Original Equipment Manufacturers (OEMs) Are Likely to Account for 59% of the Total Heat Shrink Tubing and Sleeves Sales through 2031: FMI
As per a recent market survey by Future Market Insights (FMI), the global heat shrink tubing and sleeves market is projected to reach US$ 1,879 Mn in 2021, expanding at a healthy 5.9% CAGR over the forecast period of 2021-2031.
Heat Shrink Tubing And Sleeves Market
A recent market study published by FMI on the heat shrink tubing and sleeves market includ...
Rapid advancements in industrial sectors across the globe, along with increasing investments in mechanical equipment are key factors driving sales of heat shrink tubing and sleeves. Besides this, customized solutions and expansion of distribution channels by OEMs will continue propelling sales of heat shrink tubing and sleeves 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 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.
Heat shrink tubing and sleeves effectively protect wires and cables from abrasion, wear and tear, external stress. These benefits are propelling their applications in various end-use sectors such as telecommunications, automotive, aerospace and defense and transportation.
Growing concerns regarding environment protection in various countries are ushering product developments in the global heat shrink tubing and sleeves market. Consumers and manufacturers are increasingly preferring cost-effective eco-friendly alternatives and recycled plastic products, which is 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 defense 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.
- Based on material type, polyolefin segment is anticipated to hold 13.2% of the total heat shrink tubing and sleeves market share.
- On the basis of 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 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.
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.
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 Dynamic 8000 series and Mini Series. The new product range comprises high-quality crimp contact system and a robust housing structure for protection from harsh environmental factors.
More Insights into Heat Shrink Tubing and Sleeves Market Report
In its latest report, FMI offers an unbiased analysis of the global heat shrink tubing and sleeves market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product material type (polyolefin, ethylene vinyl acetate (EVA), polytetafluoroehtylene (PTFE), fluorinated ethylene propylene (FEP), perfluotoalkoxy alkane (PFA), ethylene tetrafluoroehtylene (ETFE), polyethlene terephthalate (PET), polyether ether ketone (PEEK) and silicone), length (spool, standard (1.2 Meter), non-standard cut pieces and custom), product (tubes, sleeves and other accessories), sales channel (OEM and aftermarket), and applications (automotive, aerospace, railways, telecommunication, energy, electrical engineering goods and components, home appliances, defense/armaments, and others (medical, industrial equipment) across seven regions (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan (APEJ), Japan, and Middle East & Africa).
About Industrial Automation Division at Future Market Insights
The Industrial Automation & Equipment division at FMI adopts a novel approach and innovative perspective in analyzing the global machinery and industrial automation market. A range of FMI’s market research reports offer comprehensive coverage of capital, portable, process, construction, industrial, and special purpose machinery used across manufacturing sector. The team also conducts distinctive analysis about installed base, consumables, replacement, and USP-feature application matrix, making us a prominent voice of authority in the industry. We are associates of choice for established as well as budding industry
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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