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Packaging Tube Market
Packaging Tube Market size was valued at $9.8 billion in 2021, and is projected to reach $17.9 billion by 2031, growing at a CAGR of 6.1% from 2022 to 2031
WILMINGTON, DELAWARE, UNITED STATES, March 28, 2024 /EINPresswire / -- Rise in demand for bioplastics around the world serves as a potential opportunity for the expansion of the global packaging tube market . However, in 2020, manufacturing and transportation activities, along with their supply chains were hampered on a global level. This led to a decline in the manufacturing of packaging tubes as well as their demand in the market, thereby restraining the growth of the packaging tube market during the pandemic.
The global packaging tube market garnered $9.8 billion in 2021, and is estimated to generate $17.9 billion by 2031, manifesting a CAGR of 6.1% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Covid-19 Scenario:
The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global packaging tube market, owing to implementation of global lockdown, travel restrictions, and social distancing norms.
The construction, manufacturing, hotel, and tourism industries were majorly affected. Manufacturing and transportation activities, along with their supply chains, were hampered on a global level. This led to a decline in the manufacturing of packaging tubes as well as their demand in the market, thereby restraining the growth of the packaging tube market.
Conversely, industries are gradually resuming their manufacturing and services. This is expected to lead to the re-initiation of the packaging tube industry at its full-scale capacities, which is helping the market to recover since the end of 2021.
Covid-19 Scenario:
The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global packaging tube market, owing to implementation of global lockdown, travel restrictions, and social distancing norms.
The construction, manufacturing, hotel, and tourism industries were majorly affected. Manufacturing and transportation activities, along with their supply chains, were hampered on a global level. This led to a decline in the manufacturing of packaging tubes as well as their demand in the market, thereby restraining the growth of the packaging tube market.
Conversely, industries are gradually resuming their manufacturing and services. This is expected to lead to the re-initiation of the packaging tube industry at its full-scale capacities, which is helping the market to recover since the end of 2021.
The research provides detailed segmentation of the global packaging tube market based on Product, Type, Application, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on product, the plastic segment held the highest share in 2021, accounting for nearly 90% of the global packaging tube market, and is expected to continue its leadership status during the forecast period. However, the aluminum segment is expected to register the highest CAGR of 7.1% from 2022 to 2031.
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Based on type, the sqeeze and collapsible segment accounted for the highest share in 2021, contributing to nearly four-fifths of the global packaging tube market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the twist segment is expected to manifest the highest CAGR of 7.1% from 2022 to 2031.
Based on application, the personal and oral care segment accounted for the highest share in 2021, holding more than half of the global packaging tube market, and is expected to continue its leadership status during the forecast period. However, the pharmaceutical segment is estimated to grow at the highest CAGR of 7.1% during the forecast period.
Based on region, Asia-Pacific held the largest share in 2021, contributing to nearly two-fifths of the global packaging tube market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the same region is expected to manifest the fastest CAGR of 6.9% during the forecast period. The research also analyzes regions including North America, LAMEA, and Europe.
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Key Players:
Leading market players of the global packaging tube market analyzed in the research include Hoffman Neopack AG, Montebello Packaging Inc., VisiPak, Inc., Precision Concepts International, Amcor Plc, Essel propack Limited, World Wide Packaging Inc., Albea Group S.A.S., Sonoco Products Company, and CCL Industries Inc.
The report provides a detailed analysis of these key players of the global packaging tube market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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