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Heat Shrink Tubing And Sleeves Market 2024 Mega Trends, Industry Growth, Future Outlook And Forecast To 2033
Heat Shrink Tubing And Sleeves Market
Heat Shrink Tubing And Sleeves Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $2.67 billion In 2028 At A CAGR Of 6.0% :
The heat shrink tubing and sleeves market size has grown strongly in recent years. It will grow from $1.98 billion in 2023 to $2.11 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to electronics industry demand, industrial applications, miniaturization in electronics, market competition and innovation, customization and versatility.
The heat shrink tubing and sleeves market size is expected to see strong growth in the next few years. It will grow to $2.67 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to industry-specific demand, miniaturization in electronics, global market expansion, demand for customization, rapid industrialization. Major trends in the forecast period include market competition and innovation, customization and versatility, miniaturization trends, environmental and safety regulations, wire and cable protection.
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Heat Shrink Tubing And Sleeves Market Major Segments
The heat shrink tubing and sleeves market covered in this report is segmented -
1) By Product Type: Tubes, Sleeves, Other Accessories
2) By Material Type: Polyolefin (POE), Polyether Ether Ket*one (PEEK), Ethylene Tetrafluoroethylene (ETFE), Ethylene Vinyl Acetate (EVA), Polytetrafluoroethylene (PTFE), Fluorinated Ethylene Propylene (FEP), Perfluoroalkoxy Alkane (PFA), Other Materials
3) By Length: Spool, Standard (1.2 Meter), Non-Standard Cut Pieces, Custom
4) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
5) By Applications: Automotive, Aerospace, Railways, Telecommunication, Energy, Electrical Engineering Goods And Components, Home Appliances, Defense And Armaments, Other Applications
Key Driver - Surging Demand For Electrical And Electronics Products Fuels Growth In The Heat Shrink Tubing And Sleeves Market
The increasing demand for electrical and electronics products is expected to propel the growth of the heat shrink tubing and sleeves market going forward. Electrical and electronic equipment refers to devices and systems that utilize electricity and electronic components to perform specific functions. Higher demand for various electrical and electronic products, including wires, cables, connectors, and electronic components, requires heat shrink tubing and sleeves that offer excellent insulation properties, protecting wires and cables from other environmental factors such as moisture, chemicals, and abrasion. For instance, in May 2023, according to the United Nations COMTRADE database, a part of the United Nations Statistics Division, exports of electrical and electronic equipment in the US accounted for $197.75 billion in 2022, compared to $185 billion in 2021, with an approximate increase of 7%. Therefore, increasing demand for electrical and electronics products is driving the growth of the heat shrink tubing and sleeves market.
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Prominent Trend - Innovative Breakthroughs Are Transforming The Heat-Shrink Tubing And Sleeves Market With Nexans' Jts System
Advances in technology and innovation are a key trend gaining popularity in the heat-shrink tubing and sleeves market. Companies operating in the heat-shrink tubing and sleeves market are adopting innovative technologies to advance product development and sustain their position in the market. For instance, in June 2021, Nexans, a France-based cable and optical industry, launched Nexans' JTS system to minimize the risk of joint failure in the electrical network. The JTS range offers high-performance, compact, and easy-to-install heat-shrinkable cable joints for medium voltage applications (11-36 kV). Utilizing triple-wall tube technology, these joints simplify the installation process by reducing the number of tubes required for heat shrinking. This not only saves time but also minimizes the risk of joint failure.
Heat Shrink Tubing And Sleeves Market Players
Major companies operating in the heat shrink tubing and sleeves market report are HellermannTyton, Molex LLC, Panduit Corp., Shrink Sleeves Ltd., TE Connectivity Inc., ABB Ltd., 3M Company, Wurth Elektonik Company, Techflex Inc., Artilabo International BV, Gremtek SAS, Pexco LLC, DSG-Canusa GmbH, Don-Polymer Ltd., Essentra plc, Zeus Industrial Products Inc., Changyuan Group Ltd., CIAC Corp., Qualtek Electronics Corp., Alpha Wire Company, Sumitomo Electric Industries Ltd., Woer Heat-Shrinkable Material Co. Ltd., Insultab Inc., Yamaichi Electronics Co. Ltd., Cygia Group, Dasheng Heat Shrinkable Material Co. Ltd., SAB North America LLC, Adtech Polymer Engineering Ltd., Amphenol PCD Inc., Carlisle Interconnect Technologies, Covalence Adhesives Corp., Fujikura Ltd.
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Largest And Fastest Growing Region In The Market
North America was the largest region in heat shrink tubing and sleeves market in 2023. The regions covered in the heat shrink tubing and sleeves market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Heat Shrink Tubing And Sleeves Market Report Structure
3. Heat Shrink Tubing And Sleeves Market Trends And Strategies
4. Heat Shrink Tubing And Sleeves Market - Macro Economic Scenario
5. Heat Shrink Tubing And Sleeves Market Size And Growth
…..
27. Heat Shrink Tubing And Sleeves Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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