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.
Growth Drivers
Challenges
|
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 |
|
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 |
|
|
Voltage |
|
|
End-User |
|
|
Type |
|
|
Shrink Ratio |
|
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%.
Author Credits: Abhishek Verma, Hetal Singh
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?