Heat Shrink Tubing Market – Growing Focus on Expanding Catheter Capabilities

The wide-ranging applications of heat shrink tubes in versatile industrial landscapes, such as aerospace, electrical & electronics, and construction, have been bolstering their demand since the past five years. After surpassing the US$ 1.5 billion mark in 2018, the heat shrink tubing market has entered a new era of technological innovations in catheters with multiple capabilities. In addition, the adoption of advanced technologies such as peelable heat shrink tubing (PHST), to improve catheter performance in heat shrink tubes, is opening up new horizons of innovation in this market.

One of the most popular and recent examples includes the Junkosha’s 2.5:1 PHST solution, which has been touted to have the best shrink ratio. Pioneered by Japanese Conglomerate – Junkosha – with its subsidiaries in the U.S., China, and the U.K., this unique trend will allow manufacturers and key market players the ability to lower their costs in the medical industry, thus boosting the growth of heat shrink tubing market within this sector.

Additionally, catheter manufacturers can avail of baseline materials that are more cost-effective, thus enhancing their revenue margins. This paves the way for a plethora of re-investment opportunities in the coming years, especially at a time when capital cost is a critical metric for various industrial areas. Furthermore, investments in such innovations could additionally boost revenues, boosting the heat shrink tubing market to reach ~US$ 2.7 billion by 2027.

heat shrink tubing market infographic

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Polyethylene Terephthalate (PET) to Remain the Most Sought-after Material for Heat Shrink Tubes

Though the demand for Polytetrafluoroethylene (PTFE) and Fluorinated Ethylene Propylene (FEP) is growing rapidly in the heat shrink tubing market, Polyethylene Terephthalate (PET) is likely to continue to remain the sought-after choice for manufacturing, owing to its superior mechanical properties, including high temperature resistance capacity, and high resistance to UV light, chemicals, and solvents.

In 2018, PET accounted for ~one-third revenue share of the heat shrink tubing market, and its growing adoption in the electrical & electronics industry, due to its high dielectric strength, will continue to foster its sales in the heat shrink tubing market. The ever-expanding range of the applications of PET heat shrink tubes is expected to support the growth of the market, creating new sales opportunities for manufacturers.

In the coming years, the utilization of heat shrink tubes in electrical and IT & telecom industries will reach new heights. Massive innovations are being spearheaded in this sector towards the security of telecommunication and data centers. Cable assemblies can be dressed with heat shrink tubing, giving IT and telecom engineers options for the routing and management of complex cable systems. A rise in the demand for sealing and insulation for the protection of wires in telecommunication connectors will continue to drive the industry.

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Asia Pacific: The Top Revenue Pocket for Heat Shrink Tubing Manufacturers

In 2018, Asia Pacific held nearly half the revenue share of the heat shrink tubing market, with most emerging manufacturers and key industry leaders in the region heavily banking on the need for protecting outdated and aging electrical infrastructure with heat shrink tubes. The need for heat shrink tubing kits in this region is not only directed towards enhanced protection and insulation, but also reflects in the demand for relief against strains and environmental sealing. The heightened demand for heat shrink tubing will further be compounded in Asia Pacific, as the consumption of electricity in this region is high due to its developing economy.

Technological developments are propelling the introduction of insulation materials for the protection of superior cable wires in high voltage electrical infrastructure, thus creating growth opportunities for the heat shrink tubing market. Asia Pacific is seeing innovations in thick wall, flame retardant, low voltage, and halogen-free heat shrink tubing solutions, which will continue to drive the heat shrink tubing industry.

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Substitutes and Strict Regulatory Framework Restraining the Industry

Developed economies such as North America continue to receive a barrage of regulatory enforcement directives in the heat shrink tubing market. The Nuclear Regulatory Commission has formulated stringent instructions regarding the proper usage of heat shrink tubes used in nuclear power reactor facilities. The improper installation of heat shrink tubes over electric splices and terminations could pose a nuclear radiation risk. The strict enforcement of such guidelines could deter key market players from making massive investments in heat shrink tubing, especially in the nuclear power industry.

The cold shrink tubing market competes with the heat shrink tubing market, and this could restrain its growth. Cold shrink tubing has greater UV resistance, making it a more appealing substitute in some industrial sectors. In cold shrink tubing, no hot work or direct flame is required to install components. Hot work permits and stringent regulations are not required, and the reliability of cold shrink tubing is guaranteed due to less complicated techniques. This leads to massive time and cost savings, making it a more preferred substitute for key manufacturers, thus restraining the growth of the heat shrink tubing market.

Competitive Landscape Scenario

TE Connectivity Ltd, a Swiss conglomerate, is one of the leading players in the landscape of heat shrink tubing. With an impressive revenue of US$ 134 billion in 2018, strategies behind its stupendous growth mainly revolved around massive funding for research & development activities, and garnering intellectual property rights and patents in the manufacture of electrical and electronic products using heat shrink tubing. Having proprietary rights and being able to track infringements have given it an edge over its competitors, paving the way for its undisputed growth in the heat shrink tubing market.

Pexco LLC is another prominent market player – a specialty plastics extruder using the heat shrink tubing technology. As a part of its strategic growth plan, it recently acquired American Extruded Plastics (AEP) and American Injection Molding (AIM). Pexco acquired AEP as it had expanded into injection molding. The usage of heat shrink tubing in molded plastics has not only added to its core competencies but has also broadened Pexco’s global standing and value proposition by allowing it to provide customized solutions to its clients. These new acquisitions will also flourish under Pexco, which bodes well for its expansion in the market of heat shrink tubing.

In the same breath, Shawcor Ltd, a Canadian giant, is following the same merger and acquisition strategy with companies, which complements it and adds to its revenue base. Furthermore, it is also making large-scale investments to increase profitability. Thus, it can be seen that, key industrial leaders are using acquisitions, mergers, and strategic collaborations to access knowledge, expertise, and capital, which is propelling their growth in the heat shrink tubing industry.

Heat Shrink Tubing Market in Brief

  • The heat shrink tubing market is expected to register a CAGR of ~ 6% between 2019 and 2027. The market is projected to be driven by increasing investments in infrastructure and growing demand for energy. Moreover, the increasing need for the repair & maintenance of existing networks is also driving the heat shrink tubing market.
  • The global heat shrink tubing market is expected to reach ~ US$ 2.7 Bn by 2027 from ~ US$ 1.7 Bn in 2019. Developments in infrastructure facilities and increasing demand for environment-friendly products are boosting the heat shrink tubing market.
  • The heat shrink tubing market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period, followed by South America.
  • Asia Pacific remains a dominant region in the global heat shrink tubing market, with an estimated revenue opportunity of ~ US$ 555 Mn from 2019 to 2027. Growth in the demand for wire connectors and cables in different sectors such as electrical, construction, and IT & telecom across the globe is expected to exponentially drive the heat shrink tubing market.
  • Asia Pacific is projected to see high growth in the global heat shrink tubing market during the forecast period. This is due to an increase in demand in the IT industry for frequent addition/removal/movement of networks and datacables. Moreover, rapid digitization in all fields across the region is boosting the heat shrink tubing market.

Heat Shrink Tubing Market: Definition

  • The heat shrink tubing market report provides analysis of the global heat shrink tubing market for the period of 2017–2027, wherein, 2018 is the base year, and 2019 to 2027 is the forecast period. Data for 2017 has been included as historical information.
  • In this report, we analyze the growth drivers that are increasing the value of the heat shrink tubing market, and how organizations can produce advanced heat shrinkage tube products. Moreover, companies are ready to invest in the heat shrinking tube market due to increasing infrastructure facilities and electrical services.
  • Companies are renewing and updating existing network facilities, providing numerous benefits such as reduced cost, increasing operational efficiency, and increased life expectancy of products. This is likely to boost the demand for heat shrink tubes to repair or renovate cable networks across infrastructures.

Asia Pacific Heat Shrink Tubing Market – Snapshot

  • Asia Pacific is a growing region where the increasing demand for electrical products and services is a factor driving the heat shrink tubing market. Moreover, increase in the number of IT & telecom enterprises and construction facilities is driving the heat shrink tubing market.
  • Additionally, enterprises are focusing on technology-driven services, which will help them reduce cost and improve the safety and quality of the product. This also reduces equipment downtime and the maintenance cost.
  • Therefore, Asia Pacific is expected to see the highest opportunity addition in the heat shrink tubing market, globally, with South America and Europe being the next closest regions.

Key Challenges Faced by Heat Shrink Tubing Market Players

  • The presence of numerous small local players is a significant threat to global manufacturers of heat shrink tubing products. Entry into this market is easy due to high fragmentation, but getting business is tough. Additionally, capital requirement is also high, which makes it difficult for local players to survive in the market. This is restraining the growth of the heat shrink tubing market.
  • Substitute products are being introduced in the market, and increasing awareness about the need to reduce the usage of plastic in daily life is likely to hinder the growth of the heat shrink tubing market.

Heat Shrink Tubing Market – Company Profiles

  • TE Connectivity Ltd: Founded in 2000, TE Connectivity Ltd manufactures and sells connectivity and sensor solutions around the world. The company operates its business in three segments: industrial solutions, communications solutions, and transportation solutions. The industrial solutions segment offers various products such as heat shrink tubing, relays, and wires & cables for different industries
  • Panduit Corp: Founded in 1955, Panduit Corp is a manufacturer of electronic, electrical, and network infrastructure equipment, and distributes its products and solutions around the world. The company offers its solutions to the telecommunication, transportation, power, and healthcare sectors. The company has more than 2000 patents, 200 R&D centers, and 18 laboratories, which assist clients in deploying advanced technologies.
  • 3M Company: Founded in 1902, 3M Company is a diversified technology provider that develops, manufactures, and sells various products, worldwide. The company operates its business in five segments: safety & graphics, industrial, electronics & energy, consumer, and healthcare. Moreover, it provides services to the mining, oil & gas, electronics, automotive, transportation, manufacturing, and healthcare industries.
  • Sumitomo Electric Industries, Ltd: Founded in 1897, Sumitomo Electric Industries, Ltd. has been manufacturing and selling electrical wires and cables around the world for many years. It has approximately 390 group companies in 40 countries in Asia, the U.S, and Europe. In the electrical component segment, the company provides steel wires for springs, wiring materials, steel cords for tires, heat shrink tubing, and heat-resistant tubing/tapes. Moreover, it offers superconducting products such as batteries, photovoltaic, water treatment membrane modules, and thermal control devices.
  • Aptiv PLC: Founded in 1994, Aptiv PLC and its subsidiaries manufacture and design vehicle components. Additionally, it provides electrical, electronic, and safety technology solutions to the commercial and automotive industries, globally. The company has over 126 manufacturing facilities, 15 major technical centers, and is spread over 44 countries around the world. Moreover, the company provides various other products such as autonomous driving software and technologies, connectors, electrical centers, and safety distribution systems.
  • Major players operating in the global heat shrink tubing market and profiled in the report include –
    • Shawcor Ltd.
    • Changyuan Group Ltd.
    • Panduit Corp.
    • Pexco LLC
    • Techflex, Inc.
    • Zeus Industrial Products, Inc.
    • Taiwan Yun Lin Electronic Co Ltd.

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