ALBANY, New York, Feb. 24, 2020 /PRNewswire/ -- The growing demand for heat shrink tubing in aerospace, electronics, and construction sector is a major factor driving growth. The heat shrink tubing market stood at a modest US$1.5 bn valuation in 2018. However, recent growth and adoption of new technologies promises major expansion for the market in new regions.
For example, Junkosha's new product has resulted in lowering costs of subsidiaries in US, China, and UK for manufacturers. Moreover, the increased margins in revenues are increasingly making way for much needed capital investments in manufacturing around the world. Hence, according to TMR analysts, "the market will likely witness robust growth during 2019-2027 period to reach US$2.7 bn in 2027".
Key Findings in the Heat Shrink Tubing Market Study
- Polyethylene terephthalate remains the most sought-after material in the heat shrink tubing market. The material along with fluorinated ethylene propylene are becoming the most-sought after choices, thanks to their high-temperature resistance, and UV radiation resistance. Their use as chemicals and solvents will likely remain major end-applications driving growth of the heat shrink tubing market.
- PET remains a promising prospect in the heat shrink tubing market. The segment accounted for one-third of all revenues in 2018. The growth will likely continue with rising demand for electronic devices, and facilities. The high dielectric strength will increase sales in the heat shrink tubing market. The advancement in range of these applications will also create new opportunities for growth during the forecast period.
- Telecommunication and data centers will likely remain a promising horizon for players in the heat shrink tubing market. The increased capital investments in datacenter across the globe, and growing complexity of cable infrastructure will provide significant opportunities for growth in the near future. The demand from communication, and IT sector continues to revolve around insulation, and sealing for various applications.
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Key Impediments for Heat Shrink Tubing Players
The growing stringent regulatory environment in North America is likely to emerge as a major constraint to growth for players in the heat shrink tubing market. The nuclear regulatory commission in United States has passed stringent regulations on proper usage of heat shrink tubes for nuclear reactor facilities. The regulations aim to protect major risks such as nuclear radiation. However, potential penalties can prevent high capital investments in the region from players in the heat shrink tubing market.
The rise of cold shrink tubing also poses major challenges for conventional players in the heat shrink tubing market. The cold shrink tubing promises many advantages over conventional techniques by removing the need for installation of direct flame framework. Additionally, the new tubing method also promises more reliability, and significant cost-savings. The rising appeal for cold shrink tubing techniques will provide opportunities for adoption, and new avenues for growth.
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Heat Shrink Tubing Market: Region-wise Analysis
The heat shrink tubing market in Asia Pacific promises major opportunities for improved infrastructure, thanks to its large IT industry, and growing demand for electrical equipment facilities. The region held nearly half the revenue share in 2018, thanks to its outdated infrastructure, which required massive insulation, and enhanced protection. However, during the forecast period, the demand will rise significantly from new-age opportunities like relief against strains, and environment sealing. The demand for heat shrink tubing will rise significantly in the region, thanks to growing investment in the IT and construction sectors.
Heat shrink tubing market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
Heat Shrink Tubing Market: Competitive Analysis
Key companies in the heat shrink tubing market are Shawcor Ltd., Changyuan Group Ltd., Panduit Corp., Pexco LLC, Techflex, Inc., Zeus Industrial Products, Inc. The global landscape of the heat shrink tubing market is largely fragmented with several small players holding a key edge in product innovation. The highly fragmented nature of market also promises low-entry to barriers for new players. However, the large capital investments and tightening of regulations also make it more difficult for new players to make risk-free investments in the heat shrink tubing market.
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