DUBAI, UAE, Oct. 5, 2021 /PRNewswire/ -- ESOMAR-certified market research firm Future Market Insights (FMI) in its latest analysis forecasts the global heat shrink tubing and sleeves market to register a CAGR of 5.9% between 2021 and 2031, reaching a valuation of around US$ 1.8 Bn in 2021. The overall sales are projected to reach 47,000 Units during the assessment period, from 2021 to 2031.
Growing demand for heat shrink tubing and sleeves from various industries such as automotive, telecommunication and electric is driving the global market. Heat shrink tubing and sleeves are extensively deployed to improve protection, maintenance, and lifetime of wires. They protect the wire cores from exposure to external environmental factors such as water, abrasion, acids, humidity, and temperature.
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According to the Electrical Safety Foundation International (ESFI) and the U.S. Bureau of Labor Statistics, there were 166 electric fatalities in 2019 and 1,900 nonfatal electrical injuries involving days away from work recorded in the U.S. Rising cases of these incidents is expected to fuel the demand for heat shrink tubing and sleeves as a measure adopted across industries to prevent unforeseen accidents.
Technological advancements have paved way for the development of new heat shrink tubing and sleeves that can endure harsh temperature conditions ranging from -65°C to +260°C. Besides this, manufacturers are focusing on developing cost efficient and ecofriendly products.
As per FMI, adhesive linked heat shrink tubing will continue gaining traction through the forecast period. This heat shrink tubing has an inner layer of flexible glue to seal the outer tubing and wire jacket against any water ingress, therefore, it is considered most suitable for wires that are buried.
Growing demand for eco-friendly materials along with expansion of original equipment manufacturer (OEM) distribution channels will continue towards increasing sales of heat shrink tubing and sleeves during the forecast period.
The polyolefin segment is expected to hold around 13.2% of the total heat shrink tubing and sleeves market share. Polyolefin material is highly resistant to flame and abrasion. It has excellent physical and chemical properties, which make it ideal for adoption across aerospace and military sectors.
The North America market is poised to exhibit a CAGR of 5.9% between 2021 and 2031. Increasing investments in oil and gas activities, presence of key players and surging demand for better wire protection are some of the factors driving the market in the region.
"Increasing investments towards modernizing the transmission and distribution framework, besides consistent improvement in the global power generation capacity will create lucrative opportunities for the growth of the market through 2031" says the FMI analyst.
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Key Takeaways from Heat Shrink Tubing and Sleeves Market Survey
- With strong presence of leading market players and rising demand for heat shrink tubing and sleeves across various industries, the U.S. is projected to account for around 67% of the North American market.
- China will emerge as the leading market for heat shrink tubing and sleeves due to rapidly expanding electric and electronic sector. The China market is poised to expand at 6.1 CAGR between 2021 and 2031.
- As per FMI, Europe is projected to account for around 21.4% share of the global heat shrink tubing and sleeves market.
- Based on product type, the tubes segment is projected to create an incremental opportunity of around US$ 659.5 Mn in the global market by 2021.
- Owing to expanding energy sector and increasing oil and gas activities, the energy segment is anticipated to hold around 14.9% of the global heat shrink tubing and sleeves market in 2021.
- Top 5 players operating in heat shrink tubing and sleeves market are estimated to hold around 52% of the total market share.
- Growing need for protecting the wires and cables from external forces is driving the market.
- Development of ecofriendly and cost-efficient heat shrink tubing and sleeves will create lucrative opportunities for the manufacturers in future.
- Expansion of commercial and residential sectors will continue fuelling heat shrink tubing and sleeves demand.
Key players operating in the heat shrink tubing and sleeves market are focusing on expanding their product portfolio by investing in research & development activities. They have adopted various organic and inorganic growth strategies such as mergers and acquisitions, new product launches, partnerships and collaborations to strengthen their global footprint.
- In September 2020, TE Connectivity, a world leader in connectivity and sensors, announced an offering of UV-SCE printable heat shrink sleeves suitable for identification of wires and cables where some exposure to UV light is possible.
Some of the prominent players operating in the heat shrink tubing and sleeves market profiled by FMI are:
- Molex Electronic Solutions
- Shrink Sleeves Ltd.
- TE Connectivity
- ABB Ltd.
- The 3M Company
- Wurth Elektonik Company
- Artilabo International
- Gremtek SAS
- WKK Nederland's B.V.
- Essentra PLC
- Plastpolymer Prom LLC
- Don-Polymer Ltd.
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More Insights on the Global Heat Shrink Tubing and Sleeves Sales Outlook
FMI provides an unbiased analysis of heat shrink tubing and sleeves market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for heat shrink tubing and sleeves with a detailed segmentation on the basis of:
- Polyolefin (POE)
- Ethylene Vinyl Acetate (EVA)
- Polytetrafluoroethylene (PTFE)
- Fluorinated Ethylene Propylene (FEP)
- Perfluoroalkoxy Alkane (PFA)
- Ethylene Tetrafluoroethylene (ETFE)
- Polyethylene Terephthalate (PET)
- Polyether Ether Ketone (PEEK)
- Standard (1.2 Meter)
- Non-Standard Cut Pieces
- Other Accessories
- Original Equipment Manufacturer (OEM)
- Power System
- Oil and Gas
- Electrical Engineering Goods and Components
- Home Appliances
- Others (Medical, Industrial Equipment)
- North America
- Latin America
- East Asia
- South Asia Pacific
- Middle East and Africa
Key Questions Covered in the Heat Shrink Tubing and Sleeves Sales Outlook Report
- The report offers insight into heat shrink tubing and sleeves demand outlook for 2021-2031
- The market study also highlights projected sales growth for heat shrink tubing and sleeves market between 2021 and 2031
- Heat shrink tubing and sleeves market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Heat shrink tubing and sleeves market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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SOURCE Future Market Insights