The global heat-shrink tubing market is expected to grow from an estimated USD 1.8 billion in 2019 to USD 2.3 billion by 2024, at a CAGR of 5.3% during the forecast period. The growth of this market is driven by government initiatives to expand and upgrade the T&D systems and a continuous increase in the global power generation capacity.
The global heat-shrink tubing market is dominated by a few major players that have an extensive regional presence. The leading players in the heat-shrink tubing market are TE Connectivity (Switzerland), 3M (US), Sumitomo Electric (Japan), ABB (Switzerland), HellermannTyton (West Sussex), Alpha Wire (US), Woer (China), Qualtek (US), Panduit (US), Zeus (US), Guanghai Materials (China), Thermosleeve (US), Insultab (US), Dasheng Heat Shrinkable Material (China), and Changchun Heat Shrinkable Materials (China).
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The major strategies adopted by the players include new product launches, investments & expansions, mergers & acquisitions, contracts & agreements, partnerships, alliances, joint ventures, and collaborations. Contracts & agreements was the most commonly adopted strategy from January 2016 to July 2019. These industry players also adopted new product launches and mergers & acquisitions as major growth strategies during that period.
ABB (US) is a key player in this segment. ABB is a leading power technology and industrial automation company that offers a range of products, systems, solutions, and services to boost productivity, enhance the energy efficiency, and increase power reliability. It operates through 3 business segments, namely, electrification products, robotics and motion, and industrial automation. The company’s heat-shrink tubing is offered under its electrification products business division. The company focused on inorganic growth strategies to increase its footprint across the globe. For instance, in January 2019, ABB provided weather-resistant, UV-resistant Ty-Rap cable ties and Shrink-Kon adhesive-lined adapters to secure cables and electrical connections for 2019 Dakar Rally. Also, in August 2018, ABB supplied heat-shrink products to protect wiring against water, heat, and abrasion for Forze VIII hydrogen-electric racecars. This strategy contributed to the company’s overall heat-shrink tubing business.
Another major player in the segment is TE Connectivity (US). TE Connectivity is a global technology and manufacturing leader, which provides a wide variety of products for industries such as automotive, defense, medical, oil & gas, aerospace, data communication systems, and others. It operates through 3 business segments, namely, transportation solutions, industrial solutions, and communications solutions. The company offers heat-shrink tubing through all 3 business segments. The company actively focuses on both organic and inorganic strategies to increase its global market share. For instance, in March 2019, TE Connectivity introduced its BATTU heat-shrink tubing for its applications in industrial and commercial vehicles, construction equipment, and generator sets. Also, in October 2016, TE SubCom, a TE Connectivity Ltd. company, was awarded a contract to supply new MAREA submarine cable across the Atlantic Ocean. TE Connectivity caters to various end-users such as utilities, automotive, medical, and defense with different materials of heat-shrinkable tubes such as PTFE, FPE, PFA, ETFE, and PET, which is a differentiating factor to increase the company’s footprint in the heat-shrink tubing market.
Heat-Shrink Tubing Market by Voltage (Low, Medium, and High), Material (Polyolefin, Polytetrafluoroethylene, Fluorinated Ethylene Propylene), End-User (Utilities, Chemical, Automotive, Food & Beverage), Region - Global Forecast to 2024
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