Heat Shrink Tubing And Sleeves Global Market Report 2023
Sep 12, 2023
Major players in the heat shrink tubing and sleeves market are HellermannTyton, Molex Electronic Solutions, Panduit, Shrink Sleeves Ltd., TE Connectivity, ABB Ltd., The 3M Company, Wurth Elektonik Company, Techflex Inc.
New York, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Heat Shrink Tubing And Sleeves Global Market Report 2023" - https://www.reportlinker.com/p06480018/?utm_source=GNW , Artilabo International, Gremtek SAS, Pexco LLC, DSG-Canusa, Don-Polymer Ltd., and Essentra PLC.The global heat shrink tubing and sleeves market is expected to grow from $1.86 billion in 2022 to $1.98 billion in 2023 at a compound annual growth rate (CAGR) of 6.75%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many every markets across the globe. The market is expected to reach $2.50 billion in 2027 at a CAGR of 6.01%.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.Heat shrink tubing and sleeves refer to products made of heat-shrinkable materials that are used for insulating, protecting, and organizing electrical wires, cables, and components. They are designed to shrink in size when heat is applied, creating a tight and secure fit around the objects they cover.North America was the largest region in heat shrink tubing and sleeves market in 2022. 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 and Africa.The main types of heat-shrink tubing and sleeves are tubes, sleeves, and other accessories.Tubes refer to cylindrical structures with an empty interior, commonly used for transporting fluids, gases, or other substances, providing structural support, or housing various components.They are manufactured with 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 in different lengths such as spool, standard (1.2 meters), non-standard cut pieces, and custom. Heat-shrink tubing and sleeves are sold through sales channels including original equipment manufacturers (OEM) and aftermarket to be used in applications including automotive, aerospace, railways, telecommunications, energy, electrical engineering goods and components, home appliances, defense and armaments, and others.The increasing demand for electrical and electronics products is expected to propel the growth of the heat shrink tubing and sleeves market going forward.Electrical and electronic equipment refers to devices and systems that utilize electricity and electronic components to perform specific functions.Higher demand for various electrical and electronic products, including wires, cables, connectors, and electronic components, requires heat shrink tubing and sleeves that offer excellent insulation properties, protecting wires and cables from other environmental factors such as moisture, chemicals, and abrasion. For instance, in May 2023, according to the United Nations COMTRADE database, a part of the United Nations Statistics Division, exports of electrical and electronic equipment in the US accounted for US$197.75 billion in 2022, compared to US$185 billion in 2021, with an approximate increase of 7%. Therefore, increasing demand for electrical and electronics products is driving the growth of the heat shrink tubing and sleeves market.Advances in technology and innovation are a key trend gaining popularity in the heat-shrink tubing and sleeves market.Companies operating in the heat-shrink tubing and sleeves market are adopting innovative technologies to advance product development and sustain their position in the market.For instance, in June 2021, Nexans, a France-based cable and optical industry, launched Nexans’ JTS system to minimize the risk of joint failure in the electrical network.The JTS range offers high-performance, compact, and easy-to-install heat-shrinkable cable joints for medium voltage applications (11–36 kV).Utilizing triple-wall tube technology, these joints simplify the installation process by reducing the number of tubes required for heat shrinking. This not only saves time but also minimizes the risk of joint failure.In June 2021, TRS Capital, a US-based investment company, acquired Thermosleeve USA for an undisclosed amount.With the acquisition, TRS Capital aims to strengthen and expand its presence in the American market for heat-shrinkable products.By integrating Thermosleeve USA into its portfolio, TRS Capital intends to leverage the expertise, product offerings, and customer base of Thermosleeve USA to enhance its 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.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.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.The heat shrink tubing and sleeves market research report is one of a series of new reports that 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.Read the full report: https://www.reportlinker.com/p06480018/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.__________________________