Heat Shrink Tubing Market Trends

Growth Drivers

• Rising Demand for Smartphones and Laptops - Heat shrink tubing is available in a variety of diameters, colors, and materials, which are a fundamental component of most electrical setups. Moreover, heat shrink tubings may become more and more necessary as computers and smartphones get smaller and more complicated to ensure proper insulation, protection, and organization of wiring and components within the devices. For instance, in 2022, more than 65% of smartphones were used worldwide.
• Growing Production of Automobiles- Automobile heat shrink tubing is a crucial part of car wiring systems and is a fantastic way to manage cables and keep the car organized. For instance, in 2022, more than 85 million motor vehicles were produced around the world.
• Increasing Applications in the Food and Beverage Industry- Heat Shrink Tubing is fungus and UV-resistant for use in the food and beverage industry and is used in packaging food wrapping to form-fitting wire insulation.
• Surging Marine Sector- Maritime-grade heat shrink tubing offers a waterproof seal against common maritime elements and is used to protect the electrical wires and cables in yachts, boats, cruisers, and jet skis.
• Expanding Production of Aircrafts- The spaceship or airplane wire systems are shielded from harsh environments and conditions by heat shrink tubing, which is almost everywhere on an airplane, and it can communicate with the EWIS components.
• Use of Heat Shrink Tubing in the Oil and Gas Industry- Oil and gas pipes are protected against corrosion by heat shrink tubing which is also known to provide an excellent method of encasing and preserving core samples for oil and gas exploration.

Challenges

• Fluctuations in Prices of Raw Materials – Heat shrink tubing is a thermoplastic tubing that is commonly made from polyolefin. Polyolefin is a family of thermoplastics that includes polyethylene and polypropylene. Moreover, natural gas and petroleum are the sources of polyolefins as a result, these materials' prices vary together with those of crude oil and natural gas.
• Stringent regulatory standards associated with toxic emissions
• Availability of alternatives may impact the adoption of heat shrink tubings