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Heat Shrink Tubing & Sleeves Market Overview Report 2024
Heat Shrink Tubing & Sleeves Market Overview
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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.
Heat Shrink Tubing And Sleeves Market 2024 Key Insights:
• The heat shrink tubing and sleeves market will grow to $2.67 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• Surging Demand For Electrical And Electronics Products Fuels Growth In The Heat Shrink Tubing And Sleeves Market
• Innovative Breakthroughs Are Transforming The Heat-Shrink Tubing And Sleeves Market With Nexans' Jts System
• North America was the largest region in heat shrink tubing and sleeves market in 2023
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