The global heat shrink tubing and sleeves market is projected to reach US$ 1,879 Million in 2021, expanding at a healthy 5.9% CAGR over the forecast period of 2021 to 2031.
Rapid advancements in industrial sectors across the globe, along with increasing investments in mechanical equipment, are key factors driving heat shrink tubing and sleeves sales. Besides this, OEMs’ customized solutions and expansion of distribution channels will continue propelling heat shrink tubing and sleeves sales 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 the 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, and external stress. These benefits are propelling their applications in various end-use sectors such as telecommunications, automotive, aerospace and defence and transportation.
Growing concerns regarding environmental protection in various countries are ushering product developments in the global heat shrink tubing and sleeves market. Consumers and manufacturers increasingly prefer cost-effective eco-friendly alternatives and recycled plastic products, 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 defence sectors in the U.S. are anticipated to place the country as an attractive market in the upcoming years.
“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.
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Key Takeaways:
- Based on material type, the polyolefin segment is anticipated to hold 13.2% of the total heat shrink tubing and sleeves market share.
- based on 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 the 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.
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.
The 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 the Dynamic 8000 series and Mini Series. The new product range comprises a high-quality crimp contact system and a robust housing structure for protection from harsh environmental factors.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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