HOME Research Insight Key players have Adopted Various Strategies to Expand their Global Presence and Increase their Market Share in Tube Packaging Market

Key players have Adopted Various Strategies to Expand their Global Presence and Increase their Market Share in Tube Packaging Market

MarketsandMarkets projects that the tube packaging market size will grow from USD 6,656.5 Million in 2016 to USD 9,304.1 Million by 2021, at a compound annual growth rate (CAGR) of 6.9% from 2016 to 2021. The increase in demand for innovative packaging in various industries is driving the market for tube packaging

The key players in the tube packaging market are Amcor ltd. (Australia), Albea Group (France), Huhtamaki OYJ  (Finland),Constantia Flexible  (Austria), Sonoco Product Company (U.S.), VisiPak ltd (U.S.), Essel Propack Ltd (India), Montebello packaging  (Canada), and Unette Corporation (U.S.). These players have adopted various strategies to expand their global presence and increase their market share. Mergers & acquisitions, partnerships & agreements, investments & divestures, and new product launches are some of the major strategies adopted by the market players to achieve growth in the tube packaging market.

The year 2016 witnessed several mergers & acquisitions and expansions & investments in the packaging market by key players in order to expand their geographical footprint and improve the company’s distribution network through the means of vertical acquisitions. New product development was the second-most adopted key strategy adopted by market players to increase their share. The increase in demand for sustainable and innovative packs in emerging markets have encouraged companies to adopt this strategy.

Constantia Flexibles Group (Austria) acquired Lamp San Prospero (Mexico) in October 2016 to strengthen its position in the European pharmaceutical packaging industry. The company operates globally with its broad range of product portfolio and is focused on establishing its operations globally.

Sonoco (Canada) invested USD 20 Million in New Atlanta-area Packaging Center supporting Duracell’s North America Operations in December 2016. Primary packaging equipment will be installed and operated at the new center and will provide packaging materials. The company will also produce retail merchandising display at the same facility. This investment has supported the company’s strategic objective of generating profitable growth in the tube packaging market.

Related Reports:

Tube Packaging Market by Type (Squeeze Tubes, Twist Tubes), Application (Cosmetics & Oral Care, Food & Beverages, Pharmaceuticals, Cleaning Products), Material (Laminated, Aluminum, Plastic), and Region - Global Forecast to 2021

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