Anticipated to reach US$1,995 million in 2022, the global heat shrink tubing and sleeves market is poised for sustained demand throughout the assessment period. This robust demand can be attributed to the swift expansion of end-use industries, driving the market to a projected US$3,865 million by 2033, marked by a commendable 6.2% Compound Annual Growth Rate (CAGR) spanning from 2023 to 2033. The year 2023 is expected to yield US$2,118 million in market value.
The burgeoning wave of urbanization and the surging global population are igniting a heightened need for electricity distribution in both residential and commercial ventures. These advancements in the energy sector are projected to propel sales within the heat shrink tubing and sleeves market in the foreseeable future.
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Driving Forces Behind Heat Shrink Tubing and Sleeves Market Growth
The rapid evolution within global industrial sectors, accompanied by substantial investments in mechanical equipment, stands as pivotal drivers of the surging demand for heat shrink tubing and sleeves. Additionally, the provision of tailored solutions and the strategic expansion of distribution channels by Original Equipment Manufacturers (OEMs) will consistently fuel the growth trajectory of this market in the foreseeable future.
Environmental Concerns Stimulate Product Innovations
Heightened environmental awareness in various countries is instigating advancements in the global heat shrink tubing and sleeves market. Both consumers and manufacturers are exhibiting a growing preference for cost-effective eco-friendly alternatives and recycled plastic products. This trend is creating an avenue for key market players to diversify their product portfolios and tap into expanding market segments.
Key Insights from the Heat Shrink Tubing and Sleeves Market Survey
- U.S. Dominance in North America: With influential market players and escalating demand across diverse industries, the U.S. is poised to account for approximately 67% of the North American heat shrink tubing and sleeves market.
- China’s Prominent Emergence: Rapid expansion in the electric and electronic sectors positions China as the frontrunner in the heat shrink tubing and sleeves market.
- Europe’s Sizeable Market Share: According to FMI, Europe is anticipated to secure a substantial 21.4% share of the global heat shrink tubing and sleeves market.
- Energy Sector Impact: Driven by the expansion of the energy sector and heightened oil and gas activities, the energy segment is forecasted to account for around 14.9% of the global heat shrink tubing and sleeves market in 2021.
- Concentration Among Top Players: The top five players in the heat shrink tubing and sleeves market are projected to collectively hold an estimated 52% of the total market share.
Competitive Landscape: Innovations and Collaborations Drive Heat Shrink Tubing and Sleeves Market
Key players within the heat shrink tubing and sleeves market are strategically amplifying their product portfolios through significant investments in research and development endeavors. They are effectively harnessing both organic and inorganic growth avenues, including mergers and acquisitions, novel product introductions, partnerships, and collaborations, all aimed at fortifying their global presence.
Noteworthy Illustration of Innovation
In September 2020, TE Connectivity, a frontrunner in connectivity and sensors, unveiled a range of UV-SCE printable heat shrink sleeves designed for wire and cable identification in settings with potential UV light exposure.
Leading Market Players Identified by FMI:
- HellermannTyton
- Molex Electronic Solutions
- Panduit
- Shrink Sleeves Ltd.
- TE Connectivity
- ABB Ltd.
- The 3M Company
- Wurth Elektonik Company
- Techflex
- Artilabo International
- Gremtek SAS
- PEXCO
- DSK-CANUSA
- WKK Nederland’s B.V.
- Essentra PLC
- Plastpolymer Prom LLC
- Don-Polymer Ltd.
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Market Segments:
By Material Type:
- Polyolefin (POE)
- Ethylene Vinyl Acetate (EVA)
- Polytetrafluoroethylene (PTFE)
By Length:
- Spool
- Standard (1.2 Meter)
By Product Type:
- Tubes
- Sleeves
By Sales Channel:
- Original Equipment Manufacturer (OEM)
- Aftermarket
By Applications:
- Automotive
- Aerospace
- Railways
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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