Global Heat Shrink Tubing And Sleeves Market Size 2024, Forecast To 2033
6 Mar, 2024
The heat shrink tubing and sleeves market has witnessed substantial growth in recent times. It is set to increase from $1.98 billion in 2023 to $2.11 billion in 2024, with a compound annual growth rate (CAGR) of 6.5%. The historic growth is attributed to the demand in the electronics industry, industrial applications, miniaturization in electronics, market competition, and innovation, along with customization and versatility. Predictions indicate significant expansion, reaching $2.67 billion in 2028, with a CAGR of 6.0%. This growth is fueled by industry-specific demand, miniaturization in electronics, global market expansion, demand for customization, and rapid industrialization. Major trends include market competition and innovation, customization and versatility, miniaturization trends, environmental, and safety regulations, and wire and cable protection.
Global Heat Shrink Tubing And Sleeves Market Key Driver
The increasing demand for electrical and electronics products is expected to propel the growth of the heat shrink tubing and sleeves market going forward. Electrical and electronic equipment encompass devices and systems reliant on electricity and electronic components for specific functions. The surge in demand for various electrical and electronic products, including wires, cables, connectors, and electronic components, necessitates heat shrink tubing and sleeves with superior insulation properties. These components safeguard wires and cables from environmental factors such as moisture, chemicals, and abrasion. As per the United Nations COMTRADE database in May 2023, exports of electrical and electronic equipment from the US totaled $197.75 billion in 2022, marking a notable increase from $185 billion in 2021, reflecting an approximate 7% rise. Therefore, the escalating demand for electrical and electronics products drives the growth of the heat shrink tubing and sleeves market, reflective of its market trends in 2023, 2024, and 2028.
Get A Free Sample Of The Global Heat Shrink Tubing And Sleeves Market ReportGlobal Heat Shrink Tubing And Sleeves Market Segments
The heat shrink tubing and sleeves market covered in this report is segmented –
1) By Product Type: Tubes, Sleeves, Other Accessories
2) By Material Type: Polyolefin (POE), Polyether Ether Ketone (PEEK), Ethylene Tetrafluoroethylene (ETFE), Ethylene Vinyl Acetate (EVA), Polytetrafluoroethylene (PTFE), Fluorinated Ethylene Propylene (FEP), Perfluoroalkoxy Alkane (PFA), Other Materials
3) By Length: Spool, Standard (1.2 Meter), Non-Standard Cut Pieces, Custom
4) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
5) By Applications: Automotive, Aerospace, Railways, Telecommunication, Energy, Electrical Engineering Goods And Components, Home Appliances, Defense And Armaments, Other Applications
By Geography:The regions covered in the heat shrink tubing and sleeves market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
North America was the largest region in heat shrink tubing and sleeves market in 2023. The regions covered in the heat shrink tubing and sleeves market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Heat Shrink Tubing And Sleeves Industry Players
HellermannTyton, Molex LLC, Panduit Corp., Shrink Sleeves Ltd., TE Connectivity Inc., ABB Ltd., 3M Company, Wurth Elektonik Company, Techflex Inc., Artilabo International BV, Gremtek SAS, Pexco LLC, DSG-Canusa GmbH, Don-Polymer Ltd., Essentra plc, Zeus Industrial Products Inc., Changyuan Group Ltd., CIAC Corp., Qualtek Electronics Corp., Alpha Wire Company, Sumitomo Electric Industries Ltd., Woer Heat-Shrinkable Material Co. Ltd., Insultab Inc., Yamaichi Electronics Co. Ltd., Cygia Group, Dasheng Heat Shrinkable Material Co. Ltd., SAB North America LLC, Adtech Polymer Engineering Ltd., Amphenol PCD Inc., Carlisle Interconnect Technologies, Covalence Adhesives Corp., Fujikura Ltd.
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Heat Shrink Tubing And Sleeves Market Overview
Heat shrink tubing and sleeves refer to products made of heat-shrinkable materials that are used for insulating, protecting, and organizing electrical wires, cables, and components. They are designed to shrink in size when heat is applied, creating a tight and secure fit around the objects they cover.
Heat Shrink Tubing And Sleeves Global Market Report 2023 provides data on the global heat shrink tubing and sleeves market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The heat shrink tubing and sleeves market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.