Heat Shrink Tubing Market is expected to reach US$ 2,877.64 million by 2028

PRESS RELEASE BY The Insight Partners 04 Jan 2023

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The Heat Shrink Tubing Market size is expected to reach USD 2877.64 million by 2028; registering at a CAGR of 5.6%  from 2022 to 2028, according to a new research study conducted by The Insight Partners

Heat shrink tubing is a rubber sleeve or a thermoplastic tube that shrinks down in size when heated. When placed around wire arrays and electrical components, heat shrink tubing shrinks radially to fit the equipment’s contour, creating a permanent to semi-permanent protective layer or seal. The common and topmost usage of heat shrinking tubes is to offer protection to the wires and cables from abrasion, cutting, and scuffing, as well as from liquids (e.g., oil, water, and acids) and atmospheric factors such as humidity and temperature. Heat shrink tubing comes in many sizes, different shrink ratios, and several types offering unique characteristics. The heat shrink tubing process is done manually in many industries, while a few manufacturers provide automated heat shrink tubing solutions.

Heat Shrink Tubing Market — by Region, 2022

Heat Shrinking Tubing Market — by Region, 2022

Heat Shrink Tubing Market Share & Size Report 2028

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Heat Shrink Tubing Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Voltage (Low voltage (Less than 5kV), Medium voltage (5-35 kV), High Voltage (Above 35kV)); Material (Polyolefin, Polytetrafluoroethylene, Fluorinated Ethylene Propylene, Perfluoro Alkoxy Alkane, Polyvinylidene fluoride, Others); and End User (Energy, Utilities, Electrical Power, Infrastructure / Building Construction, Industrial , Telecommunication, Automotive, Aerospace, Defense, Mass transit and Mobility, Medical, Petrochemical, Mining)

Source: The Insight Partners Analysis

According to the heat shrink tubing market research study, growing demand from the automotive industry and government initiatives to expand and upgrade transmission and distribution systems are among the factors driving the growth of the heat shrink tubing market. High growth potential from industries such as telecommunications, oil & gas, and electrical & electronics provides lucrative opportunities for the market. Moreover, automation of heat shrink tubing process is expected to emerge as a trend in the heat shrink tubing market during 2022–2028.

North America’s aerospace industry is a strong global player with the presence of major companies such as Boeing, Lockheed Martin Corporation, and Gulfstream Aerospace Corporation that are engaged in the manufacturing of both commercial and military aircraft. The continuous demand for aircraft fleets across North American airlines is majorly driven due to the massive growth in passenger volume. Further, governments, as well as private and public companies, across the region invest huge capital to enhance aircraft capabilities in order to meet the requirements during combat/non-combat scenarios. Increasing threat of terrorism, border security, and troop transportation are also creating immense need for advanced military aircraft.

3M Co, HellermannTyton Ltd, LAS Aerospace Ltd., Shanghai Changyuan Electronic Material Co Ltd, Shawcor Ltd, Shenzhen Woer Heat-Shrinkable Material Co Ltd, Sumitomo Electric Industries Ltd, TE Connectivity Ltd, Techflex Inc, and Zeus Industrial Products Inc are among the key players operating in the heat shrink tubing market. Several other market players were analyzed during this market research study to get a holistic view of the heat shrink tubing market and its ecosystem. The heat shrink tubing market size report provides detailed market insights, which helps the key players strategize their growth.

Impact of COVID-19 Pandemic on APAC Heat Shrink Tubing Market

The COVID-19 pandemic dramatically impacted the global economy during its peak in 2020. The crisis hampered business activities in various industries, such as automobiles, aerospace, electronics, and mining. Factory shutdowns, trade bans, and border lockdowns to combat the virulence of the virus negatively impacted the working of companies worldwide. The impact on the growth of these industries limited the heat shrink tubing market expansion. The onset of the COVID-19 pandemic slowed down the investment and production units. All these factors negatively impacted the automotive industry bringing a huge downfall in the demand for heat shrink tubing in the automotive industry. The pandemic forced businesses to restructure their business models, focusing on strengthening strategies to achieve economies of scale.

Although the global heat shrink tubing market was adversely impacted by the COVID-19 pandemic in 2020, it achieved a strong recovery. With ease in restrictions and the reopening of business units in 2021, industries showed tremendous resilience. The market is expected to continue growing due to the rise in the demand for heat shrink tubing across the world.

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