Heat Shrink Tubing Market Share & Size Report 2028

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)

Publication Month : Jan 2023

  • Report Code : TIPRE00008443
  • Category : Manufacturing and Construction
  • Status : Published
  • No. of Pages : 550
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The heat shrink tubing market is expected to grow from US$ 2,070.53 million in 2022 to US$ 2,877.64 million by 2028; it is estimated to register a CAGR of 5.6% from 2022 to 2028.

Heat shrink tubing has multiple uses and is widely utilized within telecommunications networking cables. Heat shrink tubes are used to safeguard these cables, connections, conductors, terminals, and joints against environmental damage. Further, the oil & gas industry faces the most challenging environmental conditions and effects. Extreme heat, pressure, corrosion, and other factors impact the equipment used in the oil & gas industry. Heat shrink tubing ensures the equipment delivers reliable and consistent performance. Likewise in a phone or laptop, charging cords have a point of vulnerability at the end of the cord where it attaches the connector; heat shrink tubing is used to seal/protect that point of vulnerability between the cord and the connection. Thus, the demand for heat shrink tubing across telecommunications, oil & gas, electrical and electronics industries provides ample opportunities for the market growth.

Increasing 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. Further, high growth potential from industries such as telecommunications, oil & gas, and electrical & electronics provides lucrative opportunities for the market. Automation of heat shrink tubing process is expected to emerge as a trend in the heat shrink tubing market during 2022–2028. The automotive industry plays a crucial role in a country's economy and helps build macroeconomic growth and stability in both developed and developing countries. Heat shrink tube is widely used in automobiles for insulating engine components. The harsh operating environment in an automobile engine chamber has made it necessary to use an electrical shrink tube for an electrical circuit inside it. In automobiles, heat shrink tube has numerous applications, such as fuel line protection, anti-lock braking systems (ABS) tubing, water drain tubing, power steering return hoses, air conditioning aluminum tubing, automatic transmission fluid (ATF) tubing formulated for automotive engines, water-cooling system tubing, fuel system tubing, and air conditioning hoses.

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Heat Shrink Tubing Market: Strategic Insights

heat-shrinking-tubing-market
Market Size Value inUS$ 2,070.53 Million in 2022
Market Size Value byUS$ 2,877.64 Million by 2028
Growth rateCAGR of 5.6% from 2022 to 2028
Forecast Period2022-2028
Base Year2022
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Impact of COVID-19 Pandemic on North America Heat shrink tubing Market Growth

North America is an early adopter of emerging technologies due to favorable government policies to boost innovation and reinforce infrastructure capabilities. The automotive industry in North America has a potential influence on the country’s economy. Unfortunately, the US was one of the worst-affected countries due to the COVID-19 pandemic, and the crisis led to a cascading impact on multiple industries. The operations of the automotive industry were put on hold, which hampered the business dynamics in the first half of 2020. In North America, a total of 43 states had lower auto exports in 2020 than in 2019. In March 2020, American Honda Motor Co., Inc. announced that it had halted North American production, due to which the company saw a production loss of ~40,000 vehicles. Disruption in the supply chain due to travel restrictions was limiting supply and production activities, including heat shrink tubing solutions, during the pandemic.

However, since 2021, the industry has been improving at a faster pace. Factories are churning out, and many manufacturing plants are nearly back to production levels after a temporary shutdown during the pandemic.

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Market Insights – Heat Shrink Tubing Market

Based on geography, the heat shrink tubing market size is primarily segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America (SAM). APAC accounted for the largest heat shrink tubing market share in 2022, and it is expected to retain its dominance during the forecast period. Further, APAC is expected to witness the highest CAGR in the heat shrink tubing market during the forecast period. According to the US Department of Energy, in 2021, the US wind industry installed 13,413 megawatts (MW) of new wind capacity, the second-highest amount of wind capacity installed after 2020, with a total investment of US$ 20 billion. North America is focusing on the cost and performance improvements of wind power technologies, production tax credit, and wind energy capacity additions, which is supporting the growth of the heat shrink tubing market across the region.

Heat Shrink Tubing Market - Voltage-Based Insights

Based on voltage, the heat shrink tubing market is segmented into low voltage (less than 5kV), medium voltage (5–35kV), and high voltage (above 35kV). The low voltage segment is dominating the market due to increasing demand for the heat shrinking tubes in low voltage connection applications.

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Voltage, Material, and End User

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, UAE, UK, US

Frequently Asked Questions


What are the driving factors impacting the heat shrink tubing market?

Growing demand from automotive industry driving the heat shrink tubing market. The automotive industry plays a crucial role in a country's economy and helps build macroeconomic growth and stability in both developed and developing countries. Heat shrink tube is widely used in automobiles for insulating engine components. The harsh operating environment in an automobile engine chamber has made it necessary to use an electrical shrink tube for an electrical circuit inside it. In automobiles, heat shrink tube has numerous applications, such as fuel line protection, anti-lock braking systems (ABS) tubing, water drain tubing, power steering return hoses, air conditioning aluminum tubing, automatic transmission fluid (ATF) tubing formulated for automotive engines, water-cooling system tubing, fuel system tubing, and air conditioning hoses

Which are the key players holding the major market share of heat shrink tubing market?

The key players, holding majority shares, in heat shrink tubing market includes Shenzhen Woer Heat - Shrinkable Material Co., Ltd; TE Connectivity; Sumitomo Electric Industries, Ltd; 3M; Zeus Company Inc; SHAWCOR; HellermannTyton; Molex LLC; Techflex, Inc; and Shanghai Changyuan Electronic Material Co., Ltd.

Which is the fastest growing regional market?

Asia Pacific is the fastest growing regional market, followed by Europe and North America.

What are the future trends for heat shrink tubing market?

Heat shrink tubing is used to insulate wire conductors, as well as protect and seal cables. Performing heat shrink tubing manually can invite risk, apart from being a time-consuming process. Automating this process minimizes the operators' direct interaction with wires, decreases production costs over the long term, and dramatically improves quantitative and qualitative production indicators.

Which countries are registering a high growth rate during the forecast period?

China and the US are expected to register high growth rates during the forecast period.

What is the incremental growth of the heat shrink tubing market during the forecast period?

The incremental growth expected to be US$ 901.95 million for the market during 2022-2028.

What is the estimated global market size for the Heat shrink tubing Market in 2022?

The heat shrink tubing market was estimated to be US$ 2,070.53 million in 2022 and is expected to grow at a CAGR of 5.6%, during the forecast period 2022 - 2028.

The List of Companies - Heat Shrink Tubing Market

  1. HellermannTyton 
  2. Sumitomo Electric Industries, Ltd.
  3. SHAWCOR
  4. Molex LLC
  5. 3M
  6. Shenzhen Woer Heat - Shrinkable Material Co., Ltd
  7. Shanghai Changyuan Electronic Material Co., Ltd
  8. TE Connectivity.
  9. Techflex, Inc
  10. Zeus Company Inc.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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