New York, Jan. 31, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on "Heat Shrink Tubing Market Size, Share, Report, Demand, Growth Strategy, Industry Trends and Forecast to 2028 - by Voltage [Low Voltage (Less Than 5kV), Medium Voltage (5–35kV), and High Voltage (Above 35kV)], Material (Polyolefin, Polytetrafluoroethylene, Fluorinated Ethylene Propylene, Perfluoroalkoxy Alkanes, Polyvinylidene Fluoride, and Others), End User (Energy, Utilities, Electrical Power, Infrastructure/Building Construction, Industrial, Telecommunication, Automotive, Aerospace, Defense, Mass Transit & Mobility, Medical, Petrochemical, and Mining), and Geography," The Global Heat Shrink Tubing market size is expected to grow from USD 2.07 billion in 2022 to USD 2.87 billion by 2028; it is estimated to register a CAGR of 5.6% from 2022 to 2028.
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Global Heat Shrink Tubing Market Report Scope, Segmentations, Regional & Country Scope:
| Market Size Value in | USD 2.07 Billion in 2022 |
| Market Size Value by | USD 2.87 Billion by 2028 |
| Growth rate | CAGR of 5.6% from 2022-2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 280 |
| No. of Tables | 88 |
| No. of Charts & Figures | 81 |
| Historical data available | Yes |
| Segments covered | Voltage, Material, and End User |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | HellermannTyton, Sumitomo Electric Industries, Ltd., SHAWCOR, Molex LLC,3M, Shenzhen Woer Heat - Shrinkable Material Co., Ltd, Shanghai Changyuan Electronic Material Co., Ltd, TE Connectivity., Techflex, Inc, Zeus Company Inc. |
| Key Research Capabilities | Global Market Assessment, Business Development Strategies, Competitive Landscape, Opportunity Analysis, Regional and Country Level Market Analysis, Market Entry Strategies, Market Dynamics, Risk and Return Assessments, Pricing Analysis, Market Size and Forecasting, Company Profiling, Value Chain Analysis, Expansion Strategies, SWOT Analysis, New Product Development |
| Global Heat Shrink Tubing Market Forecast to 2028 - Latest COVID-19 Analysis | https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00008443/ |
Global Heat Shrink Tubing Market: Competitive Landscape and Key Developments
3M Co, HellermannTyton Ltd, LAS Aerospace Ltd., Shanghai Changyuan Electronic Material Co Ltd, Shawcor Ltd, Shenzhen Woer Heat-Shrinkable Material Co Ltd, Sumitomo Electric Industries Ltd, TE Connectivity Ltd, Techflex Inc, and Zeus Industrial Products Inc are among the key players operating in the heat shrink tubing market. Several other essential heat shrink tubing market players were analyzed for a holistic view of the market size and its ecosystem. The report provides detailed market insights, which can help major players strategize their market heat shrink tubing market growth.
In 2021, TE Connectivity launched ATUM series of heat shrink tubes that has an adhesive inside tube bonds with a wide range of rubber, plastics, and metals. The high flexibility offered from the shrink tubes makes it ideal for repairing cables in industrial applications.
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Based on region, the heat shrink tubing market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. According to the heat shrink tubing market analysis, Asia Pacific is likely to witness the largest market growth during the forecast period. Based on geography, the APAC heat shrink tubing market is segmented into Australia, China, India, Japan, South Korea, and the Rest of APAC. Due to the growing demand for energy across APAC, the regional government bodies have undertaken various policies to make themselves self-sufficient in the energy sector. Thus, the demand for heat shrinking tubes is witnessing significant growth.
On other hand, Europe is a hub for one of the leading automotive manufacturers across the world. According to Association of European Automobile Manufacturers (ACE), the European Union produced ~9.9 million units of passenger cars in 2021. Mercedes-Benz, BMW, Porsche, Volkswagen, Audi, Ferrari, Volvo, and Rolls Royce are among the major European automotive brands. The presence of a large number of automotive manufacturers across the region is expected to increase the demand for heat shrink tubing owing to the growing need for wires and cables in automobiles. Additionally, the region is experiencing rise in investment to set up new car production plants, which is further expected to contribute to the growth of the European heat shrink tubing market size. For instance, Volvo in July 2022 announced the launch of its third manufacturing plant in Europe. Similarly, Ford in March 2022 announced its intension to launch seven new electric vehicle manufacturing and assembling plants in Europe. The European manufacturers of defense aircraft models are experiencing rise in the demand for their models across economies. The modernization strategies adopted by governments and defense authorities across the world have been catalyzing the order numbers and supply volume in Europe.
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Heat Shrink Tubing Market: Voltage Overview
Based on voltage, the heat shrink tubing market is segmented into low voltage (less than 5kV), medium voltage (5–35kV), and high voltage (above 35kV). The low voltage segment is dominating the market due to increasing demand for heat shrinking tubes in low voltage connection applications.
Key Findings of Study:
The demand for electric vehicles has been growing faster from 2021 owing to increasing investment in manufacturing plants, rising demand for low-emission vehicles, and growing supportive regulations for zero-emission vehicles through subsidies and tax rebates. According to the Global Electric Vehicle Outlook, sales of electric cars, including fully electric and plug-in hybrid vehicles, accelerated in 2021 to a new record of 6.6 million units. As per the same report, in China, electric car sales increased significantly in 2021 to reach 3.3 million, accounting for about half of the total global sales. EV sales also grew strongly in Europe by 65%, i.e., 2.3 million units, and the US had doubled to 630,000 units in 2021. With the growing trend of electric vehicles, the increasing need for wired appliances is boosting the heat shrink tubing market. Heat shrink tube in an electric vehicle is used in many applications for wire shielding from charging socket to electrical components throughout the vehicle dashboard, windscreen wiper system, lighting system, central locking system, acoustic system, air condition system, and so on.
Further, In 2021, with the relaxation of lockdown measures, operations resumed in manufacturing businesses. The market for heat shrink tubing gained momentum. Further, in 2022, heat shrink tubing is expected to have higher demand due to the increasing industry investments and national support measures after the COVID-19 crisis. For instance, according to the European Automobile Manufacturers’ Association (ACEA), sales of vehicles in Europe will rise by 10% in 2021 when compared to 2020. According to Airbus, the global and European aviation industry is expected to reach pre-COVID levels between 2023 and 2025.
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Impact of COVID-19 Pandemic on Global Heat Shrink Tubing Market Growth:
The impact of the COVID-19 pandemic on European industries was severe. Lockdowns imposed by the governments resulted in the shutdown of several industries, including the automotive and energy industry. This led to a drastic decline in production across the automotive industry, severely affecting the region's heat-shrinking tubing market growth. As per the European Parliament report, the EU automotive industry suffered production losses of 3.6 million vehicles, which reflects a loss of US$ 105.22 billion in the first half of 2020. Further, the total electricity generation from European countries in April 2020 dropped by 9%, where fossil energy generation decreased by 28%, and nuclear energy decreased by 14%. All these factors led to a decline in the demand for heat shrink tubing in the automotive and energy industry.
Furthermore, the European aerospace industry witnessed airspace inefficiencies, activity delays, and a declining number of flights due to the COVID-19 outbreak in the region. Airbus, a Europe-based aircraft giant, had a more than challenging 2020 due to the spread of the COVID-19 pandemic. It had delivered around 566 jets, down from 863 in 2019. Due to the COVID-19 pandemic, Airbus had to cut production on several programs, and the company is now looking to hold underlying jet output at 40% below pre-pandemic plans for two years. The A320 production rate had declined to 40 aircraft a month; it was 53 aircraft per month in 2019. These factors reduced the market of airlines and severely impacted the business of heat shrink tubing providers.
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