The heat shrinkable plastic tube market is expected to grow substantially during the forecast period. Heat shrink plastic tubes are commonly employed in solutions for cable management. Shrink heat tubing is used for the covering of cables/ wires and connecting wire/cable joints or wire/cable connections. Heat shrink tubes protect the sections covered from the outside.
Heat shrink tubes protect cables against damage, corrosion, extreme temperatures, and other external hazardous factors. The amount of heat needed to reduce heat is different from product to product, and the extent to which heat shrinks occur. The shrink ratio is the term used to indicate the extent to which a product undergoes a shrinkage on heat application in comparison with its original dimensions.
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Major Drivers, Restraints, Challenges and Opportunities
The automation of thermal shrink tubes will offer extensive opportunities for the growth of the global heat shrinkable plastic tube market across different applications. Advances in materials have made tubing products of high quality with increased performance and durability available in harsh external environments which help the heat-shrinkable plastic tube market to develop. As the reliable solution for protecting and connecting cable and cable networks, demand is increasing for heat shrink tubes.
Thermal tubes can be provided underneath a soldering tube, which supplies electric joints between wires when heat shrink is applied so that separate solder cables are not needed before the joints are covered. All these advantages together with increasing demand from the end-use industry will boost the growth of the market for a thermal shrinking plastic tube. The stringent regulations by the government on the rise in toxic gas emission is expected to pose some level of restraints on the market growth.
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Based on type, the heat shrinkable plastic tube market is segmented as polyolefin heat shrinkable tube, chlorinated polyolefin heat shrinkable tube, fluoropolymer heat shrinkable tube, and others. The polyolefin segment generates higher sales than other segments and thus represents a higher market share. Polyolefin is a high flame and abrasion-resistant material, extremely flexible, which has excellent chemical, physical and electric properties.
In terms of application, the heat shrinkable plastic tube market is segmented as automotive, wire and cable, chemicals, utilities, food & beverages, and others. The market is driven by the need to safeguard wires and cables from harmful environmental elements and to increase transmission and distribution investments. Hence the wire and cable segment is projected to witness a higher growth rate.
The Asia-Pacific region is expected to play a key role in the growth of the heat shrinkable plastic tube market as electricity demand increases rapidly and networks are constantly expanding. In the coming years, the demand for heat shrink tubes will rise at a robust pace, with cable management, wiring, and cable control in all sectors rising.
The market is experiencing a huge revenue share contribution from the leading countries such as China, the USA, India, Japan, the UK, Germany, and Saudi Arabia. Europe and North America are also major regions for the heat shrinkable plastic tube market, with ongoing improvements to the old cable system which are nearing the end of its usable life.
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Players operating in the market are working on their collaboration strategies to boost their global positioning and gain a competitive advantage. Some of the leading players working in the global heat shrinkable plastic tube market include 3M Company, Essentra plc, Prysmian Group, Alpha Wire, Thomas & Betts, TE Connectivity, Hilltop Products Ltd, Qualtek Energy Corporation, ABB Ltd, GV Kinsman Pty Ltd, Nexans SA, and Insultab Inc.
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