Heat-Shrink Tubing Industry - Key Market Dynamics and Trends

The heat-shrink tubing market size has grown strongly in recent years. It will grow from $2.14 billion in 2023 to $2.26 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to electronics industry expansion, growing medical device manufacturing, automotive industry adoption, industrial applications, advancement in manufacturing processes.

The heat-shrink tubing market size is expected to see strong growth in the next few years. It will grow to $2.86 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to global infrastructure projects, innovation in size and form factors, emergence of new applications, shift towards sustainable solutions, demand for high-performance materials. Major trends in the forecast period include market expansion in emerging economies, innovation in material durability, rising demand for electrical insulation, sustainability and environmental concerns, miniaturization in electronics.

Market Overview -
Heat-shrink tubing is a shrinkable thermoplastic plastic tube placed around wire arrays and electrical components to insulate by applying heat to offer corrosion resistance and protect stranded and solid wire conductors, connections, couplings, and terminals from the environment. It is used to provide more mechanical support for wires and cables that would otherwise be subjected to strain and stress, perhaps leading to premature failure.

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Global Power Generation Capacity Ignites Unprecedented Demand For Heat-Shrink Tubing Solutions
A continuous increase in global power generation capacity is expected to propel the growth of the heat-shrink tubes market going forward. Power generation refers to the creation of electricity utilizing various forms of technologies such as steam boilers and wind turbines. Heat shrink tubing is used in the power generation industry to protect power lines against physical damage, moisture, and other environmental variables and prevents moisture and debris from entering the line which avoids the premature failure of cables and wires. For instance, in April 2022, according to the report published by the International Renewable Energy Agency (IRENA), a UAE-based intergovernmental organization for sustainable energy, by the end of 2021, worldwide renewable generation capacity would have reached 3 064 Gigawatts (GW), increasing the stock of renewable energy by 9.1%. Additionally, in 2021, both technologies solar and wind combined to account for 88% of all new renewable capacity. Furthermore, according to the U.S. Energy Information Administration in July 2021, a US-based federal statistical system in charge of gathering, analyzing, and disseminating energy data, the global electricity demand is expected to rise by over 5% in 2021 and 4% in 2022. Therefore, a continuous increase in global power generation capacity drives the growth of the heat-shrink tubing market.

Competitive Landscape -
Major companies operating in the heat-shrink tubing market report are ABB Ltd., 3M, TE Connectivity, Sumitomo Electric Industries Ltd., HellermannTyton, Alpha Wire, Panduit Corporation, Qualtek Electronics Corporation, Zeus Industrial Products Inc., Insultab Inc., SAB North America, Molex LLC, Aircraft Marine Products Inc., Babsco Supply Inc., Buy Heat Shrink LLC, Cable Ties Unlimited Inc., Changyuan Group Ltd., DSG-Canusa Holding GmbH, Dunbar Sales Corp., Electro Insulation Corp., Hishi LLC, Lapp Tannehill Inc., Lucky Goldstar Corporation, National Plastics & Seals Inc., Pexco LLC, Shanghai Changyuan Electronic Material Co. Ltd., ShawCor Ltd., Shenzhen Woer Heat-Shrinkable Material Co. Ltd, Taiwan Yun Lin Electronic Co Ltd., Techflex Inc.

Automated Heat Shrink Packaging In The Heat-Shrink Tubing Market
Automation of heat shrink tubing is a key trend gaining popularity in the heat shrinking tubing market. Major companies in the heat-shrinking tubing market are focused on innovating their products to strengthen their position in the market and sustain their position in the market. For instance, in May 2022, CORTEC Corp, a US-based corrosion solutions company, introduced, a new custom VpCI (vapor corrosion inhibitor)-126 Shrink Film for metal packaging in automated heat shrink and heat seal tunnels. VpCI-126 Shrink Film is designed for heavy-duty packing of industrial equipment and assets for shipping or storage to prevent rusting and the vapor phase corrosion inhibitors (VpCI) in the film form a protective molecular layer on metal surfaces inside the packaging. Additionally, the consumer items that undergo automatic heat shrinking are wrapped in highly fragile films and often do not require corrosion protection at the other end of the shrink film packaging spectrum and benefit tiny metal products from both corrosion prevention and automated packaging.

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Key Segments -
The heat-shrink tubing market covered in this report is segmented -

1) By Type: Single Wall, Double Wall
2) By Material: Polyolefin, Polytetrafluoroethylene, Fluorinated Ethylene Propylene, Perfluoroalkoxy Alkane, Ethylene Tetrafluoroethylene, Other Materials
3) By Voltage: Low Voltage, Medium Voltage, High Voltage
4) By End-User: Chemical, Pharmaceutical, Food And Beverage, Automotive, Utilities, Other End-Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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