Press release
Global Heat-Shrink Tubing Market to Reach $3 Billion by 2029, Growing at 7% CAGR
Heat-Shrink Tubing Market Size
The heat-shrink tubes market is anticipated to expand owing to an expected surge in worldwide power generation capacity. Power generation involves the production of electricity using diverse technologies like wind turbines and steam boilers. The power generation industry uses heat-shrink tubing to safeguard power lines from physical damage, environmental factors, and moisture, as well as to prevent debris and moisture infiltration, which can lead to early cable and wire failure. For example, a report by the US Energy Information Administration (EIA), a US-based government agency, projected in October 2023 that global electricity production is forecasted to increase by 30%-76% by 2050, with new capacity largely composed of zero-carbon technologies ranging from 81%-95%. Consequently, the global capacity share of coal, natural gas, and petroleum is expected to decrease to 27%-38%. Hence, the anticipated upsurge in global power generation capacity is a key driver for the expansion of the heat shrink tubing market.
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What is the projected compound annual growth rate (CAGR) of the heat-shrink tubing market from 2025 to 2034, and what factors influence it?
The steady growth of the heat-shrink tubing market has been noted in recent years, with a predicted rise from $2.22 billion in 2024 to $2.33 billion in 2025, marking a compound annual growth rate (CAGR) of 4.9%. Factors driving this growth during the historical period include the expansion of the electronics industry, increased production of medical devices, adoption by the automotive sector, industrial applications, and improvements in manufacturing techniques.
The market size of heat-shrink tubing is predicted to experience robust growth in the upcoming years, reaching "$3 billion by 2029 with a compound annual growth rate (CAGR) of 6.6%. This forecasted growth can be attributed to factors including global infrastructure projects, innovative changes in size and form factors, the introduction of new applications, a shift towards environmentally sustainable solutions, and the need for high-performance materials. Key trends to watch for during the forecast period are the expansion of the market in emerging economies, improvements in material durability, an increase in demand for electrical insulation, environmental sustainability concerns, and the trend towards miniaturization in the electronics industry.
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How are the latest trends influencing the growth of the heat-shrink tubing market?
The trend of heat shrink tubing automation is becoming increasingly popular within the heat shrinking tubing market. To maintain and strengthen their market standing, key players in the heat-shrinking tubing market are focusing on product innovation. For instance, in May 2022, CORTEC Corp, a U.S. firm specializing in corrosion solutions, launched a new custom VpCI (vapor corrosion inhibitor)-126 Shrink Film, specifically for use in metal packaging automation within heat shrink and heat seal tunnels. The VpCI-126 Shrink Film is engineered to be used in the industrial-level packaging of heavy equipment and assets, providing protection against rusting and vapor phase corrosion inhibitors (VpCI). This protective layer is formed on the metal surfaces inside the packaging. Furthermore, consumer items that experience automatic heat shrinking are usually enclosed in extremely fragile films, often negating the need for corrosion protection. Within the spectrum of shrink film packaging, small metal products can also gain dual benefits of corrosion prevention and automated packaging.
What are the major segments of the heat-shrink tubing market and their role in driving growth?
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
Subsegments:
1) By Single Wall: Polyolefin, PVC, Fluoropolymer
2) By Double Wall: Polyolefin With Adhesive Lining, PVC With Adhesive Lining, Heat-Shrinkable Composites
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Which regions are key players in the growth of the heat-shrink tubing market?
North America was the largest region in the heat-shrink tubing market in 2024.Asia-Pacific is expected to be the fastest-growing region in the global heat-shrink tubing market report during the forecast period. The regions covered in the heat-shrink tubing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the key firms paving the way for growth in the heat-shrink tubing market?
Major companies operating in the heat-shrink tubing market include 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., 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.
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What Is Covered In The Heat-Shrink Tubing Global Market Report?
• Market Size Forecast: Examine the heat-shrink tubing market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the heat-shrink tubing market for a structured understanding.
• Key Players Overview: Analyze major players in the heat-shrink tubing market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the heat-shrink tubing market.
• Segment Contributions: Evaluate how different segments drive overall growth in the heat-shrink tubing market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the heat-shrink tubing market.
• Industry Challenges: Identify potential risks and obstacles affecting the heat-shrink tubing market.
• Competitive Landscape: Review strategic developments in the heat-shrink tubing market, including expansions, agreements, and new product launches.
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