Seattle, Jan. 23, 2019 (GLOBE NEWSWIRE) -- The global squeeze tube packaging market was pegged at 23.11 billion tubes in 2017, and is projected to exhibit a CAGR of 7.72% during the forecast period (2018–2025).
Key Trends and Analysis of the Squeeze Tube Packaging Market:
Excellent barrier protection, high elasticity, and ease of packaging makes squeeze packaging tubes a preferred packaging option. Squeeze tube packaging is stable and guarantees that specialty cosmetics and their unique compounds will remain stable for the shelf life of the product. It provides consumers ease of handling and use and can easily dispense the right amount of cosmetics that is needed, reducing product wastage. Thus, such benefits are driving growth of the squeeze tube packaging market globally.
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Players in tube packaging industry are focusing on enhancing their market share by expanding their product portfolio through innovation in the products. For instance, in October 2015, Albea launched plastic barrier laminate tube ‘Reflexion’ with brilliant metallic effects and bounce back properties similar to conventional plastic tubes. Furthermore, in November 2015, ‘A hair dye project’ of Albea achieved a technological breakthrough and converted aluminum tubes to laminates tubes.
According to Food and Drug Administration Department of Health And Human Services, code of federal regulations, revised as of April 1, 2017 mentions that, a tamper-resistant package is one having an indicator or barrier to entry which, if breached or missing, can reasonably be expected to provide visible evidence to consumers that tampering has occurred. Manufacturers are focusing on ecofriendly, recyclable, and overall ultra-light design to expand their local and global base. Such activities by key players are creating conducive environment for growth of the squeeze tube packaging market.
Rising environment concern and awareness of impact of plastic manufacturing processes and waste is negatively impacting the market growth. For instance, according to the Federation of Indian Chambers of Commerce and Industry’ report- May-2018 on challenges and opportunities in plastic waste management in India, packaging waste including laminated plastic is a major challenge.
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Key Market Takeaways:
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