Heat Shrink Tubing Market Share

APAC Market Forecast

The heat shrink tubing market in Asia Pacific is predicted to account for the largest share of 35% by 2037 impelled by the growing infrastructure development. India's economy is one of the fastest expanding in the world and is undergoing a blitzkrieg upgrading of its infrastructure owing to increased government investment and development programs. The perspective on the nation's infrastructure development has changed in modern India. The nation has a different perspective on the nation's infrastructure growth, and over the last ten years, infrastructure has grown exponentially, making it one of the main pillars of the nation's progress.

In addition, by 2027, India plans to invest significantly to develop its transmission system and aims to reach around 400 GW of energy generation capacity by 2030 using non-fossil fuels. As a result, the demand for heat shrink tubings is expected to rise.

North American Market Statistics

North America heat shrink tubing market is estimated to be the second largest, during the forecast timeframe led by the increasing production of chemicals. One of the major countries in the world producers of chemical products is the United States which caters to a growing international market in addition to a substantial home market. For instance, in 2022, the US chemical sector expanded its output volume by more than 4%.