DUBLIN, Aug. 14, 2019 /PRNewswire/ -- The "Heat-Shrink Tubing Market by Voltage (Low, Medium, and High), Material (Polyolefin, Polytetrafluoroethylene, Fluorinated Ethylene Propylene), End-User (Utilities, Chemical, Automotive, Food & Beverage), Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Global Heat-Shrink Tubing Market is Projected to Reach USD 2.3 Billion By 2024 from an Estimated USD 1.8 Billion in 2019, at a CAGR of 5.3%
This growth can be attributed to factors such as government initiatives to expand and upgrade T&D systems and increasing power generation capacities.
The polyolefin segment is expected to be the largest heat-shrink tubing market, by material, during the forecast period
The polyolefin segment is expected to be the largest heat-shrink tubing market, by material, during the forecast period. Polyolefin is the most used material for heat-shrinkable tubes. It forms a dense network of high molecular weight, which improves impact strength, Environmental Stress Crack Resistance (ESCR), and creep and abrasion resistance without influencing the tensile strength and density. It finds a wide application in packaging and electrical insulation industries for mechanical and environmental protection. The major end-users of polyolefin heat-shrink tubing are aerospace, military, and telecommunications.
The low voltage segment is expected to be the fastest-growing heat-shrink tubing market, by voltage, during the forecast period
The low voltage segment is estimated to be the fastest-growing heat-shrink tubing market, by voltage, during the forecast period. Massive T&D network expansions and increasing urbanization and industrialization projects in China and India are the main reasons for the growth of the low voltage heat-shrink tubing market.
Asia Pacific: The largest heat-shrink tubing market
Asia Pacific is projected to be the largest heat-shrink tubing market by 2024. China, India, and Japan, among the major countries, are the leading users of heat-shrink tubing. Over the past few years, the Asia Pacific region has witnessed rapid economic development. The growing demand for electricity is expected to lead to the need to replace the aging power transmission infrastructure and an increase in the demand for equipment such as low, medium, and high-power cables, thus driving the demand for heat-shrink tubing. The governments of Asia Pacific countries are planning to develop more electrical grid and power generation capacities, which would further boost the demand for heat-shrink tubing in the region.
- Government Initiatives to Expand and Upgrade T&D Systems
- Continuous Increase in the Global Power Generation Capacity
- Government Regulations on the Emission of Toxic Gases
- Growing Usage of Heat-Shrink Tubes in the Automotive Industry
- Availability of Low-Quality and Inexpensive Products in the Gray Market
- Improper Installation of Heat-Shrink Tubes
- Alpha Wire
- Changchun Heat Shrinkable Materials
- Dasheng Heat Shrinkable Material
- Guanghai Materials
- Sumitomo Electric
- TE Connectivity
For more information about this report visit https://www.researchandmarkets.com/r/vizo0g
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SOURCE Research and Markets