New York, March 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Tube Packaging Global Market Report 2023" - https://www.reportlinker.com/p06433780/?utm_source=GNW
, Hoffman Neopack AG, Huhtamaki Oyj, CTL Packaging USA, HCT Packaging Inc., Maynard & Harris Plastics, Printpack Inc., and Silgan Holdings Inc.
The global tube packaging market grew from $10.17 billion in 2022 to $11.06 billion in 2023 at a compound annual growth rate (CAGR) of 8.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The tube packaging market is expected to grow to $15.35 billion in 2027 at a CAGR of 8.5%.
The tube packaging market consists of sales of flexible and rigid packaging, boxes, envelopes, tapes, handles, cushioning, bags, reusable containers, drums.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Tube packaging is a cylindrical shape packaging in which the material to be packed is enclosed in various types of materials such as plastic, paper, and aluminum are used for making tube packaging. It is used for packing various gel-like materials such as creams, ointments, gels, and other thick liquids.
North America was the largest region in the tube packaging market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in tube packaging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The types of tube packaging are laminated, aluminum, and plastic.Laminate tubes refer to a hybrid of aluminum tubes and plastic tubes.
It has multiple layers of plastic separated by layers of aluminum foil.The types of packages include squeeze, twist, stick, cartridges, and other package types.
The various applications include oral care, cosmetics, food & beverage, pharmaceuticals, cleaning products, and other applications.
The growth of the flexible packaging industry is expected to propel the growth of the tube packaging market going forward.Flexible packaging refers to the packaging of products using non-rigid materials.
Flexible packaging helps the tube packaging market to grow by packing consumer and institutional products and in industrial applications, to market, protect, and distribute different products. For instance, according to the Flexible Packaging Association, a US-based association of flexible packaging manufacturers, the flexible packaging industry generated $33.6 billion in sales and it was the second largest packaging segment in the US and generated 19% of the packaging sales in the U.S. Therefore the growth of the flexible packaging industry is driving the growth of the tube packaging market.
Product innovation is a key trend gaining popularity in the tube packaging market.Major companies operating in the tube packaging market are looking for innovative products to strengthen their position in the market.
For instance, in May 2021, BillerudKorsnas, a Sweden-based paper mill company launched paper tube packaging made of BillerudKorsnäs FibreForm. BillerudKorsnäs FibreForm is a unique low-carbon material that allows the tube to keep its shape when squeezed, without traces, which makes it unique compared to tubes made of other fiber materials that allow for up to ten times deeper embossing than regular paper, resulting in unique 3D effects and a memorable tactile experience.
In November 2021, Sonoco, a US-based packaging company, acquired D&W paper Tubes Inc. for an undisclosed amount. The acquisition would be complementary to the industrial paper packaging business of Sonoco and help extend the product operations of Sonoco in the Southeast. D&W Paper Tubes is a US-based manufacturer of sustainable industrial paper tubes and cores operating in the tube packaging market.
The countries covered in the tube packaging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The tube packaging market research report is one of a series of new reports that provides tube packaging market statistics, including tube packaging industry global market size, regional shares, competitors with a tube packaging market share, detailed tube packaging market segments, market trends and opportunities, and any further data you may need to thrive in the tube packaging industry. This tube packaging market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06433780/?utm_source=GNW
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