The global tube closures market is Anticipated to Expand at a CAGR of ~3.6%, During the Forecast Period.
Newly released data from tube closures market analysis shows that global market demand for the overall tube closures is anticipated to reach millions of units by 2031. The prominent sale of the tube closures is due to the increasing use of tubes as a packaging solution among food, pharmaceuticals, personal care & cosmetics, and other industries.
Tube Closures Market: An Overview
Closures are used as a closing system for sealing or packaging a product. Tube closures are used to seal or pack the tubes used by various end-use industries. The sealing properties as well as the precise closing makes it popular among the end-use industries.
The tube closures help in protecting the product inside the tube from various factors such as dust and other microbes. The durability, easiness to open, user-friendly, and other features of the tube closures fuel the demand for the same among the various end-use industries.
Increasing requirements for customized as well as innovative closures augment the sales of tube closures. With the increasing production among the end-use industries, the demand for tube closures is anticipated to bolster in the future. Considering the overall benefit of the tube closures, the future market outlook for tube closures is forecasted to rise during the foreseeable period.
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What Propel the Demand for Tube Closures?
The high preference for tubes as a packaging solution among various end-use industries is the major factor driving the demand for tube closures across the globe. Another major concern of protecting the product from various environmental factors as well as safeguarding the product from getting spilt pushes the demand for tube closures.
The availability of eco-friendly tube closures which are made from post-consumer resin or can be reused bolster the sales of tube closures among the end-use industries.
The tube closures can be customized as per the requirement of the end-users which makes it popular among the end-use industries and this supplement the sales of tube closures. The increasing demand for child-resistant packaging boosts the demand for child-resistant tube closures.
It is durable as well as user friendly and convenient to use which fuels the demand for the same. On the back of all the above factors, the demand for tube closures is anticipated to boost during the forecasted period.
How does the Increasing Usage of Convenient Packaging Create Growth Opportunities for Tube Closures?
The preference for convenient packaging among users is increasing day by day. The users major prefer convenient packaging especially during travel as such packaging solutions are easy to handle, easy to use, and can be disposed of easily.
With the increasing usage of tubes as convenient packaging solutions, the demand for tube closures is anticipated to propel during the forecasted period. Therefore, the rising usage of convenient packaging solution which includes tube is projected to create market growth opportunity for the tube closures.
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Which Factors Limit the Market Growth of the Tube Closures?
The availability of substitutes for the tubes limits the market growth for tube closures. Also, the fluctuation in the availability of raw materials such as plastic, metals, and others and the changing prices of raw materials hamper the market growth of tube closures.
Some Asian players include Hicap Closures Co., Ltd., Shandong Jiuxing Packing Co., Ltd., Parekhplast India Limited, TEKNOBYTE INDIA PVT. LTD., Nippon Closures Co. Ltd., and others.
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What Key Strategies are Adopted by Key Players for Increasing their Market Share in the Tube Closures Market?
The manufacturers of tube closures are focusing on increasing their product portfolio by expanding their capacity and product portfolio through mergers & acquisitions.
In June 2021, BERICAP Holding GmbH announced the acquisition of Mala Verschluss-Systeme GmbH which will help the company to extend its product portfolio of aluminium closures.
In June 2020, Silgan Holdings Inc. announced the acquisition of Albea’s Global Dispensing Business for strengthening its closures business.
What Augment the Sales of Tube Closures in Germany?
The increasing production of pharmaceutical products in Germany is anticipated to fuel the demand for tube closures. According to the European Federation of Pharmaceutical Industries and Associations (EFPIA), in 2019 the overall pharmaceuticals production in Germany reached around US$ 40 billion.
The increasing pharmaceutical production creates a market growth opportunity for tube closures as tubes are more preferred to fill gel or cream-based medicines. Therefore, the increasing production of pharmaceutical products in Germany is projected to augment the sales of tube closures in Germany.
Why the Indian Cosmetic & Personal Care Market Will Bolster the Demand for the Tube Closures?
The exponential growth of the cosmetic & personal care industry in India is projected to augment the sales of tube closures as tubes are preferred by the cosmetic & personal care industry for its convenience. The increasing use of cosmetic & personal care products by the Indian customer bolster the demand for tube closures in India.
What is the Impact of COVID-19 on the Global Market for Tube Closures?
The global market for tube closures experienced a downfall in demand due to low or no demand for the closures from the end-use industries such as personal care & cosmetics, food, homecare, and others. The various government restriction during the lockdown phase turns towards slowdown or closedown in the operation of various end-use industries which had an adverse impact on the tube closures market.
Later, with the situation getting normal the end-use industries started to operate at their full efficiency along with trying to increase their production capacity to cover the losses that occurred which creates a market growth opportunity for the tube closures market. Also, the tube closures manufacturers are trying to increase their capacity to cater for the market.
Key Segments of Tube Closures Market Covered in the Report
