The composite cardboard tube packaging market is expected to reach a valuation of US$ 1.7 billion in 2022 and continue to grow at a CAGR of 5.4% to reach US$ 2.9 billion by the year 2032, according to research from Future Market Insights. By the end of 2022, the top 3 nations are expected to control between 30 and 35 percent of the global market for composite cardboard tube packaging.
By the end of 2032, it is anticipated that the caps category, by closure type, will control almost 70% of the market value share for composite cardboard tube packaging. The primary driver behind this is how many different end uses prefer composite cardboard tube packaging with an easy-to-open closure.
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The purpose of contemporary packaging type goes beyond containing, protecting and preserving products. It also includes functions to communicate, endorse and manage products. Composite cardboard tubes are appealing yet protective packaging type for gift, promotional and premium items.
Composite cardboard tubes are distinctive, and they add value to the products, thereby enhancing their shelf presence and achieving maximum consumer appeal. They consist of a recycled paper tube body which is sealed with plastic or a tin base and a lid.
Composite cardboard tubes are one of the most adaptable form of packaging and their popularity is rooted to their fundamental property that a composite cardboard tube uses less material as compared to the cardboard boxes of the same volume and moreover, they retain their shape and are difficult to squash which makes them a popular choice for logistics.
Composite Cardboard Tube Packaging Market: Market Dynamics
One of the primary factor driving the growth of the global composite cardboard tube packaging market is the demand from manufacturers for remarkable and striking branding. Composite cardboard tube packaging also leads to increased sale of the product and is comparatively stronger than other forms of packaging, thereby reducing the chances of snapping during the product transit.
Factor restraining the growth of the global composite cardboard tube packaging market is the reluctance from manufacturers to incorporate the composite cardboard tube for their product packaging due to high costs. Digital printing on the composite cardboard tubes is of particular interest to the manufacturers for their product promotion and is a key trend prevailing in the global composite cardboard tube packaging market.
Composite Cardboard Tube Packaging Market: Market Segmentation
The global cardboard tube packaging market is segmented on the basis of end use, material type, and geography. On the basis of end use, the global composite cardboard tube packaging market is segmented into Food & Beverages, Cosmetics & Personal Care, Postal & Mailing Industry, and others (apparel etc.).
Food & beverages end use segment is further sub segmented into bakery & confectionery, alcoholic beverages, non-alcoholic beverages and dairy industry. Alcoholic beverages end use sub segment has the major percentage share in the global composite cardboard tube packaging market as it ensures the safe transportation of wines etc. and also enhances their brand value.
On the basis of material type, the global composite cardboard tube packaging market is segmented into paperboard, Kraft paper, and corrugated board. Corrugated board is the most preferred raw material for composite cardboard tube packaging.
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Composite Cardboard Tube Packaging Market: Regional Outlook
On the basis of geography, the global composite cardboard tube packaging market is segmented into North America, Latin America, Europe, Middle East & Africa, and Asia Pacific. North America is currently leading the global composite cardboard tube packaging market as the North American population has a comparatively high standard of living and are willing to pay for efficient packaging types.
High disposable income of the consumers in North America and Europe is also one of the prime factor driving the demand of composite cardboard tubes in the region. Latin America is expected to witness stagnant growth over the forecast period due to a down turning economy.
Latin America serves as a low cost manufacturing source for products to supply its North American counterparts. Asia pacific countries like India and China are expected to witness steady growth in the composite cardboard tube packaging market due to increase in the urban class and rising retail sector.
Composite Cardboard Tube Packaging Market: Key players
Some of the key players operating in the global composite cardboard tube packaging market are Smurfit Kappa Group, CBT Packaging, Visican Ltd., Darpac P/L, and Humber Print & Packaging Limited
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The regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia-Pacific (China, India, ASEAN, Australia & New Zealand)
- Japan
- The Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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