The global laminated tube closure market is poised for substantial growth between 2023 and 2033, as reported by Future Market Insights. The market is expected to experience remarkable expansion, starting with an estimated value of US$ 134.6 million in 2023 and reaching a projected valuation of US$ 193.6 million by 2033. This growth trajectory is underpinned by a compound annual growth rate (CAGR) of 3.7% over the decade.
One of the significant factors contributing to the growth of the laminated tube closure industry is significant growth in the packaging industry with innovative packaging and excellent barrier properties.
The laminated tube closures are unbreakable, leak-proof, durable, and lightweight. These tube closures deliver excellent saleability and also help to increase attraction to these tubes which are the leading drivers of the growth of the laminated tube closure sector. Another growth factor of the laminated tube closure industry is that manufacturers, suppliers, and distributors are satisfied with cosmetic tubes over alternative containers.
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What are the Challenges Faced by the Laminated Tube Closure Industry?
The industry for laminated tube closures is marked by intense competition, primarily due to the presence of numerous manufacturers. The prevalent use of plastic in most laminated tube closures can be at odds with government regulations and policies aimed at reducing plastic usage. This regulatory challenge may present hurdles for the laminated tube closure industry’s growth.
Drivers:
- Consumer Preference for Tube Packaging: Laminated tube closures are in demand due to the popularity of tube packaging. Consumers find tubes easy to use, portable, and suitable for various applications, such as toothpaste, ointments, beauty creams, and adhesives.
- Changing Consumer Preferences: Evolving consumer preferences are driving the demand for tube packaging, including laminated tube closures. As consumers seek convenient and versatile packaging solutions, the market experiences growth.
- Advancements in Eco-Friendly Packaging: The development of eco-friendly laminated tube closure materials and manufacturing processes aligns with the growing trend towards sustainable and environmentally responsible packaging solutions. These innovations cater to eco-conscious consumers and regulatory requirements.
- Competition and Product Innovation: Intense competition among laminated tube closure manufacturers fosters innovation and the introduction of new products. This competitive environment contributes to market expansion and the introduction of advanced closure solutions.
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Restraints:
- High Manufacturing Costs: The manufacturing of laminated tube closures can be costly, which may hinder market growth. The high cost of production can limit the affordability and accessibility of these closures for manufacturers.
- Environmental Concerns and Regulations: The increasing focus on environmental sustainability and the enactment of government regulations against the use of plastic pose challenges for the laminated tube closure market, especially if closures are made of plastic materials.
- Plastic Usage: Many laminated tube closures consist of plastic materials. Given the growing concern over plastic waste and environmental impact, the plastic content in these closures may conflict with government policies and consumer preferences for eco-friendly alternatives.
- Competition and Market Saturation: The presence of numerous manufacturers in the laminated tube closure market intensifies competition. A saturated market can make it challenging for individual manufacturers to gain a significant share, and competition may limit profit margins.
Start-up Scenario
Neopack Tubes, Montebello, Prutha Packaging Pvt. Ltd., Prathista Propack Private Limited, Aay Won Lamitubes & Packaging Solution, Neel Packaging, B DMultipack, and Prism Multipack are some of the start-up companies operating in the laminated tube closure business environment.
- KYODO PRINTING (VIETNAM) CO. LTD., the laminated tube production base in Southeast Asia. Kyodo Printing Co., Ltd. has the No. 1 market share of the entire laminated tube sales in Japan. The Vietnam Plant conducts its business with one-of-the-kind tubing and printing technology, as well as a research and development team, facilities, and know-how that we believe are at the world’s leading standards.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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