NEW YORK, Feb. 14, 2018 /PRNewswire/ — Read the full report: https://www.reportlinker.com/p05328059
The global market, in 2017 is valued at around US$ 928 Mn and is estimated to reach around US$ 1.5 Bn by the end of 2027. The high growth is due to factors such as incorporation of printing and design technology by plastic tube manufacturers enhancing the supply capabilities, strong economic prospects fuelling the consumption of end use applications of plastic tubes and various benefits associated with plastic tubes such as ease of use, portability and convenience.
High potential in emerging economies providing huge growth opportunities for plastic tube consumption
Emerging markets such as India, China, North Africa etc., provide huge growth potential for care and beauty products. Africa is expected to showcase second fastest growth rate in terms of consumption for personal care market after Asia Pacific.
The region is also witnessing inflow of foreign investment in manufacturing of personal care and cosmetics products. North Africa region is anticipated to pick up in terms of income level further supporting strong economic prospects. Multinational as well as domestic players are expected to enter the markets using various entry strategies including export, sales agents, and manufacturing.
Domestic manufacturers and multinational players of APEJ and MEA regions are targeting cash strapped consumers in the region seeking value added products. Emerging countries represent huge marketing opportunities for cosmetic, personal care and pharmaceutical products. Further the APEJ and MEA region consists of young population with an average age below 20 years.
Young median age and growing middle class is expected to fuel the demand for end use products packed in plastic tubes.
Polyethylene to be the most used material for plastic tubes
Material type category is one of the segmentations of the global plastic tubes market. Several benefits associated with polyethylene, such as increased service life, increased fatigue resistance, adaptability and increased corrosion resistance have led to increased consumption of polyethylene.
The polyethylene segment in the material type category is projected to grow at the highest rate and register a robust value CAGR of 6.0% throughout the period of forecast, 2017-2027. In 2017, the polyethylene segment is estimated at around US$ 500 Mn and is expected to touch a valuation of more than US$ 900 Mn by the end of the year of assessment. This segment is expected to lead the global market in the coming years.
The global plastic tubes market is soaring across key regions of North America, Western Europe and Asia Pacific excluding Japan (APEJ) regions during the said period. The polyethylene segment in North America is expected to grow at a 5.7% value CAGR and is estimated at US$ 111.9 Mn in 2017. However, in Asia Pacific excluding Japan (APEJ) region, this segment reflected a high estimation of about US$ 140 Mn followed by Western Europe where it is expected to grow at a high value CAGR and is estimated at around US$ 127 Mn in 2017.
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