The global sales of tube closures are estimated to be worth USD 2.2 billion in 2021 and are anticipated to reach a value of USD 3.1 billion by 2031. Sales are projected to rise at a CAGR of 3.6% over the forecast period between 2021 and 2031. The revenue generated by tube closures in 2020 was USD 2.1 billion.
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.
Increasing application of tube packaging for cosmetics and personal care is contributing in increased sales of tube closures. Consumer preference for convenience and easy application features is significantly boosting the tube closures demand. Closure technology is advancing such as child resistance and tamper evident closures which further feeling the demand for tube closures for maintaining product safety.
The need for hygienic and secure need from pharmaceutical sector for topical mediations, ointments, gels, etc. is increasing the adoption of high quality closures. Consumer shift to the eco-friendly packaging is also influencing the market leaders to innovate and adopt recyclable and biodegradable tube closures to meet the sustainability and regulatory standards. Plastic closures are leading the market due to its wide availability, low cost, and versatility. Although metal closures are gaining traction due to premium appeal and durability.
Global Tube Closures Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 | USD 2.1 billion |
| Estimated Size, 2021 | USD 2.2 billion |
| Projected Size, 2031 | USD 3.1 billion |
| Value-based CAGR (2021 to 2031) | 3.6% |
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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.
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 forecast period.
Principal Consultant
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 forecast period. Therefore, the rising usage of convenient packaging solution which includes tube is projected to create market growth opportunity for 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.
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The global key players for the 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.
The manufacturers of tube closures are focusing on increasing their product portfolio by expanding their capacity and product portfolio through mergers & acquisitions.
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 USD 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.
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.
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Tube Closures Market
