Heat-Shrink Tubing Global Market Report 2024

The heat-shrink tubing market has grown strongly in recent years. It will grow from $2.14 billion in 2023 to $2.26 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The expansion observed in the historical period can be attributed to factors such as the expansion of the electronics industry, the increasing manufacturing of medical devices, the adoption of technology in the automotive industry, widespread industrial applications, and advancements in manufacturing processes.

The heat-shrink tubing market is expected to see strong growth in the next few years. It will grow to $2.86 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The anticipated growth in the forecast period can be attributed to global infrastructure projects, innovations in size and form factors, the emergence of new applications, a shift towards sustainable solutions, and the demand for high-performance materials. Key trends expected in the forecast period include market expansion in emerging economies, innovations in material durability, a rising demand for electrical insulation, heightened concerns for sustainability and the environment, and a trend towards miniaturization in the electronics industry.

The heat-shrink tubes market is poised for growth due to the continuous increase in global power generation capacity. Power generation involves the creation of electricity through various technologies, such as steam boilers and wind turbines. Heat shrink tubing plays a crucial role in protecting power lines from physical damage, moisture, and environmental factors, preventing premature cable and wire failure. According to the International Renewable Energy Agency (IRENA), the global renewable generation capacity reached 3,064 Gigawatts (GW) by the end of 2021, with a 9.1% increase. Solar and wind technologies accounted for 88% of all new renewable capacity in 2021. Additionally, the U.S. Energy Information Administration forecasts a global electricity demand increase of over 5% in 2021 and 4% in 2022. Therefore, the continuous rise in global power generation capacity is a key driver for the heat-shrink tubing market.

The heat-shrink tubing market is expected to experience growth due to the increasing demand in the electronics industry. The electronics industry encompasses a broad range of businesses involved in designing, manufacturing, distributing, and selling electronic devices, components, and systems. Heat-shrink systems provide versatile solutions for insulation, protection, organization, and repair within the electronics sector, enhancing the reliability, durability, and functionality of electronic devices and systems. For example, LG, a South Korea-based consumer electronics company, reported sales exceeding $60 billion in 2022, a 12.9% increase from 2021. The Home Appliance & Air Solution Company achieved revenue of $22.5 billion in 2022, up 10.3% from the previous year. Therefore, the increasing demand in the electronics industry is a significant driver for the heat-shrink tubing market.

Automation of heat shrink tubing is a prominent trend gaining popularity in the heat-shrink tubing market. Major companies are focused on innovating their products to strengthen their market position. For instance, CORTEC Corp introduced a new custom VpCI-126 Shrink Film designed for automated heat shrink and heat seal tunnels. This film provides corrosion protection for industrial equipment during shipping or storage. It forms a protective molecular layer on metal surfaces inside the packaging, preventing rusting. Automation of heat shrinking benefits various industries, including consumer items wrapped in fragile films.

Major companies in the heat-shrink tubing market are innovating new products such as Specialty Heat Shrink Tubing to enhance their market position and profitability. Specialty heat shrink tubing, such as WOER's model HSS63, features a tin ring for handling shielded wire terminals and splices. It offers connection protection, easy installation, resistance to abrasion and chemical corrosion, and transparency for visual inspection. Innovations in specialty heat shrink tubing cater to specific applications, providing unique characteristics tailored to specialized needs.

In January 2023, Fluorotherm Polymers Inc. expanded its product line by acquiring Rhem Plastics, a manufacturer of high-performance tube and tubing products made from materials such as PTFE, PVDF, FEP, and PFA. This acquisition enhances Fluorotherm's tubing product offerings, including retractable coils and curved tubing for fluid handling applications. The new product designs complement Fluorotherm's existing fluoropolymer tubing lines, contributing to its growth and market presence.

Major companies operating in the heat-shrink tubing market report are ABB Ltd., 3M, TE Connectivity, Sumitomo Electric Industries Ltd., HellermannTyton, Alpha Wire, Panduit Corporation, Qualtek Electronics Corporation, Zeus Industrial Products Inc., Insultab Inc., SAB North America, Molex LLC, Aircraft Marine Products Inc., Babsco Supply Inc., Buy Heat Shrink LLC, Cable Ties Unlimited Inc., Changyuan Group Ltd., DSG-Canusa Holding GmbH, Dunbar Sales Corp., Electro Insulation Corp., Hishi LLC, Lapp Tannehill Inc., Lucky Goldstar Corporation, National Plastics & Seals Inc., Pexco LLC, Shanghai Changyuan Electronic Material Co. Ltd., ShawCor Ltd., Shenzhen Woer Heat-Shrinkable Material Co. Ltd., Taiwan Yun Lin Electronic Co Ltd., Techflex Inc.

North America was the largest region in the heat-shrink tubing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global heat-shrink tubing market report during the forecast period. The regions covered in the heat-shrink tubing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the heat-shrink tubing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of heat-shrink tubing include single-wall and double-wall variants. Single-wall heat-shrink tubing, typically made of cross-linked polyolefin, offers protection against abrasion and moisture. It is commonly used in metal wires for insulation, strain relief, and protection against mechanical damage and abrasion, surpassing tape and molding in performance. Various materials are used in the manufacturing of heat-shrink tubing, including polyolefin, polytetrafluoroethylene, fluorinated ethylene propylene, perfluoro alkoxy alkane, ethylene tetrafluoroethylene, among others. These tubing materials are available in different voltages such as low voltage, medium voltage, and high voltage, catering to diverse applications in industries such as chemical, pharmaceutical, food and beverage, automotive, utilities, and more.

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

The heat-shrink tubing market consists of sales of various tubings such as PVC heat shrink tubing, elastomeric heat shrinks tubing, silicone heat shrinks tubing, and PVDF heat shrink tubing. 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.


This product will be delivered within 3-5 business days.