Squeeze Tube Packaging Market - Size, Share, Outlook, and Opportunity Analysis, 2018-2026
Squeeze tubes are collapsible container which are widely used for packaging of toothpaste, adhesive, caulk, creams, paints, ointments, etc. Favorable growth of food & beverages and pharmaceutical & personal care industries globally is driving growth of the tube packaging market. According to International Trade Association report, the worldwide market for pharmaceuticals is expected to reach US$ 1.3 trillion by the end of 2020. Total sales of pharmaceuticals in the U.S. was valued US$ 333 billion in 2015 which was triple the size of sale in China. Total U.S. exports in the personal care and cosmetics totaled at US$ 10.4 billion in 2015. Total U.S. exports in the personal care and cosmetics industry grew at an average rate of 15% between 2012 and 2015. Request For Sample Copy of this Research Report : https://www.coherentmarketinsights.com/insight/request-sample/2385 Advancements in technology are providing new opportunities for players in the packaging industry. To cater to rising demand for quality tubes, manufacturers are focusing on innovation not only in materials, products, and processes but also, in the technology that it uses. For instance, Essel has pioneered SHOT (Super High Output Tubes) technology, which enables the company to produce 500 tubes per minute, which was 60-250 tubes per minute previously. Government regulations regarding tube packaging material is expected to negatively affect the tube packaging market growth. According to Food And Drug Administration Department of Health and Human Services, code of federal regulations, revised as of April 1, 2017 mentions that, each manufacturer and packer who packages a cosmetic liquid, oral hygiene products or vaginal product for retail sale shall package the product in a tamper-resistant package, if this product is accessible to the public while held for sale. The global squeeze tube packaging market was pegged at 23.11 billion tubes in 2017 and is expected to register a CAGR of 7.72% in terms of volume, during the forecast period (2018 – 2025) to reach 41.64 billion tubes by 2025. Oral care products accounted for the largest share in 2017. This is due to changing lifestyle of consumers leading to demand for specialized oral care products and