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.
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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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