According to a new market report pertaining to the global heat shrink tubing market published by Transparency Market Research , the global heat shrink tubing market is projected to reach a value of ~ US$ 2.7 Bn by 2027. The heat shrink tubing market is projected to expand at a CAGR of ~ 6% from 2019 to 2027. Growth of the market can be attributed to the growing demand for infrastructure facilities and upgrade of existing networks. Over the forecast period, Asia Pacific is anticipated to dominate the heat shrink tubing market at a CAGR of ~ 7%. Moreover, in terms of revenue share, the heat shrink tubing market is dominated by Asia Pacific, followed by North America. In 2017, the electrical industry segment was valued at ~ US$ 230 Mn in the global heat shrink tubing market, and is expected to see an opportunity of ~ US$ 170 Mn in terms of revenue from 2019 to 2027, reflecting a CAGR of 6.5% during the forecast period.
Continued Investments in Infrastructure and Growing Global Energy Demand to Drive Market
Increasing investments in energy infrastructure and public sector infrastructure such as railways, roads, airports, and communication networks are increasing the demand for heat shrink tubing. Moreover, growing repair and maintenance services are also driving demand. Additionally, the increasing need for electricity in developing economies such as China, India, Brazil, and Russia is spurring the demand for power generation, which is creating an opportunity for the growth of the heat shrink tubing market.
Old fashioned electrical grid infrastructure and power distribution lines are reaching the tail-end of their operational lifespan, leading to a need to upgrade the existing networks. Therefore, countries are taking initiatives to replace their existing networks, which is expected to further enhance the demand for insulating material and create an opportunity for the heat shrink tubing market.
Heat Shrink Tubing Market: Market Taxonomy
The global heat shrink tubing markethas been segmented in terms of heat shrink type, material, shrink ratio, industry, and region.
Based on heat shrink type, the heat shrink tubing market has been classified into single wall and dual wall.
On the basis of material, the heat shrink tubing market has been classified into polytetrafluoroethylene (PTFE), fluorinated ethylene propylene (FPE), ethylene tetrafluoroethylene (ETFE), polyethylene terephthalate (PET), and polyether ether Ketone (PEEK).
In terms of shrink ratio, the heat shrink tubing market has segmented into 2:1, 3:1, 4:1, and 6:1.
Based on industry, the heat shrink tubing market has been classified into electrical, IT & telecom, construction, transport, aerospace, energy & utilities, healthcare, and others (data centers, automotive, oil & gas). The electrical segment is further divided into electrical equipment manufacturing and electrical construction & repair. The construction segment is sub-classified into residential and commercial. The transport segment is further bifurcated into railways, and trucks, and busses & off road vehicles.
Heat Shrink Tubing Market: Regional Outlook
In terms of region, the global heat shrink tubing market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific is expected to dominate the heat shrink tubing market during the forecast period. Asia Pacific is expected to see increasing growth of the global heat shrink tubing market, with China and India being the major markets in the region. The heat shrink tubing markets in Asia Pacific, Europe, and South America are also expected to expand rapidly during the forecast period.
The report provides in-depth segment analysis of the global heat shrink tubing market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries that hold growth opportunities or account for significant share has also been included as part of geographic analysis for the heat shrink tubing market.
Heat Shrink Tubing Market: Competition Dynamics
The research study includes the profiles of leading companies operating in the global heat shrink tubing market. Key players profiled in the report include TE Connectivity Ltd, 3M Company, Sumitomo Electric Industries, Ltd, Aptiv PLC, Shawcor Ltd, Changyuan Group Ltd, and Panduit Corp.