Heat Shrink Tubing Market Size

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.