Heat Shrink Tubing Market Size & Share, by Material (PFA, PTFE, ETFE, FEP, PEEK); End-User (Utilities, IT and Telecommunication, Automotive, Electronics, Aerospace, Healthcare, Oil & Gas, Marine, Food & Beverages, Construction, Chemical); Type (Single Wall, Dual Wall); Voltage (Low, Medium, High); Shrink Ratio (2:01, 3:01, 4:01, 6:01, 1:01) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5685
  • Published Date: Feb 20, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Heat Shrink Tubing Market size is poised to reach USD 4 Billion by the end of 2036, growing at a CAGR of 7% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of heat shrink tubing was USD 2 Billion. The reason behind the growth is due to the growing demand for electricity across the globe. Owing to population expansion and economic development, the average quantity of energy consumed per person is rising.

For instance, over the past 50 years, global power consumption has increased steadily, and in 2022, it reached over 25,400 terawatt-hours. Moreover, between 2021 and 2050, the typical global household's power consumption will increase by more than 70%, driven primarily by the developing countries' expanding economies.

The growing cases of electrical hazards across the globe are believed to fuel the heat shrink tubing market growth. To assist avoid electrical short circuits, shocks, and other electrical hazards such as abrasion, dust, and moisture, which can all harm wiring and result in electrical shorts and failures, heat shrink tubing is used to provide electrical insulation. For instance, every year, more than 1 million individuals worldwide suffer injuries from electrical accidents.


Heat Shrink Tube Market
Get more information on this report: Request Free Sample PDF

Heat Shrink Tubing Market: Growth Drivers and Challenges

Growth Drivers

  • Rising Demand for Smartphones and Laptops - Heat shrink tubing is available in a variety of diameters, colors, and materials, which are a fundamental component of most electrical setups. Moreover, heat shrink tubings may become more and more necessary as computers and smartphones get smaller and more complicated to ensure proper insulation, protection, and organization of wiring and components within the devices. For instance, in 2022, more than 65% of smartphones were used worldwide.
  • Growing Production of Automobiles- Automobile heat shrink tubing is a crucial part of car wiring systems and is a fantastic way to manage cables and keep the car organized. For instance, in 2022, more than 85 million motor vehicles were produced around the world.
  • Increasing Applications in the Food and Beverage Industry- Heat Shrink Tubing is fungus and UV-resistant for use in the food and beverage industry and is used in packaging food wrapping to form-fitting wire insulation.
  • Surging Marine Sector- Maritime-grade heat shrink tubing offers a waterproof seal against common maritime elements and is used to protect the electrical wires and cables in yachts, boats, cruisers, and jet skis.
  • Expanding Production of Aircrafts- The spaceship or airplane wire systems are shielded from harsh environments and conditions by heat shrink tubing, which is almost everywhere on an airplane, and it can communicate with the EWIS components.
  • Use of Heat Shrink Tubing in the Oil and Gas Industry- Oil and gas pipes are protected against corrosion by heat shrink tubing which is also known to provide an excellent method of encasing and preserving core samples for oil and gas exploration.

Challenges

  • Fluctuations in Prices of Raw Materials – Heat shrink tubing is a thermoplastic tubing that is commonly made from polyolefin. Polyolefin is a family of thermoplastics that includes polyethylene and polypropylene. Moreover, natural gas and petroleum are the sources of polyolefins as a result, these materials' prices vary together with those of crude oil and natural gas.
  • Stringent regulatory standards associated with toxic emissions
  • Availability of alternatives may impact the adoption of heat shrink tubings

Heat Shrink Tubing Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~7%

Base Year Market Size (2023)

~ USD 2 Billion

Forecast Year Market Size (2036)

~ USD 4 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
Get more information on this report: Request Free Sample PDF

Heat Shrink Tubing Segmentation

Voltage (Low, Medium, High)

The low segment in the heat shrink tubing market is estimated to gain a robust revenue share of 43% in the coming years. The premium cross-inked polyolefin material is used to make low-voltage shrinkable tubings which are extensively utilized in many different types of wire harnesses, solder connections, inductor insulation, metal pipes, corrosion, and rod rusting. One of the most popular low-voltage heat shrink tubings is the vinyl PVC insulating tape that is sturdy and sufficiently resistant to both high and low temperatures.

To successfully minimize human casualty accidents caused by exposed live parts, low-voltage heat shrink busbar insulation tubing can be widely utilized to insulate low-voltage switchgear busbars from damage, and can prevent short circuits and discharge faults brought on by tiny animals contacting wires.

In addition, a heat-shrinkable tubing with a medium wall can be used to insulate busbars in switches and is ideal for usage underground or around buried wires.

Material (Polyolefin, Per Fluoroalkoxy Alkane (PFA), Poly Tetra Fluoro Ethylene (PTFE), Ethylene Tetra Fluoro Ethylene (ETFE), Fluorinated Ethylene Propylene (FEP), Polyether Ether Ketone (PEEK))

The polyolefin segment in the heat shrink tubing market is set to garner a notable share shortly. Popular cross-linked protective tubing with good mechanical and physical qualities is polyolefin resin heat shrink tubing which is a general-purpose, flexible heat shrink tubing that can be used for a wide range of applications, including military and professional electronics, and is designed to be split-resistant, and cold flow resistant.

Our in-depth analysis of the global heat shrink tubing market includes the following segments:

          Material

  • Polyolefin
  • Per Fluoroalkoxy Alkane (PFA)
  •  Poly Tetra Fluoro Ethylene (PTFE)
  • Ethylene Tetra Fluoro Ethylene (ETFE)
  •  Fluorinated Ethylene Propylene (FEP)
  • Polyether Ether Ketone (PEEK)

          Voltage

  • Low
  • Medium
  • High

          End-User

  • Utilities
  • IT and Telecommunication
  • Automotive
  •  Electronics
  •  Aerospace
  •  Healthcare
  •  Oil And Gas
  •  Marine
  •  Food And Beverages
  •  Construction
  •  Chemical

          Type

  • Single Wall
  •  Dual Wall

          Shrink Ratio

  • 2:01
  •  3:01
  •  4:01
  •  6:01
  •  1:01

Want to customize this research report as per your requirements? Our research team will cover the information you require to help you take effective business decisions.

Customize this Report

Heat Shrink Tubing Industry - Regional Synopsis

APAC Market Forecast

The heat shrink tubing market in Asia Pacific is predicted to account for the largest share of 35% by 2036 impelled by the growing infrastructure development. India's economy is one of the fastest expanding in the world and is undergoing a blitzkrieg upgrading of its infrastructure owing to increased government investment and development programs. The perspective on the nation's infrastructure development has changed in modern India. The nation has a different perspective on the nation's infrastructure growth, and over the last ten years, infrastructure has grown exponentially, making it one of the main pillars of the nation's progress.

In addition, by 2027, India plans to invest significantly to develop its transmission system and aims to reach around 400 GW of energy generation capacity by 2030 using non-fossil fuels. As a result, the demand for heat shrink tubings is expected to rise.

North American Market Statistics

North America heat shrink tubing market is estimated to be the second largest, during the forecast timeframe led by the increasing production of chemicals. One of the major countries in the world producers of chemical products is the United States which caters to a growing international market in addition to a substantial home market. For instance, in 2022, the US chemical sector expanded its output volume by more than 4%.

Research Nester
Heat Shrink Tube Market size
Get more information on this report: Request Free Sample PDF

Companies Dominating the Heat Shrink Tubing Market

top-features-companies
    • ABB  
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • TE Connectivity
    • Thermosleeve USA
    • Techflex, Inc.
    • Dasheng Group
    • Shenzhen Woer Heat - Shrinkable Material Co., Ltd.
    • Huizhou Guanghai Electronic Insulation Materials Co., Ltd.
    • Alpha Wire
    • Zeus Industrial Products, Inc.

In-the-news

In The News

  • Zeus Industrial Products, Inc. the global leader in advanced polymer solutions, from tubing, catheter componentry, and heat shrink to bioabsorbable announced the acquisition of CathX Medical to improve the business's catheter manufacturing and design capabilities.
  • ABB announced the development of a manufacturing facility in Albuquerque, New Mexico to accelerate the manufacturing of Elastimold cable accessory solutions utilized to assist power millions of homes, businesses, and communities enhance grid hardening, and assist utilities in addressing climate solutions.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 5685
  • Published Date: Feb 20, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The growing demand for electricity across the globe and the growing cases of electrical hazards are the major factors driving the growth of the market.

The market size of Heat Shrink Tubing is anticipated to attain a CAGR of 7% over the forecast period, i.e., 2024-2036.

The major players in the market are TE Connectivity, Thermosleeve USA, Techflex, Inc., Dasheng Group, Shenzhen Woer Heat - Shrinkable Material Co., Ltd., Huizhou Guanghai Electronic Insulation Materials Co., Ltd., Alpha Wire, Zeus Industrial Products, Inc., Sumitomo Electric Industries, Ltd., Gunze Limited, and others.

The low segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Heat Shrink Tubing Market Report Scope
  GET A FREE SAMPLE

FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.

 Request Free Sample Copy

Have questions before ordering this report?

Inquiry Before Buying