportation costs. This kind of packaging also warrants product safety and extends shelf life.
The growth of the global plastic tube packaging market is mainly driven by the rise in product application within the diverse sectors such as healthcare, personal & oral care, and food segments. In addition, novelty in packaging & designs, rising working population, busy lifestyles, and convenience are other factors anticipated to fuel the market growth during the forecast period. Apart from this, the rising rate of urbanization, increasing disposable incomes of customers, and mounting millennial population are other factors contributing positively to expansion of the market. Also, the worldwide COVID-19 or coronavirus pandemic has resulted in an unexpected halt to manufacturing activities around the world, impacting the demand for plastics along with their processing & production. The most drastically obstructed end-use sectors of the plastics industry comprise consumer goods, automotive & transportation, construction, industrial equipment, and electronics. However, the condition is hoped to get in control and drive the growth graph of market during the near-future.
The global plastic tube packaging market is categorized based on product, application, and region. Based on product, the market is divided into twist, squeeze, and rigid tubes. Based on application, the market is segregated into pharmaceuticals, personal & oral care, consumer goods, food, and others. Regionally, Europe is projected to lead the global plastic tube packaging market during the forecast period owing to the hectic lifestyles and rising working people along with the convenience to use and carry these products. Further, Asia Pacific is also expected to observe substantial growth as manufacturers are concentrating more on introducing innovative pack sizes, functionality, and formats. Also, the altering lifestyle and growing purchasing power is projected to surge the request for packaged products, thus fueling the regional market growth.
Few of the prominent players within the global tube packaging market include Albea Group, Amcor Ltd., CCL Industries, Sinclair & Rush, Inc., Sonoco Products Company, Huhtamaki, Essel Propack Ltd, World Wide Packaging LLC, Unette Corporation, and Montebello Packaging. To cite, in February 2018, the Clopay Plastic Products Company, Inc., a Griffon Corporation subsidiary, was acquired by Berry Global Group, Inc. for USD 475 million in cash on a cash-free, debt-free basis. The procurement of Clopay is allied directly with the fundamental strategic initiatives of the company.
