Heat Shrinking Tubing Market - Global Industry Analysis, Potential Growth, Key Players and Latest Trends Forecast by 2028

The Heat Shrinking 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 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.

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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 shrinking tubing market. Several other market players were analyzed during this heat shrinking tubing market research study to get a holistic view of the heat shrinking tubing market and its ecosystem. The heat shrinking tubing market size report provides detailed market insights, which helps the key players strategize their growth.

An automated heat shrink tubing consists of an instrumented heat chamber on a linear positioning system fitted with heat guns. The chamber design directs the hot air from the heat guns onto the wire harness uniformly with the help of radially distributed channels. A control unit continuously manages the actuator position by measuring the chamber's speed and temperature. In automated heat shrink tubing, the workpieces are loaded into a machine and automatically passed through a heating tunnel. These machines can address the precise shrinkage specifications due to the automatic movement of workpieces.

Many aircraft, automobiles, and spacecraft require large bundles of wires that would stretch over several kilometers, if extended fully. Putting all these wires into an automated heat shrink tubing can save time, mitigate risk of an electrical short, provides a standardized process, and installation time can be significantly decreased, as well as provides protection against adverse effects of vibrations, abrasions, and moisture.

Thus, owing to the benefits provided, automation of heat shrink tubing is emerging as a significant trend in the heat shrinking tubing market.

The heat shrinking tubing market is segmented on the basis of voltage, material, and end user. Based on voltage, the heat shrinking tubing market is categorized into low voltage (less than 5kV), medium voltage (5-35kV), and high voltage (above 35kV). By material, the heat shrinking tubing market is segmented into polyolefin, polytetrafluoroethylene, fluorinated ethylene propylene, perfluoroalkoxy alkane, polyvinylidene fluoride, and others. In terms of end user, the heat shrinking tubing market is divided into energy, utilities, electrical power, infrastructure/building construction, industrial, telecommunication, automotive, aerospace, defense, mass transit and mobility, medical, petrochemical, and mining.

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Impact of COVID-19 Pandemic on Europe Heat shrinking tubing Market

The impact of the COVID-19 pandemic on European industries was severe. Lockdowns imposed by the governments resulted in the shutdown of several industries, including the automotive and energy industry. This led to a drastic decline in production across the automotive industry, severely affecting the region's heat-shrinking tubing market growth. As per the European Parliament report, the EU automotive industry suffered production losses of 3.6 million vehicles, which reflects a loss of US$ 105.22 billion in the first half of 2020. Further, the total electricity generation from European countries in April 2020 dropped by 9%, where fossil energy generation decreased by 28%, and nuclear energy decreased by 14%. All these factors led to a decline in the demand for heat shrinking tubing in the automotive and energy industry.

Furthermore, the European aerospace industry witnessed airspace inefficiencies, activity delays, and a declining number of flights due to the COVID-19 outbreak in the region. Airbus, a Europe-based aircraft giant, had a more than challenging 2020 due to the spread of the COVID-19 pandemic. It had delivered around 566 jets, down from 863 in 2019. Due to the COVID-19 pandemic, Airbus had to cut production on several programs, and the company is now looking to hold underlying jet output at 40% below pre-pandemic plans for two years. The A320 production rate had declined to 40 aircraft a month; it was 53 aircraft per month in 2019. These factors reduced the market of airlines and severely impacted the business of heat shrinking tubing providers.

In 2021, with the relaxation of lockdown measures, operations resumed in manufacturing businesses. Hence, heat shrinking tubing market gained momentum. Further, in 2022, heat shrinking tubing is expected to have higher demand due to the increasing industry investments and national support measures after the COVID-19 crisis. For instance, according to the European Automobile Manufacturers' Association (ACEA), sales of vehicles in Europe will rise by 10% in 2021 when compared to 2020. According to Airbus, the global and European aviation industry is expected to reach pre-COVID levels between 2023 and 2025.

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TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.2.2 Europe
4.2.3 APAC
4.2.4 MEA
4.2.5 SAM
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. Key Market Dynamics
Continued…

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