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- Future Market Insights' (FMI's) latest study presents a holistic analysis of the heat shrink tubing and sleeves market. The report is compiled to uncover hidden opportunities across key segments including material type, length, product type, sales channel, application, and region. It also includes recommendation to help companies navigate through unprecedented challenges in the future.
DUBAI , UAE, Oct. 5, 2021 /PRNewswire/ -- ESOMAR-certified market research firm Future Market Insights (FMI) in its latest analysis forecasts the global heat shrink tubing and sleeves market to register a CAGR of 5.9% between 2021 and 2031, reaching a valuation of around US$ 1.8 Bn in 2021. The overall sales are projected to reach 47,000 Units during the assessment period, from 2021 to 2031.
Growing demand for heat shrink tubing and sleeves from various industries such as automotive, telecommunication and electric is driving the global market. Heat shrink tubing and sleeves are extensively deployed to improve protection, maintenance, and lifetime of wires. They protect the wire cores from exposure to external environmental factors such as water, abrasion, acids, humidity, and temperature.
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According to the Electrical Safety Foundation International (ESFI) and the U.S. Bureau of Labor Statistics, there were 166 electric fatalities in 2019 and 1,900 nonfatal electrical injuries involving days away from work recorded in the U.S. Rising cases of these incidents is expected to fuel the demand for heat shrink tubing and sleeves as a measure adopted across industries to prevent unforeseen accidents.
Technological advancements have paved way for the development of new heat shrink tubing and sleeves that can endure harsh temperature conditions ranging from -65°C to +260°C. Besides this, manufacturers are focusing on developing cost efficient and ecofriendly products.
As per FMI, adhesive linked heat shrink tubing will continue gaining traction through the forecast period. This heat shrink tubing has an inner layer of flexible glue to seal the outer tubing and wire jacket against any water ingress, therefore, it is considered most suitable for wires that are buried.
Growing demand for eco-friendly materials along with expansion of original equipment manufacturer (OEM) distribution channels will continue towards increasing sales of heat shrink tubing and sleeves during the forecast period.
The polyolefin segment is expected to hold around 13.2% of the total heat shrink tubing and sleeves market share. Polyolefin material is highly resistant to flame and abrasion. It has excellent physical and chemical properties, which make it ideal for adoption across aerospace and military sectors.
The North America market is poised to exhibit a CAGR of 5.9% between 2021 and 2031. Increasing investments in oil and gas activities, presence of key players and surging demand for better wire protection are some of the factors driving the market in the region.
"Increasing investments towards modernizing the transmission and distribution framework, besides consistent improvement in the global power generation capacity will create lucrative opportunities for the growth of the market through 2031" says the FMI analyst.
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Key Takeaways from Heat Shrink Tubing and Sleeves Market Survey
Competitive Landscape
Key players operating in the heat shrink tubing and sleeves market are focusing on expanding their product portfolio by investing in research & development activities. They have adopted various organic and inorganic growth strategies such as mergers and acquisitions, new product launches, partnerships and collaborations to strengthen their global footprint.
Some of the prominent players operating in the heat shrink tubing and sleeves market profiled by FMI are:
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More Insights on the Global Heat Shrink Tubing and Sleeves Sales Outlook
FMI provides an unbiased analysis of heat shrink tubing and sleeves market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for heat shrink tubing and sleeves with a detailed segmentation on the basis of:
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Key Questions Covered in the Heat Shrink Tubing and Sleeves Sales Outlook Report
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai , and has delivery centers in the UK, U.S. and India . FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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