Heat Shrink Tubing and Sleeves Global Market Report 2024

The heat shrink tubing and sleeves market has grown strongly in recent years. It will grow from $1.98 billion in 2023 to $2.11 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The expansion observed in the historical period can be attributed to the demand from the electronics industry, widespread industrial applications, the trend towards miniaturization in electronics, market competition and innovation, as well as the emphasis on customization and versatility.

The heat shrink tubing and sleeves market is expected to see strong growth in the next few years. It will grow to $2.67 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The anticipated growth in the forecast period can be attributed to specific industry demands, the ongoing trend of miniaturization in electronics, the expansion of the global market, the continued demand for customization, and the rapid pace of industrialization. Key trends expected in the forecast period include increased market competition and innovation, a focus on customization and versatility, adherence to miniaturization trends, consideration of environmental and safety regulations, and a heightened emphasis on wire and cable protection.

The heat shrink tubing and sleeves market are expected to experience growth due to the increasing demand for electrical and electronics products. This category includes devices and systems utilizing electricity and electronic components. The heightened demand for various electrical and electronic products, such as wires, cables, connectors, and electronic components, necessitates effective insulation provided by heat shrink tubing and sleeves. These materials protect wires and cables from environmental factors such as moisture, chemicals, and abrasion. In 2022, the United Nations COMTRADE database reported that exports of electrical and electronic equipment in the US reached $197.75 billion, showing a 7% increase from $185 billion in 2021. Thus, the growing demand for electrical and electronics products is a key driver for the heat shrink tubing and sleeves market.

The heat shrink tubing and sleeves market are also anticipated to grow due to the increasing demand in household appliances. Household appliances encompass various mechanical or electrical devices used in homes for specific activities. Heat shrink tubing and sleeves play a crucial role in ensuring the safety, reliability, and longevity of household appliances by providing protection and organization for internal components. According to Trend Economy, between 2021 and 2022, sales of washing machines capable of both washing and drying increased by 15.7% in the USA. This surge in demand for household appliances contributes to the growth of the heat shrink tubing and sleeves market.

Innovation and technological advances are becoming prominent trends in the heat shrink tubing and sleeves market. Companies within this market are adopting innovative technologies to enhance product development and maintain their market positions. For instance, Nexans, a France-based cable and optical industry company, introduced the JTS system in June 2021. The JTS range offers high-performance, compact, and easy-to-install heat-shrinkable cable joints for medium voltage applications. This innovation utilizes triple-wall tube technology, simplifying the installation process and minimizing the risk of joint failure.

Major companies in the heat shrink tubing and sleeves market are focusing on introducing innovative products to drive market revenues. These materials, known for their excellent insulating, protecting, and sealing properties, are made from thermoplastic substances that shrink when exposed to heat. For example, in October 2023, Junkosha Inc., a Japan-based company specializing in advanced medical and industrial technologies, launched FEP peelable heat shrink tubing (PHST). This large-size PHST solution expands the applications for peelable heat shrink solutions, facilitating intricate build processes for large diameter constructs more efficiently.

In June 2021, TRS Capital, a US-based investment company, acquired Thermosleeve USA to strengthen its presence in the American market for heat-shrinkable products. The acquisition aims to leverage Thermosleeve USA's expertise, product offerings, and customer base to enhance TRS Capital's market position and capitalize on the growing demand for heat-shrinkable products in the United States. Thermosleeve USA is a US-based manufacturer and supplier of heat-shrinkable products, including tubes and sleeves.

Major companies operating in the heat shrink tubing and sleeves market report are 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.

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. The countries 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.

The primary categories of heat-shrink tubing and sleeves include tubes, sleeves, and other accessories. Tubes are cylindrical structures with an empty interior, commonly utilized for transporting fluids, gases, providing structural support, or housing various components. They are manufactured using materials such as polyolefin (POE), polyether ether ketone (PEEK), ethylene tetrafluoroethylene (ETFE), ethylene vinyl acetate (EVA), polytetrafluoroethylene (PTFE), fluorinated ethylene propylene (FEP), perfluoroalkoxy alkane (PFA), and other materials. These materials are available in different lengths, including spool, standard (1.2 meters), non-standard cut pieces, and custom lengths. Heat-shrink tubing and sleeves are distributed through various sales channels, including original equipment manufacturers (OEM) and the aftermarket. They find application in diverse industries such as automotive, aerospace, railways, telecommunications, energy, electrical engineering goods and components, home appliances, defense and armaments, among others.

The heat shrink tubing and sleeves market research report provides heat shrink tubing and sleeves market statistics, including heat shrink tubing and sleeves industry global market size, regional shares, competitors with a heat shrink tubing and sleeves market share, detailed heat shrink tubing and sleeves market segments, market trends and opportunities, and any further data you may need to thrive in the heat shrink tubing and sleeves industry. This heat shrink tubing and sleeves market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The heat-shrinking tubing and sleeves market consists of sales of dual wall tubing, single wall tubing, and heat shrink kits. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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