What Factors Propelled The Growth Of The Heat-Shrink Tubing Market In The Past?
The heat-shrink tubing market has seen considerable growth due to a variety of factors.
•In recent times, there has been a consistent expansion in the size of the heat-shrink tubing market. It is projected that the market will increase from a worth of $2.22 billion in 2024 to a value of $2.33 billion in 2025, rising at a compound annual growth rate (CAGR) of 4.9%.
This growth during the historical period can be credited to factors such as the development in the electronics industry, rise in medical device production, adoption by the automotive industry, industrial usage, and advancements in manufacturing techniques.
What Is The Projected Growth And Market Size For The Heat-Shrink Tubing Sector?
The heat-shrink tubing market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market for heat-shrink tubing is anticipated to witness substantial growth, projecting to reach "$3 billion by 2029, with a compound annual growth rate (CAGR) of 6.6%.
The expected growth during the forecast period could be due to developments in global infrastructure projects, advancements in size and form factors, the rise in novel applications, the transition towards eco-friendly solutions, and the need for high-performance materials. Key trends during this projection period encompass growth in emerging markets, enhancement in material robustness, an increase in electrical insulation, sustainability and concerns for the environment, and the downscaling of electronics.
Which Factors Are Boosting Growth In The Heat-Shrink Tubing Market?
The heat-shrink tubes market is anticipated to spur its growth with the consecutive increment in worldwide power generation capacity. When it comes to generating electricity, it broadly involves the use of diverse technologies, such as steam boilers and wind turbines. In this industry, heat-shrink tubes play a crucial role in safeguarding power lines from physical harm, moisture, and multiple other environmental factors, and they stop debris and wetness from infiltrating the line and causing the early breakdown of wires and cables. For example, a report by US Energy Information Administration (EIA), a U.S. government agency, stated in October 2023 that there would be a surge in global electricity generation by 30%-76% by 2050, with a striking 81%-95% contribution from zero-carbon technologies. Subsequently, this would result in the reduction of coal, natural gas, and petroleum's contribution in the global capacity to a mere 27%-38%. Hence, the augmented global power generation capacity is successfully fueling the growth of the heat-shrink tubes market.
What Key Areas Define The Segmentation Of The Global Heat-Shrink Tubing Market?
The heat-shrink tubing market covered in this report is segmented –
1) By Type: Single Wall, Double Wall
2) By Material: Polyolefin, Polytetrafluoroethylene, Fluorinated Ethylene Propylene, Perfluoroalkoxy Alkane, Ethylene Tetrafluoroethylene, Other Materials
3) By Voltage: Low Voltage, Medium Voltage, High Voltage
4) By End-User: Chemical, Pharmaceutical, Food And Beverage, Automotive, Utilities, Other End-Users
Subsegments:
1) By Single Wall: Polyolefin, PVC, Fluoropolymer
2) By Double Wall: Polyolefin With Adhesive Lining, PVC With Adhesive Lining, Heat-Shrinkable Composites
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How Are Emerging Trends Reshaping The Dynamics Of The Heat-Shrink Tubing Market?
The trend towards automating heat shrink tubing is picking up momentum in the heat shrink tubing market. To solidify their market standing and maintain competitiveness, key players in this market are putting innovation at the forefront of their strategies. For example, in May 2022, US company CORTEC Corp, which specializes in corrosion solutions, launched VpCI (vapor corrosion inhibitor)-126 Shrink Film, a unique product designed for automated heat shrink and heat sealing tunnels. This film serves the specific purpose of large-scale packaging for industrial equipment and assets either for transportation or storage, preventing rust and vapor phase corrosion by forming a molecular protective layer on the metal surfaces within the packaging. Furthermore, consumer products that go through automatic heat shrinking are enveloped in highly breakable films, and usually don't require corrosion protection, which positions them at the opposite end of the shrink film packaging spectrum. This further enhances the value of minuscule metal items by providing both protection against corrosion and automated packaging.
Who Are the Key Players in the Heat-Shrink Tubing Market?
Major companies operating in the heat-shrink tubing market include:
• ABB Ltd.
• 3M
• TE Connectivity
• Sumitomo Electric Industries Ltd.
• HellermannTyton
• Alpha Wire
• Panduit Corporation
• Qualtek Electronics Corporation
• Zeus Industrial Products Inc.
• Insultab Inc.
• SAB North America
• Molex LLC
• Aircraft Marine Products Inc.
• Babsco Supply Inc.
• Buy Heat Shrink LLC
• Cable Ties Unlimited Inc.
• Changyuan Group Ltd.
• DSG-Canusa Holding GmbH
• Dunbar Sales Corp.
• Electro Insulation Corp.
• Hishi LLC
• Lapp Tannehill Inc.
• National Plastics & Seals Inc.
• Pexco LLC
• Shanghai Changyuan Electronic Material Co. Ltd.
• ShawCor Ltd.
• Shenzhen Woer Heat-Shrinkable Material Co. Ltd
• Taiwan Yun Lin Electronic Co Ltd.
• Techflex Inc.
What Is The Most Dominant Region In The Heat-Shrink Tubing Market?
North America was the largest region in the heat-shrink tubing market in 2024.Asia-Pacific is expected to be the fastest-growing region in the global heat-shrink tubing market report during the forecast period. The regions covered in the heat-shrink tubing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
