Heat Shrink Tubing Market by Type (Single Wall, Dual Wall), Voltage (Low, Medium), Material (Polyolefin, PVC), Shrink Ratio, End User (Electrical & Electronics, Automotive & Transportation), Geography - Global Forecast to 2031

Heat Shrink Tubing Market Size & Forecast

The Heat Shrink Tubing Market was valued at $2.1 billion in 2023. This market is projected to reach $3.2 billion by 2031 from an estimated $2.2 billion in 2024, at a CAGR of 5.8% during the forecast period of 2024-2031.

Key factors driving the growth of this market include the rising demand for electrical and electronic devices and the expansion of the 5G telecommunications network. Furthermore, the increasing use of automotive electronics and the growing need for medical devices are anticipated to offer significant opportunities for market players.

Key Findings on the Heat Shrink Tubing Market

• By Type: In 2024, the Dual Wall Segment is Expected to Dominate the Global Heat Shrink Tubing Market.
• By Voltage: In 2024, the Low Segment is Expected to Dominate the Global Heat Shrink Tubing Market.
• By Material: In 2024, the Polyolefin Segment is Expected to Dominate the Global Heat Shrink Tubing Market.
• By Shrink Ratio: In 2024, the 2:1 Segment is Expected to Dominate the Global Heat Shrink Tubing Market.
• By End User: In 2024, the Electrical & Electronics Segment is Expected to Dominate the Global Heat Shrink Tubing Market.
• By Geography: North America Dominates Heat Shrink Tubing in 2024.

Heat Shrink Tubing Market Drivers

Rising Demand for Electrical and Electronic Devices

Advancements in technology and the growing reliance on digital solutions are driving the demand for electrical and electronic devices. Key industries such as automotive, telecommunications, and consumer electronics are expanding rapidly and innovating new products.

This rising demand for electrical and electronic devices significantly impacts the adoption of heat shrink tubing, as it enhances the reliability and safety of these devices. As electronic devices become more complex, the need for effective insulation and protection for wires, connectors, and components increases. Heat shrink tubing offers essential features such as electrical insulation, abrasion resistance, and moisture protection.

Manufacturers are increasingly launching heat shrink tubing solutions to enhance the performance and durability of their products. For instance, in April 2023, TE Connectivity Corporation (Switzerland), a leader in connectivity and electronic components, launched its new EV Single Wall (EVSW) tubing specifically designed for high-voltage applications, providing safe insulation and protection for conductive components and cables. Such developments contribute to the growing demand for heat shrink tubing in electrical and electronic devices.

Expansion of the 5G Telecommunications Network

The expansion of 5G telecommunications networks is a transformative trend reshaping various sectors and driving significant demand for related technologies and solutions. This growth increases the need for heat shrink tubing to support the installation of base stations, antennas, and other infrastructure components that require reliable insulation and protection.

Additionally, 5G technology utilizes smaller and more compact components, making heat shrink tubing ideal for tight packaging and insulation. This feature facilitates better space management within devices and installations.

Furthermore, the increasing adoption of IoT devices that depend on 5G connectivity drives the demand for reliable insulation and protection for various sensors and communication devices, further driving the need for heat shrink tubing. The telecommunications industry also faces stringent safety and performance regulations, prompting companies to use heat shrink tubing to ensure reliable insulation and protection for wiring and connections.

Moreover, government initiatives aimed at improving connectivity in both urban and rural areas are driving the demand for materials needed for infrastructure development, including heat shrink solutions. Therefore, the expansion of 5G networks is expected to significantly boost the demand for heat shrink tubing during the forecast period.

Heat Shrink Tubing Market Opportunity

Rising Demand for Medical Devices

The growth of the healthcare sector is driving the demand for medical devices, including diagnostic equipment, ventilators, and personal protective equipment (PPE). Technological advancements are leading to the development of more sophisticated medical devices, such as wearable health monitors, telemedicine tools, and robotic surgical systems. As the demand for these devices increases, so does the need for heat shrink tubing to insulate and protect wires, cables, and components within them, ensuring reliability and safety.

Heat shrink tubing enhances insulation and protection for health monitors and medical devices, shielding them from moisture, dust, and chemicals. Additionally, the adoption of advanced manufacturing technologies in the medical device sector is boosting the demand for heat shrink tubing, as it helps enhance device durability, reduce maintenance costs, and extend its lifespan.

Many heat shrink tubing manufacturers are partnering with medical device OEMs to provide tailored solutions. For instance, in January 2024, Cobalt Polymers, a U.S.-based manufacturer of heat shrink tubing for the medical device industry, entered into a distribution agreement with HnG Medical Incorporated (Canada). This partnership aims to distribute Cobalt's tubing products in Asia, allowing the company to better serve its OEM customers with local representation and access to tubing samples and inventory. Such developments are expected to significantly boost the demand for heat shrink tubing in medical devices in the coming years.

Heat Shrink Tubing Market Analysis: Top Market Opportunity:

By Type: In 2024, the Dual Wall Segment is Expected to Dominate the Heat Shrink Tubing Market

Based on type, the global heat shrink tubing market is segmented into single wall and dual wall. In 2024, the dual wall segment is estimated to account for the largest share of the global heat shrink tubing market. The large market share of this segment is attributed to the increasing adoption of dual-wall heat shrink tubing across various industries for insulation and protection, the rising use of dual-wall tubing for a wide range of applications, including electrical insulation, strain relief, and protection for wires & connectors, and strict industry standards for electrical insulation and environmental resistance.

Dual wall tubing consists of two layers: an outer layer made from high-performance thermoplastic polyolefin and an inner layer containing a heat-activated adhesive. When heat is applied, the outer layer shrinks tightly around the substrate while the inner adhesive layer melts to create a strong bond. This design provides effective electrical insulation and mechanical protection against abrasion, impacts, and moisture, enhancing sealing capabilities. Dual wall tubing is versatile and easy to install, requiring only heat for application. It finds use across various industries, including automotive, aerospace, and telecommunications.

Geographical Analysis

North America Dominates the Heat Shrink Tubing Market in 2024

In 2024, North America is estimated to account for the largest share of the global heat shrink tubing market. North America’s significant market share can be attributed to significant growth in the electronics and electrical industries in the region, ongoing developments in the automotive sector, and the expanding 5G telecommunications network.

However, the market in Asia-Pacific is projected to register the highest CAGR during the forecast period. The growth of this regional market is driven by factors such as rapid industrialization in countries like China, India, and Vietnam, an expanding consumer electronics market, and increasing demand for heat shrink tubing in key sectors, including electronics and automotive.

Key Companies

The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by leading market participants over the past three years (2021-2024).

The key players profiled in the global heat shrink tubing market report ABB Ltd (Switzerland), TE Connectivity Corporation (Switzerland), Sumitomo Electric Industries, Ltd. (Japan), 3M Company (U.S.), JIANGSU DASHENG HEAT SHRINKABLE MATERIAL CO., LTD. (China), Panduit Corp. (U.S.), Thermosleeve USA (U.S.), Techflex, Inc.  (U.S.), Huizhou Guanghai Electronic Insulation Materials Co., Ltd. (China), Shenzhen Woer Heat - Shrinkable Material Co., Ltd. (China), HellermannTyton (A Part of Aptiv PLC) (U.K), Alpha Wire ( A part of Belden Inc.) (U.S.), and Zeus Industrial Products, Inc.  (U.S.).

Heat Shrink Tubing Industry Overview: Latest Developments from Key Industry Players

• In March 2024, Junkosha Inc. (U.S.), a materials specialist and pioneer of FEP Peelable Heat Shrink Tubing (PHST), launched a new catheter-based solution featuring a 1.8:1 shrink ratio. This Translucent PHST product provides catheter manufacturers with enhanced versatility for complex bonding and welding applications, improving overall efficiency.
• In June 2022, TE Connectivity Corporation (Switzerland) acquired Kemtron Ltd. (U.K.), a leading provider of EMI/RFI shielding, environmental sealing, gaskets, and components. This acquisition strengthens TE’s capabilities in delivering design solutions for its customers.
• In February 2022, Nexans SA (France) launched JTS, a new heat-shrinkable joint featuring a triple-layer tube. This design allows installers to heat only one tube instead of three for 12 to 24 kV applications and two tubes instead of three for 36 to 42 kV applications. This solution simplifies the installation process and reduces the risk of joint failure.

Heat Shrink Tubing Market Research Summary

Key questions answered in the report: