Heat Shrink Tubing Kit Market size is anticipated to reach USD 100 Billion by the end of 2036, expanding around 6% CAGR during the forecast period 2024-2036. In the year 2023, the industry size of heat shrink tubing kit was over USD 33 billion. Transmission and distribution (T&D) of electric power serves as a vital conduit between customers and generating plants. A few things that contribute to the requirement for heat shrink tubes are rising loads, stress brought on by aging equipment, and an increased chance of widespread blackouts. Numerous organizational structures, technologies, types of governmental monitoring, and economic factors make up the transmission and distribution (T&D) industry. Further, lines controlled by investor-owned regulatory utilities (IOUs) handle around 80% of power transactions. Therefore, increasing government support towards the expansion of the T&D system drives the growth of the market in the forecast period. The U.S government’ Infrastructure Investment and Job Act’s offered funds worth USD 2.5 billion for grid modernization
Packaging for sensitive or complex products becomes more intricate in order to safeguard the contents inside. The way that the products are packaged has received a lot of attention lately. Additionally, product packaging comes at a high cost and the weight of the materials used in packing matters. The heat shrink tubing kit market has expanded due to to these features of conventional packaging. Nowadays, heat shrink tubing is the popular option because of its many applications across several verticals, low cost, and ease of availability.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~6% |
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Base Year Market Year (2023) |
~USD 33 Billion |
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Forecast Year Market Year (2036) |
~USD 100 Billion |
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Regional Scope |
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Voltage (Low Voltage, Medium Voltage, High Voltage)
In terms of voltage, the low voltage segment in the heat shrink tubing kit market is set to hold the largest revenue share of 40% during the projected period. An essential element for electricity distribution within a voltage range of 1 +1.1 kV is heat shrink tubes, which are used in low-voltage cables. Demand for these heat-shrinkable tubes is anticipated to increase in the market, as more and more of them are being used by insulation and seal cables. Heat shrink tubes are used in consumer electronics as well for several applications such as wire protection, cable bundling and connector insulation. Therefore, increasing demand for consumer electronics is also expected to drive the segment growth in the predicted period. By 2028, globally 9014 million pieces are going to be produced by the consumer electronics sector.
Material (Polyolefin, Polytetrafluoroethylene, Fluorinated Ethylene Propylene, Polyethylene Terephthalate, Perfluoroalkoxy Alkane, Ethylene Tetrafluoroethylene)
In terms of material, the polyolefin segment in the heat shrink tubing kit market is set to hold a significant revenue share of 25% during the time period. In this sector, the polyolefins segment has higher revenue and thus is a large part of the market. The polyolefin material has excellent chemical, physical, and electrical properties that make it highly resistant to flames and abrasions as well as extremely flexible. Cross Cross-linking polyphenylene fin is used in aerospace and defense industries due to its flame retardant or inflammable properties, which are likely to increase demand on the market.
Our in-depth analysis of the global heat shrink tubing kit market includes the following segments:
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Voltage |
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Material |
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End User |
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APAC Market Forecasts
The heat shrink tubing kit market in the Asia Pacific region is set to account for the largest revenue share of 33% during the time period between 202 –2036. Better access to energy throughout the region especially in China, India, Australia, and certain developing countries in Southeast Asia is expected to boost the growth of the market in the region Nearly 97 % of households in India are currently connected to the electricity grid, according to IRES 2020. As 96.7 % of Indian households now have access to the grid and another 0.33% are dependent on off-grid electricity sources, India has been making a remarkable effort towards electrification. Furthermore, significant expenditures are being planned for the construction of energy infrastructure in order to maintain rapid industrialization and keep up with the rapidly expanding economy. Over the course of the forecast period, favorable government assistance in the form of these investments is anticipated to boost national heat shrink tubing spending and fuel the expansion of the Asia-Pacific heat shrink tubing market. Because it has major participants in the biggest consumer market with the highest GDP, China is the dominant country in the Asia-Pacific area.
European Market Statistics
The heat shrink tubing kit market in the Europe region is expected to grow significantly during the forecast period. Europe is continuously investing in infrastructure development and construction projects comprising roads, railways, and power grids. Heat shrink tubing plays a crucial role in protecting and insulating electrical cables, wires, and components in these applications, ensuring their long-term reliability and safety. Furthermore, continuous advancements in heat shrink tubing technology, such as the development of self-fusing or self-adhering tubing are enhancing the performance and application range of these products, further driving the expansion of the heat shrink tubing kit market in this region during the estimated period.
Author Credits: Abhishek Verma, Hetal Singh
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