marketsandmarkets report forecasts tube packaging market to reach 8.63 billion by 2020. asiapacific region expected to grow the fastest in next five years.
marketsandmarkets report forecasts tube packaging market to reach 8.63 billion by 2020. asiapacific region expected to grow the fastest in next five years.the market for tube packaging is driven by the growth in the flexible packaging industry along with excellent barrier properties and innovative packaging that&rsquos easy to use. the rising population has also encouraged the tube packaging market. high disposable income has enabled end users to spend more on tube packaging.a changing mindset of end users has triggered the usage of tube in daytoday life. the global tube packaging market is marked with intense competition due to the presence of a large number of large and small firms.these are among the findings in a new report from marketsandmarkets, a dallasbased market research company and consulting firm. the report is called, "tube packaging market by type squeeze tube, twist tube, by application cosmetics & oral care, food & beverages, pharmaceuticals, consumer goods, by material type laminated tubes, aluminum tubes, and plastic tubes, by region&mdashtrends & forecasts to 2020.&rdquomarketsandmarkets projects the global market for tube packaging will increase at a compound annual growth rate of 6.65 in the next five years, reaching 8,638.9 million by 2020.the report includes 148 market data tables and 61 figures spread through its 241 pages. the firm says early buyers will receive 10 customization on this report.the market report defines and segments the global tube packaging market with analysis and forecast of the global revenues for tube packaging. it also identifies the driving and restraining factors of the market with analysis of trends, opportunities, burning issues, winning imperatives, and challenges. the market is segmented with revenues forecasted on the basis of major regions such as north america, europe, asiapacific, and rest of the world row. the key countries are covered and their market sizes are forecasted for each region. also, the market is segmented and revenues are forecasted on the basis of application.the tube packaging industry has a positive outlook due to high growth in the packaging. rising percapita income and rising trends of sustainable packaging are accelerating the demand for squeeze tubes and laminated tubes.consumer preference in emerging economies such as china, india, brazil, and south africa are gradually transitioning from traditional packaging to new innovative packaging. the movement of rural population to urban areas in developing countries has increased, increasing tube packaging demand.china and japan are projected to witness the highest demand for the tube packaging market in the coming years, notes the report. fueling tube demand are sustainable packaging, convenient packaging, and excellent barrier properties. the demand for tube packaging is projected to rise in developing countries, such as china, india, and other asiapacific countries, including indonesia and thailand.the market for tube packaging is observed to mature in developed economies such as europe and north america due to high disposable income. the european region formed the largest market for tube packaging, in terms of volume, having accounted for 12 billion tubes in 2014. asiapacific formed the secondlargest market, with a share of 27. the asiapacific region is projected to be the fastestgrowing market for tube packaging from 2015 to 2020.