Heat-Shrink Tubing Market by Voltage (Low, Medium, and High), Material (Polyolefin, Polytetrafluoroethylene, Fluorinated Ethylene Propylene), End-User (Utilities, Chemical, Automotive, Food & Beverage), Region - Global Forecast to 2024
“The global heat-shrink tubing market is projected to grow at a CAGR of 5.3% from 2019 to 2024”
The global heat-shrink tubing market is projected to reach USD 2.3 billion by 2024 from an estimated USD 1.8 billion in 2019, at a CAGR of 5.3% during the forecast period. This growth can be attributed to factors such as government initiatives to expand and upgrade T&D systems and increasing power generation capacities.
“The polyolefin segment is expected to be the largest heat-shrink tubing market, by material, during the forecast period”
The polyolefin segment is expected to be the largest heat-shrink tubing market, by material, during the forecast period. Polyolefin is the most used material for heat-shrinkable tubes. It forms a dense network of high molecular weight, which improves impact strength, Environmental Stress Crack Resistance (ESCR), and creep and abrasion resistance without influencing the tensile strength and density. It finds a wide application in packaging and electrical insulation industries for mechanical and environmental protection. The major end-users of polyolefin heat-shrink tubing are aerospace, military, and telecommunications.
The low voltage segment is expected to be the fastest growing heat-shrink tubing market, by voltage, during the forecast period
The low voltage segment is estimated to be the fastest growing heat-shrink tubing market, by voltage, during the forecast period. Massive T&D network expansions and increasing urbanization and industrialization projects in China and India are the main reasons for the growth of the low voltage heat-shrink tubing market.
“Asia Pacific: The largest heat-shrink tubing market”
Asia Pacific is projected to be the largest heat-shrink tubing market by 2024. China, India, and Japan, among the major countries, are the leading users of heat-shrink tubing. Over the past few years, the Asia Pacific region has witnessed rapid economic development. The growing demand for electricity is expected to lead to the need to replace the aging power transmission infrastructure and an increase in the demand for equipment such as low, medium, and high-power cables, thus driving the demand for heat-shrink tubing. The governments of Asia Pacific countries are planning to develop more electrical grid and power generation capacities, which would further boost the demand for heat-shrink tubing in the region.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier I–60%, Tier II–20%, and Tier III–20%
By Designation: C-Level–55%, Director Level–30%, and Others–15%
By Region: North America–16%, Europe–21%, Asia Pacific–26%, South America–11%, and the Middle East & Africa–26%
Note: Others includes sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined on the basis of their total revenue as of 2017; Tier 1: USD 1 billion, Tier 2: USD 500 million–1 billion, and Tier 3: <USD 500 million.
The global heat-shrink tubing market is dominated by a few major players that have a wide regional presence. The leading players in the heat-shrink tubing market are TE Connectivity (Switzerland), 3M (US), Sumitomo Electric (Japan), ABB (Switzerland), HellermannTyton (West Sussex), Alpha Wire (US), Woer (China), Qualtek (US), Panduit (US), Zeus (US), Guanghai Materials (China), Thermosleeve (US), Insultab (US), Dasheng Heat Shrinkable Material (China), and Changchun Heat Shrinkable Materials (China).
The report defines, describes, and forecasts the global heat-shrink tubing market by voltage, material, end-user, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the heat-shrink tubing market.
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