Heat Shrink Tubing Market Strategies, Trends, and Forecast by 2031
The heat shrink tubing market size is projected to reach US$ 3.14 billion by 2031 from US$ 2.10 billion in 2023, with a CAGR of 5.16% by 2031. Rising demand from the automobile industry and government initiatives to upgrade transmission and expand distribution systems are among the major factors driving the growth of the market. Furthermore, high growth potential from industries such as electrical & electronics telecommunications, and oil & gas provides lucrative growth opportunities for the market. Automation of the heat shrink tubing process is expected to emerge as a trend in the market during 2023-2031.
Heat Shrink Tubing Market Analysis
The major stakeholders in the market ecosystem include raw material providers, heat shrink tube manufacturers, and customer or end-user. The raw material provider is a crucial stakeholder in the ecosystem of the market. The major parts of the heat shrink tubing include materials such as Polyolefin, Polytetrafluoroethylene, Fluorinated Ethylene Propylene, Perfluoro alkoxy Alkane, Polyvinylidene Fluoride, and Others.
Heat Shrink Tubing Market Overview
Heat shrink tube manufacturers produces the product as per the industry's requirement compatible for a wide range of applications. Heat shrink tubing companies are growingly focusing on improving battery efficiencies and range by enhancing charging infrastructure. The presence of large number of heat shrink tubing manufacturers are competing at large scale primarily based on advanced material and availability of presence across the globe. It includes 3M, Shenzhen Woer Heat Shrinkable Material Co., Ltd; TE Connectivity, and Sumitomo Electric Industries, Ltd among other players.
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Heat Shrink Tubing Market: Strategic Insights
Market Size Value in US$ 2,070.53 Million in 2022 Market Size Value by US$ 2,877.64 Million by 2028 Growth rate CAGR of 5.6% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Heat Shrink Tubing Market: Strategic Insights
| Market Size Value in | US$ 2,070.53 Million in 2022 |
| Market Size Value by | US$ 2,877.64 Million by 2028 |
| Growth rate | CAGR of 5.6% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Heat Shrink Tubing Market Drivers and Opportunities
Increasing Demand from Automotive Industry
With the growing trend of electric vehicles, the increasing need for wired appliances is boosting the 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.
High Growth Potential in Telecommunications, Oil & Gas, Electrical and Electronics Industries
Heat shrink tubing has various uses and is widely used within telecommunications networking cables. Heat shrink tubes are used to safeguard these connections, cables, conductors, joints, and terminals, against environmental damage. Furthermore, the oil & gas industry faces the most challenging environmental effects and conditions. Extreme heat, corrosion, pressure, and other factors affect the equipment utilized in the oil & gas industry. Heat shrink tubing makes sures the equipment delivers consistent and reliable performance. Thus, the demand for heat shrink tubing across telecommunications, oil & gas, and electrical & electronics industries provides ample opportunities for market growth.
Heat Shrink Tubing Market Report Segmentation Analysis
Key segments that contributed to the derivation of the market analysis are voltage, material, and end-user.
- Based on the voltage, the market is divided into Low voltage (Less than 5kV), Medium voltage (5-35 kV), and High Voltage (Above 35kV). The low voltage (less than 5KV) segment held a larger market share in 2023.
- Based on material, the global heat shrink tubing market is divided into below Polyolefin, Polytetrafluoroethylene, Fluorinated Ethylene Propylene, Perfluoro alkoxy Alkane, Polyvinylidene fluoride, and Others. The Polyolefin segment held a larger market share in 2023.
- Depending on the end-user, the global market is divided into Energy, Utilities, Electrical Power, Infrastructure/Building Construction, Industrial, Telecommunication, Automotive, Aerospace, Defense, Mass transit and Mobility, Medical, Petrochemical, and Mining. The utilities segment held a larger market share in 2023.
Heat Shrink Tubing Market Share Analysis by Geography
The scope of the heat shrink tubing market report encompasses North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). In terms of revenue, APAC dominated the heat shrink tubing market share in 2023. North America is the second-largest contributor to the global heat shrink tubing market, followed by Europe.
Heat Shrink Tubing Market Report Scope
Heat Shrink Tubing Market News and Recent Developments
The market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:
- In March 2024, Materials specialist and pioneer of FEP Peelable Heat Shrink Tubing (PHST), Junkosha, unveiled its latest catheter-based innovation, the 1.8:1 shrink ratio Translucent PHST solution, at the MD&M West show from February 6th to 8th2024. (Source: Junkosha, Press Release)
Heat Shrink Tubing Market Report Coverage and Deliverables
The “Heat Shrink Tubing Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas:
- HEAT SHRINK TUBING Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
- Market dynamics such as drivers, restraints, and key opportunities
- HEAT SHRINK TUBING Market Trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- HEAT SHRINK TUBING Market Analysis covering key market trends, Global and regional framework, major players, regulations, and recent market developments
- HEAT SHRINK TUBINGIndustry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments.
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Voltage, Material, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, UAE, UK, US
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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