As per a recent market survey by Future Market Insights (FMI), the global heat shrink tubing and sleeves market is projected to reach US$ 1,879 Mn in 2021, expanding at a healthy 5.9% CAGR over the forecast period of 2021-2031.
Rapid advancements in industrial sectors across the globe, along with increasing investments in mechanical equipment are key factors driving sales of heat shrink tubing and sleeves. Besides this, customized solutions and expansion of distribution channels by OEMs will continue propelling sales of heat shrink tubing and sleeves in the forthcoming years.
Due to the outbreak of the novel coronavirus, the demand for heat shrink tubing and sleeves plummeted in the first quarter of FY’2020. However, with improvements in supply chain and resumption in production activities in end-use industries, steady recovery of the heat shrink tubing and sleeves market is on cards. FMI projects the market to grow year-over-year by 4.7% between 2020 and 2021.
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Heat shrink tubing and sleeves effectively protect wires and cables from abrasion, wear and tear, external stress. These benefits are propelling their applications in various end-use sectors such as telecommunications, automotive, aerospace and defense and transportation.
Growing concerns regarding environment protection in various countries are ushering product developments in the global heat shrink tubing and sleeves market. Consumers and manufacturers are increasingly preferring cost-effective eco-friendly alternatives and recycled plastic products, which is creating avenues for product portfolio expansion for key market players.
FMI’s in-depth regional analysis projects the U.S. to dominate the North American heat shrink tubing and sleeves market. The presence of key market players and ongoing expansions of automotive, aerospace and defense sectors in the U.S. are anticipated to place the country as an attractive market in the upcoming years.
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“Increasing electricity usage across various industries is translating into high demand for heat shrink tubing and sleeves. Apart from this, demand for safer alternatives for wires and cables in oil & gas and telecommunications sectors will continue driving sales of heat shrink tubing and sleeves in the forthcoming years,” says the FMI analyst.
Key Takeaways:
- Based on material type, polyolefin segment is anticipated to hold 13.2% of the total heat shrink tubing and sleeves market share.
- On the basis of product type, sales of tubing will continue rising. The segment is projected to create around US$ 659.5 Mn incremental opportunity in 2021.
- In terms of length, sales of standard length (1.2 meters) heat shrink tubing and sleeves are anticipated to remain high.
- Applications of heat shrink tubing and sleeves in the energy sector will continue gaining traction in the energy sector. The energy sector is anticipated to hold 14.9% of the total market share in 2021.
- Based on sales channel, OEMs are estimated to account for 59% of the total heat shrink tubing and sleeves sales.
- The U.S. is projected to hold approximately 67% of the North American heat shrink tubing and sleeves market share, emerging as an attractive market.
- The Chinese heat shrink tubing and sleeves market is estimated to grow at a 6.1% CAGR over the forecast period.
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Competitive Landscape
Leading players operating in the global heat shrink tubing and sleeves market include HellermannTyton, Molex Electronic Software, Panduit, Shrink Sleeves Ltd., TE Connectivity, ABB Ltd., The 3M Company, Wurth Elektronik GmbH, Techflex, Artilabo International, Gremtek SAS, PEXCO, DSK-CANUSA, WKK Nederland B.V., Essentra PLC, Plastpolymer Prom LLC., Don-Polymer Ltd., and others.
Top 5 players operating in the market comprise ABB, 3M, TE Connectivity, Essentra plc and Wurth Elektronik GmbH, holding 52% of the total heat shrink tubing and sleeves market share.
As a part of their growth strategies, players are focusing on strategic collaborations, acquisitions, and mergers to expand their global footprint. In addition, investments in research and development for launching innovative and eco-friendly solutions will remain key growth strategies among market players. For instance:
- In August 2021, TE Connectivity, a global leader in connectivity and sensors, expanded its product portfolio by launching Dynamic 8000 series and Mini Series. The new product range comprises high-quality crimp contact system and a robust housing structure for protection from harsh environmental factors.