Global Heat-Shrink Tubing Market Scenario:
The global Heat-Shrink Tubing Market is projected to reach USD 2.3 billion by 2024 from an estimated USD 1.8 billion in 2019, at a CAGR of 5.3% during the forecast period. Increasing investments in the electrical networks, increasing demand for reliable and secure power supply worldwide, and growing adoption of renewable energy sources across the globe are likely to drive the heat-shrink tubing market.
Key Market Players:
The major players in the heat-shrink tubing market are TE Connectivity (Switzerland), 3M (US), Sumitomo Electric (Japan), ABB (Switzerland), HellermannTyton (West Sussex), Alpha Wire (US), Woer (China), Qualtek (US), Panduit (US), Zeus (US), Guanghai Materials (China), Thermosleeve (US), Insultab (US), Dasheng Heat Shrinkable Material (China), and Changchun Heat Shrinkable Materials (China).
TE Connectivity (Switzerland) is a key player in this segment. It operates through 3 business segments, namely, transportation solutions, industrial solutions, and communications solutions. The company offers heat-shrink tubing through all the 3 business segments. The transportation solutions business segment caters to the end markets such as automotive, commercial transportation, and sensors. The industrial solutions business segment caters to aerospace, defense, oil & gas, and energy industries. The communications solutions business segment caters to the end markets such as data & devices and appliances. The company actively focuses on both organic and inorganic strategies to increase its global market share. For instance, in March 2019, TE Connectivity introduced its BATTU heat-shrink tubing for its applications in industrial and commercial vehicles, construction equipment, and generator sets. TE Connectivity caters to various end-users such as utilities, automotive, medical, and defense with different materials of heat-shrinkable tubes such as PTFE, FPE, PFA, ETFE, and PET, which is a differentiating factor to increase the company’s footprint in the heat-shrink tubing market.
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The low voltage segment is expected to be the largest heat-shrink tubing market, by voltage, during the forecast period
The low segment is expected to be the largest heat-shrink tubing market during the forecast period. This growth can be mainly attributed to the growing demand for attaining reliable and sustainable power supply, mostly in rural areas of the Asia Pacific and the Middle East & Africa region. Increasing investments in aging electrical infrastructure in T&D networks and the rising need to protect electrical circuit equipment are further driving the low voltage heat-shrink tubing market.
The utilities segment is expected to be the fastest growing heat-shrink tubing market, by application, during the forecast period
Utilities is the fastest growing end-user segment in the global heat-shrink tubing market. The transmission lines and distribution lines additions have led to increased investments in the electrical infrastructure. The increasing number of renewable integration projects and infrastructure developments are some of the factors responsible for boosting the growth of the utilities segment during the forecast period.
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Asia Pacific is expected to account for the largest share of the global heat-shrink tubing market
In this report, the heat-shrink tubing market has been analyzed with respect to 5 regions, namely, North America, South America, Europe, Asia Pacific, and the Middle East & Africa. Asia Pacific led the global heat-shrink tubing market in 2018. The high growth rate in the Asia Pacific region can be attributed to increased investments in the electric grid development and growing reliance on renewable sources of power generation. China and India are the largest heat-shrink tubing markets in the region. Increasing grid investments and plans for electrification in remote areas in countries such as Vietnam, Indonesia, and the Philippines are likely to drive the growth of the heat-shrink tubing market in the region during the forecast period.
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