Heat-Shrink Tubing Global Market Report 2023
Major players in the heat-shrink tubing market are ABB Ltd., 3M, TE Connectivity, Sumitomo Electric Industries Ltd., HellermannTyton, Alpha Wire, Qualtek Electronics, Insultab Inc., Shenzhen Woer Heat, Huizhou Guanghai Electronic Insulation Materials Co.
New York, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Heat-Shrink Tubing Global Market Report 2023" - https://www.reportlinker.com/p06479979/?utm_source=GNW
Ltd., Changchun Heat Shrinkable Materials Co. Ltd., Molex LLC, Hillman Group Inc., Thermosleeve, Morris Electronics Ltd., Raychem Corporation, VinylGuard Solutions and Marshall E. Campbell Company.
The global heat-shrink tubing market is expected to grow from $2.03 billion in 2022 to $2.14 billion in 2023 at a compound annual growth rate (CAGR) of 5.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The heat-shrink tubing market is expected to reach $2.67 billion in 2027 at a CAGR of 5.8%.
The heat-shrink tubing market consists of sales of various tubings such as PVC heat shrink tubing, elastomeric heat shrink tubing, silicone heat shrink tubing, and PVDF heat shrink tubing.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Heat-shrink tubing is a shrinkable thermoplastic plastic tube placed around wire arrays and electrical components to insulate by applying heat to offer corrosion resistance and protect stranded and solid wire conductors, connections, couplings, and terminals from the environment. It is used to provide more mechanical support for wires and cables that would otherwise be subjected to strain and stress, perhaps leading to premature failure.
North America was the largest region in the heat-shrink tubing market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of heat-shrink tubing are single-wall and double-wall.Single-wall heat shrink tubing is made of cross-linked polyolefin and provides good protection from abrasion and moisture and it is used in metal wires as an excellent choice for insulation, strain relief, mechanical damage, and abrasion protection over tape and molding.
Major used materials are polyolefin, polytetrafluoroethylene, fluorinated ethylene propylene, perfluoroalkoxy alkane, ethylene tetrafluoroethylene, and others and are available in various voltages such as low voltage, medium voltage, and high voltage and are used in different end-user industries such as chemical, pharmaceutical, food and beverage, automotive, utilities, and others.
A continuous increase in global power generation capacity is expected to propel the growth of the heat-shrink tubes market going forward.Power generation refers to the creation of electricity utilizing various forms of technologies such as steam boilers and wind turbines.
Heat shrink tubing is used in the power generation industry to protect power lines against physical damage, moisture, and other environmental variables and prevents moisture and debris from entering the line which avoids the premature failure of cables and wires. For instance, in April 2022, according to the report published by the International Renewable Energy Agency (IRENA), a UAE-based intergovernmental organization for sustainable energy, by the end of 2021, worldwide renewable generation capacity would have reached 3 064 Gigawatts (GW), increasing the stock of renewable energy by 9.1%. Additionally, in 2021, both technologies solar and wind combined to account for 88% of all new renewable capacity. Furthermore, according to the U.S. Energy Information Administration in July 2021, a US-based federal statistical system in charge of gathering, analyzing, and disseminating energy data, the global electricity demand is expected to rise by over 5% in 2021 and 4% in 2022. Therefore, a continuous increase in global power generation capacity drives the growth of the heat-shrink tubing market.
Automation of heat shrink tubing is a key trend gaining popularity in the heat shrinking tubing market.Major companies in the heat-shrinking tubing market are focused on innovating their products to strengthen their position in the market and sustain their position in the market.
For instance, in May 2022, CORTEC Corp, a US-based corrosion solutions company, introduced, a new custom VpCI (vapor corrosion inhibitor)-126 Shrink Film for metal packaging in automated heat shrink and heat seal tunnels.VpCI®-126 Shrink Film is designed for heavy-duty packing of industrial equipment and assets for shipping or storage to prevent rusting and the vapor phase corrosion inhibitors (VpCI®) in the film form a protective molecular layer on metal surfaces inside the packaging.
Additionally, the consumer items that undergo automatic heat shrinking are wrapped in highly fragile films and often do not require corrosion protection at the other end of the shrink film packaging spectrum and benefit tiny metal products from both corrosion prevention and automated packaging.
In January 2023, Fluorotherm Polymers Inc., a US-based manufacturer of fluoropolymer products and heat shrink tubing acquired Rhem Plastics for an undisclosed amount. This acquisition broadens Fluorotherm’s manufactured tubing product line, which includes retractable coils and curved tubing for fluid handling applications such as DI water and high-purity liquids. These new product designs complement Fluorotherm’s existing fluoropolymer tubing product lines. Rhem Plastics is a US-based manufacturer of high-performance tube and tubing products made up of PTFE, PVDF, FEP, PFA, and others.
The countries covered in the heat-shrink tubing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The heat-shrink tubing market research report is one of a series of new reports that provides heat-shrink tubing market statistics, including heat-shrink tubing industry global market size, regional shares, competitors with a heat-shrink tubing market share, detailed heat-shrink tubing market segments, market trends and opportunities, and any further data you may need to thrive in the heat-shrink tubing industry. This heat-shrink tubing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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