Market Trends of Tube Packaging Industry
This section covers the major market trends shaping the Tube Packaging Market according to our research experts:
Plastics to Drive the Market Growth
- Plastic is a prominent material used in tube packaging, due to its low cost, lightweight, flexibility, durability, and other factors. In addition, it is odorless and offers a pleasant appearance.
- The usage of plastic tubes in various industries that include cosmetic and personal care, food, and pharmaceutical, among others, leads to fewer transportation costs and energy waste. This type of packaging also ensures product safety and prolongs shelf life.
- As convenience and hygiene are gaining importance across regions, the demand for plastic tubes is propelling, specifically in the cosmetic industry.
- Nevertheless, sustainable packaging has ensured significant amounts of plastic recycling and innovations in material technology that have enabled the development of environment-friendly plastic packaging solutions. Further, to strike a balance between better economics and sustainability, major players are shifting to recyclable packaging by using reusable and compostable plastic material.
- The European Union (EU) and the American Chemical Council’s Plastics Division recently announced the target of 100% use of recyclable, reusable and compostable plastics by 2025 and 2040 in their regions. These regulations are expected to shape the plastic tube packaging industry in the future.
- However, over the last decade, the environmental impacts of plastic have resulted in a slowdown of the segment.
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Asia-Pacific to Execute a Significant Growth Rate
- The population in Asia-Pacific is increasingly improving its lifestyle and living standards. This factor coupled with the rising trends in cosmetic and pharmaceutical products and awareness for health and hygiene is driving the market in the region.
- Apart from cosmetic demand from the region, Asia-Pacific countries are significantly exporting cosmetic products to the US. According to the International Trade Administration, over 20% of US. global exports are via Asian countries.
- Moreover, the demand for healthcare and hygiene in the country is also high. In China with a population of 1.37 billion, the oral disease has a large burden on the government healthcare system and is an even greater economic burden on individuals. Periodontal diseases are common in India as well. these factors have resulted in an increased demand for toothpaste and other oral care products that use tube packaging.
- Besides, China accounted for 52% of the world’s plastic scrap imports in 2018, according to the Institute of Scrap Recycling Industries. This emphasis on plastic recycling is also estimated to expand the plastic tube packaging sector, thereby, supporting the growth of tube packaging.
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