ESOMAR-certified market research company Future Market Insights (FMI) recently published its tape dispensers market report, bringing to fore key insights influencing future growth prospects from 2020-2030.
According to FMI’s analysis, the tape dispenser market is largely dependent upon the e-commerce and logistics industries. Surging volumes of online sales of essential and non-essential products has augmented the need for efficient packaging solutions, generating opportunities for tap dispenser manufacturers.
The market is being penetrated by smart technologies, owing to the need for efficient and precise packaging solutions. Amid COVID-19, the landscape is slated to register a downturn of -0.2% in 2020, after which growth will pick up pace.
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- Automatic tape dispensers to grow rapidly at 4.1% CAGR, manual dispensers to maintain lucrativeness
- Table top dispensers to capture more than 50% revenue share throughout 2020
- Increasing demand for online food delivery to stimulate market to greater heights
- East Asia to generate incremental $ opportunity worth US$ 690.3 Mn from 2020-2030
- Global tape dispenser market to register 3.8% value CAGR
“High demand for precision-based packaging solutions is prompting vendors to incorporate technological enhancements such as AI to offer quality solutions to prominent end-users,” remarks the FMI analyst.
COVID-19 Impact Insights
The COVID-19 pandemic has had varied impacts on the global tape dispenser market. A majority of the impact is dependent on the status of allied industries- more specifically logistics and e-commerce. As the epidemic spread, governments worldwide imposed strict lockdowns, hampering industrial operations and ushering a recession akin to 2008.
Being the epicentre of the pandemic, China experienced major shortfalls in its logistics industry. Cargo was backlogged at major Chinese ports as travel restrictions led to a shortage of truck drivers to pick up containers. Ultimately, this ushered in a downturn in the regional tape dispenser market.
Border restrictions in Europe led to several bottlenecks, such as 37-mile long truck queues on the A4 Highway between Poland and Germany. Likewise, in India, truck driver shortages led to over 50,000 containers piling up at key ports such as Chennai, Kattupalli and Kamajarar.
However, as the intensity declined, restrictions on freight movement lifted, thus offsetting the recessionary impact brought about in the initial stages. Demand for logistics and e-commerce depended highly on sustained supplies of essential products. Consequently, the need for robust packaging solutions augmented demand for tape dispensers, keeping it afloat.
The tape dispenser market is highly competitive, with Tier 3 players capturing nearly 3/4th of the revenue share. Some prominent players in the market include 3M Company, Intertape Polymer Group and Tesa SE among others.
3M Company markets the Scotch® and TartanTM Manual Tape Dispensers. These dispensers are hand-held and come in the HR80, H150 and HR933 versions. These manual devices offer a host of benefits, such as a lightweight and versatile pistol-grip, pressure bars to reduce noise and retractable blades.
Players are also concentrating on expanding existing manufacturing facilities. For instance, Tesa SE announced the commission of a brand-new manufacturing plant in Vietnam in May 2020. With this initiative, the company intends to deepen its penetration within the Asian markets.
More Insights on the Tape Dispenser Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global tape dispenser market, analyzing historical demand from 2015-2019 and forecast statistics for 2020–2030. The study reveals growth projections on the tape dispenser market on the basis of product type (hand held, table top, definite length dispensers and stretchable tape dispensers), by technology (automatic and manual), by end use (office & commercial and industrial) and across seven regions.