In 2021, LCD Segment is Expected to Dominate the market owing to the High Degree of Reliability Offered

Leading competitors in the heat shrink tubing and sleeves market are focusing on diversifying their product portfolios by investing in research and development for new, more durable goods. Aside from that, market growth would be aided by the increase of OEM channels and customization of products offered by market participants through 2031. ​

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Global heat shrink tubing market is expected to reach USD 2,730.98 million by 2028 from USD 1,757.82 million in 2020, growing with a CAGR of 5.7% in the forecast period of 2021 to 2028. The global heat shrink tubing market is predicted to increase in tandem with technological advancements in wire harnessing and production, as well as sophisticated infrastructure technology. The global heat shrink tubing market is projected to be restrained by rising government regulations on harmful gas emissions. The automation of heat shrink tubing is predicted to create significant potential for the global heat shrink tubing market to flourish across many applications. The global heat shrink tubing market is likely to be challenged by rising copper, silver, and raw material prices.

The growing role of government in support and expansion of transmission & distribution system is expected to drive the market's growth rate

The role of electric power transmission and distribution (T&D) plays an important link between generating stations and customers. Growing loads and stress created by the aging equipment and increasing the risk of widespread blackouts are few of the factors which help generates the need of heat shrink tube. Electricity delivery that is both dependable and cost-effective is critical in today's society. This in turn will act as an important market growth determinant. Increased expenditure by public and private players on the development of infrastructure will also promote the market growth rate. Continuous research and development pertaining to the deployment of advanced technologies will yet again widen the scope of growth.  

Report Scope and Market Segmentation

Segment Analysis:

Global heat shrink tubing market is segmented into six notable segments which are based on the type, product type, material, voltage, shrink ratio and end-user.

• On the basis of type, the heat shrink tubing market is segmented into single wall and dual wall. In 2021, the single wall segment is expected to dominate the global heat shrink tubing market with 66.58% market share as it offers superior insulation strain relief and protection against mechanical damage and abrasion versus taping and molding. Moreover, it also provides quick insulation and protection.
• On the basis of product type, the heat shrink tubing market is segmented into spools, pre-cut lengths and others. In 2021, the spools segment is expected to dominate the global heat shrink tubing market with 52.68% market share owing to their extra insulation adhesive feature. Moreover, increased production of spools by varied manufacturers to cater to the rising demand is also one factor driving the segment growth.
• On the basis of material, the heat shrink tubing market is segmented into polyolefin, per fluoroalkoxy alkane (PFA), poly tetra fluoro ethylene (PTFE), ethylene tetra fluoro ethylene (ETFE), fluorinated ethylene propylene (FEP), polyether ether ketone (PEEK) and others. In 2021, polyolefin segment is expected to dominate the global heat shrink tubing market with 38.44% market share as it has excellent physical, chemical and electrical characteristics and is resistant to abrasion and flame. Moreover, polyolefin-based heat shrink tubing is suited to the broadest range of general purpose needs, leading to more revenue generation.
• On the basis of voltage, the heat shrink tubing market is segmented into low, medium and high. In 2021, low segment is expected to dominate the global heat shrink tubing market with 50.31% market share owing to its increase in the utilization of heat shrink tubing, mainly for sealing cables and insulation.
• On the basis of shrink ratio, the heat shrink tubing market is segmented into 2:1, 3:1, 4:1 and 6:1. In 2021, 2:1 segment is expected to dominate the global heat shrink tubing market with 44.44% market share due to faster shrink time, minimizing the installation time and potential damage to heat-sensitive components. It enables ease of installation which allow the tubing to be utilized in all environment.
• On the basis of end-user, the heat shrink tubing market is segmented into food & beverage, automotive, utilities, chemical, pharmaceuticals, electronics, IT and telecommunication, aerospace, oil and gas, construction, marine and others. In 2021, the utilities segment is expected to dominate the global heat shrink tubing market with 23.25% market share due to the need of protecting the wires and cable from harmful environmental components. Moreover, increase in investment in transmission & distribution infrastructure by the government.

Major Players

Data Bridge Market Research recognizes the following companies as the major heat shrink tubing market players in market are ABB (Sweden), Sumitomo Electric Industries, Ltd. (Japan), TE Connectivity (Switzerland), HellermannTyton (U.K.), Alpha Wire (U.S.), 3M (U.S.), SHAWCOR (Canada), Changchun IAC Technology Co., Ltd. (Japan), Zeus Industrial Products, Inc. (U.S.), Molex (U.S.), PEXCO (U.S.), GREMCO GmbH (Germany)

• In February 2021, Lapp Group. Introduced shrink tube PROTECT with various approvals such as CSA and UR offering excellent physical and chemical properties with a shrinking ratio of 2:1.
• In February 2021, Sumitomo Electric Industries, Ltd. launched CHAdeMO-compatible*1 DC Quick-Charger/Discharger Connector Cable Assembly for electric vehicles (EVs). The new charger is capable of delivering safe and reliable electric vehicle. The company enhanced its business portfolio delivering more profit to the company.
• BATTU heat-shrink tubing, a dual-wall, fire-retardant tube designed for battery/power cable to terminal applications in industrial and commercial vehicles, construction equipment, and generator sets, was released by TE Connectivity in March 2019. With a 2:1 shrink ratio, BATTU tubing performs exceptionally well in tough situations.
• In November 2020, Fujikura Ltd. awarded for the IEEE standards to recognize the high-performance long wire that effectively incorporates this method and another key technology of artificial pinning. The company enhanced its brand image through the award that generates more income for it.

Regional Analysis

Geographically, the countries covered in the heat shrink tubing market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

As per Data Bridge Market Research analysis:

Asia-Pacific is the dominant region in heat shrink tubing market during the forecast period 2021 - 2028

Asia-Pacific is dominating the global heat shrink tubing market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. Heat shrink tubes are being used in residential settings in developing countries like India and China, which is driving this expansion. Furthermore, the government is strengthening its initiatives to promote the use of heat shrink tubes. These factors are projected to boost the heat shrink tubing market's growth rate in the approaching years.   

North America is estimated to be the fastest growing region in heat shrink tubing market the forecast period 2021 - 2028

North America is expected to grow during the forecast period due to the increasing patient population and rapid development of infrastructural facilities in emerging economies in this region. In addition to this, rising level of private and public expenditure on the development of semiconductors industry infrastructure.

COVID-19 Impact Analysis

The extraordinary COVID-19 epidemic has had a wide range of effects on the global economy, including direct effects on manufacturing and demand, supply chain disruptions, and restrictions on the movement and distribution of non-essential products. The pandemic had a negative influence on the worldwide heat shrink tubing and sleeves industry, with producers suffering short-term supply and demand uncertainty from end-use sectors. As a result, the future for high-cost producers, smallholders, and high-debt firms appears to be more problematic than ever in the near and medium term. Liquidity crises can strike inefficient, deeply indebted enterprises, forcing some of them out of operation. Some large companies' diversification ambitions in other segments may change or accelerate, resulting in a shift in business model. However, with expedited vaccine drives and resumption in production operations in the end-use industries, recovery of the global heat shrink tubing and sleeves market is on card.

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