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According to a new report by Dallas-based MarketsandMarkets, growth in the flexible packaging industry is driving the market for global tube packaging. Other factors include excellent barrier properties and innovative and easy-to-use packaging. The report estimates that the tube packaging market will reach $8,638.9 billion by 2020.
The report divides the market into major regions such as North America, Europe, Asia-Pacific and Rest of the World (RoW) and forecasts the market sizes of key countries in these regions. The report also provides forecasts based on application.
According to the report, consumer preference for new innovative packaging is rising in emerging economies such as China, India, Brazil and South Africa. Additionally, tube packaging demand increases as more people in these developing countries move from rural areas to cities.
The report forecasts China and Japan to see the highest demand for the tube packaging market in the coming years. Sustainable packaging, convenient packaging and excellent barrier properties are fueling the market in these countries.
According to the report, Europe formed the largest market for tube packaging, having accounted for twelve billion tubes in 2014. The report expects the market to mature in developed economies such as Europe and North America due to high disposable income.