Heat Shrink Tube Market is expected to grow at a CAGR of 5.7% from 2021 to 2031
The ever-expanding spectrum of applications for PET heat shrink tubes is likely to drive heat shrink tubing market expansion, opening up new sales possibilities for producers.
NEW YORK, April 11, 2022 /PRNewswire/ -- An exclusive report by Persistence Market Research observes that the heat shrink tubing market is expected to grow at a CAGR of 5.7% from an estimated US$ 237.1 million in 2021 to US$ 394.20 million by 2030. Government attempts to develop and update T&D systems, as well as ongoing increases in global power generating capacity, are projected to fuel the heat shrink tubing market.
Even though demand for Polytetrafluoroethylene (PTFE) and Fluorinated Ethylene Propylene (FEP) in the heat shrink tubing market is increasing, Polyethylene Terephthalate (PET) is likely to remain the preferred material for manufacturing due to its superior mechanical properties, including high-temperature resistance capacity and resistance to UV light, chemicals, and solvents.
Polyethylene Terephthalate (PET) accounted for one-third of the revenue share of the heat shrink tubing market, and its rising acceptance in the electrical & electronics sector, owing to its high dielectric strength, would support its sales in the heat shrink tubing market. The ever-expanding spectrum of applications for PET heat shrink tubes is likely to drive heat shrink tubing market expansion, opening up new sales possibilities for producers.
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In the future years, the use of heat shrinks tubes in the electrical and IT & telecom sectors is likely to skyrocket. Massive improvements are being pioneered in this industry to improve telecommunications and data centre security
Heat shrink tubing may be used to dress cable assemblies, offering IT and telecom professionals more options for routing and managing complicated wire networks. The industry is predicted to continue to be driven by an increase in demand for sealing and insulation for wire protection in telecommunication connections.
In the North American market, rising industrial automation and expansion in the automotive industry are fueling the growth of the heat shrink tubing market. Furthermore, rising investment and development for improved energy transmission and distribution networks in the Middle East and Africa, as well as Latin America, is fueling the expansion of the heat shrink tubing market.
The Asia Pacific accounted for about half of the revenue share of the heat shrink tubing market, with most developing manufacturers and major heat shrink tubing market players in the area significantly relying on the requirement for heat shrink tubes to preserve obsolete and ageing electrical infrastructure.
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China dominates the Asia Pacific heat shrink tubing market due to its huge population and expanding number of electric vehicles. Development in power generating harnessing capacity for low voltage is also boosting heat shrink tubing market growth. However, China has a large number of heat shrink tubing producers in the region, which contributes to the country's growth.
The need for heat shrink tubing kits in this region is driven not just by increased protection and insulation but also by strain relief and environmental sealing. The increased need for heat shrink tubing is likely to be exacerbated in the Asia Pacific, where power consumption is increasing due to the region's rising economy.
Technological advancements are accelerating the adoption of insulating materials for enhanced cable wire protection in high voltage electrical infrastructure, offering growth prospects for the heat shrink tubing market. In the Asia Pacific, advances in the thick wall, flame retardant, low voltage, and halogen-free heat shrink tubing solutions are driving the heat shrink tubing market.
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In the heat shrink tubing market, developed economies such as the North American market continue to face a torrent of regulatory enforcement mandates. The Nuclear Regulatory Commission has issued strict guidelines for the correct use of heat shrink tubes in nuclear power reactor plants. Heat shrink tubes installed incorrectly above electric splices and terminations may constitute a nuclear radiation danger.
Strict adherence to such requirements may dissuade important heat shrink tubing market participants from making large investments in heat shrink tubing, particularly in the nuclear power industry.
Substitute goods are being put into the heat shrink tubing market, and growing awareness about the need to decrease the use of plastic in everyday life is anticipated to stymie the growth of the heat shrink tubing market.
Since the cold shrink tubing market competes with the heat shrink tubing industry, its expansion may be hampered. Cold shrink tubing is more UV resistant than hot shrink tubing, giving it a more desirable option in several industrial areas. To install components in cold shrink tubing, no hot work or direct flame is necessary.
Hot work permits and severe rules are not necessary, and cold shrink tubing is assumed to be reliable owing to less difficult processes. These results in significant time and cost savings, making it a preferable option for important manufacturers, limiting the growth of the heat shrink tubing market.
KEY TAKEAWAYS:
- The manufacturing sector of the heat shrink tubing market's end user sector is expected to grow at a CAGR of 6.4% during the forecast period.
- The heat shrink tubing market's top region is expected to grow at a CAGR of 6.1% during the forecast period.
- China is expected to reach a heat shrink tubing market size of US$ 27.3 Million by 2032, with a CAGR of 6.5% over the analysed period.
- The US is expected to reach a heat shrink tubing market size of US$ 121.2 Million by 2032, with a CAGR of 6.2% over the analysed period.
- The UK is expected to reach a heat shrink tubing market size of US$ 11.8 Million by 2032, with a CAGR of 6.3% over the research period.
- Japan is expected to reach a heat shrink tubing market size of US$ 23.5 Million by 2032, with a CAGR of 6.3% over the research period.
COMPETITIVE LANDSCAPE:
The major players in the heat-shrink tubing market are TE CONNECTIVITY, SUMITOMO ELECTRIC INDUSTRIES, LTD., PRYSMIAN GROUP, ABB Ltd, and 3M.
TE Connectivity released BATTU heat-shrink tubing in March 2019, a dual-wall; fire-retardant solution designed for battery/power cable to terminal applications in industrial and commercial vehicles, construction equipment, and generators sets. With a 2:1 shrink ratio, BATTU tubing products operate very well in tough conditions.
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