Heat Shrink Tube Market Segmented By IT & Telecom, Manufacturing, Energy and Utility, Healthcare, Logistics and Transportation, Mining, Oil and Gas, Construction End Use
Industry: Chemicals and Materials
Published Date: March-2022
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 322
Report ID: PMRREP33020
The heat shrink tube market predicted to grow at a moderate CAGR of 5.7%. The heat shrink tube market is estimated to reach nearly US$ 441.5 Mn by 2032 from US$ 237.1 Mn in 2021.
“With the growing number of household electrical appliances, the requirement of electric circuit connections has also increased that is anticipated to raise the demand for heat shrink tubes in the local markets as well.”
The shrinkable plastic tubes used to insulate electrical wires are known as heat shrink wire connectors that have a wide range of applications in industrial setups, automobile engines, electricity supply establishments and households as well.
As taking safety measures against electrical equipment is a priority, so the heat-shrink tubing market is turning out to be a multi-million business in all the industrial economies.
The growth of the global heat shrink tube market is mostly attributed to its suitability to meet any type of environmental factors to protect the standard and repaired wire from abrasion.
With the growth of electrical appliances, the use of heat shrink tape or tubes is estimated to increase manifolds and benefit the market players.
| Attributes | Details |
|---|---|
|
Heat Shrink Tube Market CAGR (2022-2032) |
5.7% |
|
Heat Shrink Tube Market (2022) |
US$ 253 Mn |
|
Heat Shrink Tube Market (2032) |
US$ 441.5 Mn |
All types of business in the electrical and electronics segment was hit hard during the pandemic years. After the outbreak of Covid-19, all the ongoing construction activities were halted abruptly, which had a severe adverse effect on the sale and consumption of every type of electrical equipment and accessories, including wire shrink wrap tubing materials.
The major downturn in the global heat shrink tube market was instigated due to the ceasing of infrastructure construction and electrical works. There were also some supply constraints of raw materials required for manufacturing of electrical shrink wraps such as polymers, stabilizers and others that reduced the production capacity of market players.
After the Covid-19 restrictions were over, national and regional governments of every nation are investing in infrastructure establishment that is comparatively higher than the pre-pandemic years. The construction of public buildings and telecommunications systems is expected to drive the global heat-shrink tubing market at a positive growth rate.
“To avoid electrical hazards in industries and living spaces, the prescribed standards for electrical works emphasize the use of heat shrink tubes. Use of different types of heat shrink tubes is projected to increase in the coming days creating greater opportunities for the market players.”
The use of fluorinated ethylene polymers for sealing electrical components and wires has many advantages over any other method of insulating wires and joints as it is a convenient and effective method to wrap the solid metal wires by heat treatment, so the heat shrink wrap tubing is highly preferred by professional electricians and automotive mechanics.
A large part of the demand for the heat-shrink tubing market comes from the telecommunication industry for establishing optical fibre networks running underground. The polymer materials with abrasives make heat shrink cable the most suitable material for protecting the live wires by resisting any type of environmental and chemical conditions.
The rapidly growing population and the infrastructure being developed to sustain it is the foremost factor driving the market of heat shrink wire connectors around the world. And the strict regulations for following the disaster resistance buildings is anticipated to be the foremost factor for the increased use of heat shrink sleeves and tubes in all types of electrical works.
Unawareness about the benefits of heat shrink wire connectors among the small household repairing electricians limits its sale only in large industrial and commercial segments.
Popularizing the product and creating awareness about the safety features of electrical shrink wrap among the common population is the major challenge for the market players today.
Advancement of technology and innovation has resulted in some alternatives that can somewhat limit the growth of shrink wrap tubing use. Cold shrink tube is such a potential material that can have some negative impact on the rapid growth of the heat shrink tube market.
| Attributes | Heat Shrink Tube Market |
|---|---|
|
CAGR (2022-2032) |
4.2% |
|
Market Value (2027) |
US$ 334 Mn |
|
Growth Factor |
Easy and quick repairing solution for the metal wire connections and joints. |
|
Opportunity |
Electrification of transportation systems such as railways and utility vehicles. |
|
Key Trends |
A large amount of R&D activities in this field has made the Asia Pacific the highest growing market. |
| Attributes | Heat Shrink Medical Tubing Market |
|---|---|
|
CAGR (2022-2032) |
7% |
|
Market Value (2027) |
US$ 176 Mn |
|
Growth Factor |
Growing use of high -quality medical devices for minimal invasive surgeries. |
|
Opportunity |
Increasing geriatric population in developed countries. |
|
Key Trends |
Changing lifestyle has led to prevalence of respiratory chronic diseases. |
| Attributes | Cable Management Accessories Market |
|---|---|
|
CAGR (2022-2032) |
7.8% |
|
Market Value (2027) |
US$ 2.8 Bn |
|
Growth Factor |
For efficient maintenance of physical electricity supply and use networks. |
|
Opportunity |
Higher investment in smart buildings and designs can boost the sales. |
|
Key Trends |
Lower labor cost has positioned Asia Pacific market with the highest growth rate. |
The shrink ratio is the main criteria for deciding the quality of heat shrink tape and sleeves. 2.5: 1 is considered the best according to industry standards that are manufactured by a Japanese conglomerate named Jun kosha.
The shrink ratio ranging between “2: 1” and “1.5: 1” is quite common and is the highest selling product in the global heat-shrink tubing market share.
The discovery of new raw materials for the production of heat shrink tubes has resulted in the development of products that have strengthened the existing methods of wire shrink wrap and the global heat shrink tube market simultaneously.
Peel-able heat shrink tubing or PHST is such a newly introduced product that has significantly reduced the repairing time required for electrical and telecommunication wire networks. Such advancement in product experience is anticipated to create greater opportunities for the heat-shrink tubing market in industrial economies.
Automobiles have been a major contributor to the heat shrink tube market for insulating the engine compartments. With the growing trend of electric vehicles, the requirement of wired appliances is expected to boost the heat-shrink tubing market volume during the forecast years of 2022-2032.
“Protection of solid electrical wires from harmful external factors such as environmental and physical damage is essential for electrical energy conservation. The worldwide concern for implementing sustainable measures is anticipated to be the major factor for the growing market of heat shrink tube market.”
The heat shrink tube market is often categorized on the basis of the material it is used to make for different applications and voltage levels. The low voltage segment of the heat shrink cables is the highest selling product for the global market. The increasing volume of electrical appliances in households has generated a huge demand for this segment.
According to the market analysis report, polyethylene terephthalate is likely to remain the most preferred polymer material for making cable shrink wrap tubes owing to its excellent mechanical properties and higher temperature resistance.
On the basis of end use industries, the major segments of the heat-shrink tubing market include all the major sectors of the economy. The manufacturing industries are the highest consumers of heat shrink wire connectors that are used in producing several electrical equipment. As per the market analysis report, the total market value contributed by this segment is estimated to be around US$ 78 Mn in 2022.
The other major segments of the global heat shrink tube include automotive industries and the IT & Telecom industries. All the nations around the world are increasingly investing in establishing a vast network area of optical fibres that is poised to become a lucrative opportunity for the global wire shrink wrap tube manufacturers.
The harsh operating environment in the engine chamber of automotive has made it mandatory to use an electrical shrink wrap tube for every type of electrical circuit inside it. The growth of the automobile industry can immensely benefit the heat shrink tube market in the upcoming years.
Mining and oil & gas industries have very strict regulations for handling the electric appliances used at the site or refineries. For safety purposes, all the electric wire connections are shielded by using shrink wrap tubing, which makes it a very crucial segment of the global market.
In recent times a number of new industries have emerged to be the major end users of the global heat shrink tube market. For instance, the use of waterproof heat shrink in medical and food & beverages companies is gaining pace these days.
| Regions | CAGR (2022-2032) |
|---|---|
|
US |
6.2% |
|
UK |
6.3% |
|
China |
6.3% |
|
Japan |
6.3% |
|
India |
6.4% |
The Asia Pacific is the leading region in the production and consumption of wire heat shrink tubes in the world. Owing to its huge electrical & electronics industry, China leads the global supply of electrical shrink wrap tubing materials and products. Increasing population and electricity consumption is anticipated to further compound the demand for heat shrink tubes during the forecasted time period.
The huge volume of manufacturing and automobile companies also constitute the largest revenue generators of the heat-shrink tubing market of the Asia Pacific Region. China is predicted to share a market value of US$ 27.3 Mn by the end of this forecast period.
The revenue generated by heat shrink tubing market share in North America is the dominant segment. The revenue generated by the USA alone is valued at US$ 67 Mn in 2022. The development of halogen-free shrink tubes for wires is expected to popularize its use in the subcontinent and beyond.
UK is the leading country in Europe for the heat-shrink tubing market, with an estimated market value of US$ 6.4 Mn. Among other geographic regions, the African market share for heat shrink tubes for wires holds some promising opportunities in the coming time.
Acquiring orders from different end users to supply the shrink tube for wires in bulk that is the major strategy adopted by the market players of all regions. In industries it is used for manufacturing other electrical machines and goods with wiring circuits further adding value to it.
TE Connectivity of Switzerland is the largest player in the global heat shrink tube market. It supplies heat shrink wire connector solutions for 3 segments namely industrial, transportation and telecommunication.
Electric wire connections being very common these days the manufacturers are trying to capture the market by innovative products by taking care of aesthetics of large heat shrink tubing. The most popular segment for the households is the clear heat shrink tubing made up of transparent polymers and stabilizers.
What are the Recent Developments achieved by the Heat Shrink Tube Market Players?
| Attributes | Details |
|---|---|
|
Forecast period |
2022-2032 |
|
Historical data available for |
2015-2021 |
|
Market analysis |
USD Mn for Value |
|
Key Countries Covered |
|
|
By Market Segments |
|
|
Key Companies Profiled |
|
|
Pricing |
Available Upon Request |
By End Use Industry
By Region
To know more about delivery timeline for this report Contact Sales
The global heat shrink tube market is estimated to record a CAGR of 5.7% during the forecast period.
The global heat shrink tube market is predicted to be valued at US$ 441.5 Mn by 2032.
The global heat shrink tube market was valued at US$ 237.1 Mn in 2021.
The manufacturing industries are considered to be the largest end user of heat shrink tube contributing about 18.5% of the total revenue generated by the global market.
Asia Pacific region is predicted to witness the highest CAGR in the heat shrink tube market with China growing by 6.3% CAGR.
