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NEW YORK , May 11, 2022 /PRNewswire/ -- As per Zion Market Research study, The global Tube Packaging Market was worth around USD 9.46 billion in 2021 and is estimated to grow to about USD 13.57 billion by 2028, with a compound annual growth rate (CAGR) of approximately 6.20 percent over the forecast period. The report analyzes the digital remittance market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the digital remittance market.
Key Industry Insights & Finding of the Tube Packaging Market Reports:
Zion Market Research published the latest report titled as "Tube Packaging Market By Raw Material (Aluminum, Plastic, Others), By Product (Laminated Tube, Extruded Plastic Tube, Aluminium Tube), By Application (Personal Care & Oral Care, Healthcare, Food, Consumer Goods & Others) and By Geography – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2022 – 2028." into their research database.
Tube packaging is becoming more popular due to its use in areas such as cosmetics and personal care, healthcare, and food. The personal care sector is expected to expand due to rising consumer awareness of personal health and wellness. Growing concern about personal appearance is driving up demand for personal care products, which will drive up demand for tube packaging solutions.
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Tube Packaging Market: Growth Dynamics
Drivers: The expansion of the flexible packaging industry.
The expansion of the flexible packaging business is a significant driving force in the tube packaging sector. The economic growth of numerous companies such as cosmetics, toiletries, and medicines significantly impact the flexible packaging industry. Because of the growing middle-class population in the APAC area, this industry is expected to proliferate in the future years. Emerging markets for flexible packaging include India , China , Saudi Arabia , Russia , and Brazil , which are likely to increase rapidly throughout the projection period.
Restraints: Government regulations are strict.
Various governments worldwide have enacted rigorous regulations to reduce the impact of trash and its toxic by-products on the environment, flora, and fauna. They have also enacted strict legislation to manage consumer and industrial plastic garbage to decrease the amount of solid waste that accumulates in landfills. Regulatory authorities in the United States and Europe levy fines for non-compliance with norms and acts. Using biodegradable raw materials costs more than conventional raw materials. This raises the production cost, so the packaging industry must keep the price low. As companies' profit margins shrink, this becomes a severe market restraint.
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Global Tube Packaging Market: Segmentation
By raw material the market is segmented into three divisions: aluminum, plastic, and others. PE is the most utilized plastic in the production of extruded plastic tubes, as evidenced by the increase in production capacity by important players such as Formosa Plastics and Dow. Furthermore, a variety of plastics, including LDPE, MDPE, LLDPE, and HDPE, are used to manufacture the products.
By product, the market is divided into three categories: laminated tubes, extruded plastic tubes, and aluminum tubes. Laminated tubes are constructed of multiple layers of polymers or other materials that act as a significant barrier to light, moisture, and air, extending the shelf life of packaged goods.
By application, the market is segmented into Personal Care & Oral Care, Healthcare, Food, Consumer Goods, and Others. This can be attributed to growing health and wellness awareness and an increase in demand for natural, chemical-free, and organic products.
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List of Key Players of Tube Packaging Market:
Key questions answered in this report:
By Product Type, By Application, and By End Use
Value (USD Billion), and Volume (Units)
Revenue in USD million/billion and CAGR from 2022 to 2028
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Amcor (Switzerland), Albea Group (France), Essel Propack Limited (India), Hoffman Neopack AG (Switzerland), and Huhtamaki Oyj(Finland).
Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
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In 2021, the APAC region is predicted to have the largest share of the Tube packaging market. The market in the region is rising due to an increase in demand for small and innovative packs for cosmetics and oral care applications. India , China , and South Korea are establishing themselves as regional manufacturing powerhouses. Growth in the region is also aided by rising population and disposable income levels.
The Middle East and Africa are likewise well-known for their quick development, with the bulk of the population earning well and being inclined toward materialism. Customers in the area are becoming less brand loyal as a result of the availability of significantly cheaper alternatives.
Global Tube Packaging Market is segmented as follows:
Tube Packaging Market: By Raw Material Outlook (2022-2028)
Tube Packaging Market: By Product Outlook (2022-2028)
Tube Packaging Market: By Application Outlook (2022-2028)
Tube Packaging Market: By Region Outlook (2022-2028)
Press Release For Tube Packaging Market: https://www.zionmarketresearch.com/news/global-tube-packaging-market
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