As heat shrink tubing and sleeves are used on most components in the electrical, telecommunication, and automotive markets, the demand is constant. Think of every wire used in the home, behind the walls and dangling from the electronic appliances, entertainment, and lighting—that is just a small fraction of the daily use of heat shrink on the global market.
Heat shrink tubing and sleeves are used to cover wires and electrical components to protect against environmental conditions. Otherwise, moisture, acids, temperature, humidity, and abrasion can damage the wiring if exposed.
In this article, we take a look at the current heat shrink tubing and sleeves market and see what’s in store for 2022.
Key Takeaways from the Heat Shrink Tubing and Sleeves Market Survey
In a survey by the Future Market Insights (FMI), it was revealed that the heat shrink tubing and sleeves market is expected to increase globally within the next several years. In fact, the heat shrink tubing market was estimated to be worth nearly $2 billion in 2021.
While the North American market is forecasted to skyrocket, statistics reveal that China will become the leading force. This data is due to the quick expansion of the electronic sector in Asia. China, however, isn’t the only market expected to grow. The survey also found that European heat shrink manufacturers will account for nearly one-third of the market within the next 10 years.
The heat shrink tubing and sleeve trade has been extending the market into research and development for new products with the viability of the material. As key players begin to emerge on the global landscape, the urgency to form collaborations and seek acquisitions has increased the demand for heat shrink production.
How Has the COVID-19 Crisis Impacted the Global Heat Shrink Tubing and Sleeves Market?
Businesses across the globe have been struggling to move products with worker shortages, shipping restrictions, and a drop in demand for their products. The COVID-19 pandemic has had an adverse effect and continues to interrupt the distribution even to this day.
As restrictions in some global markets have been loosened in recent months, manufacturers of particular products are beginning to escalate production to meet growing demand. This holds true for the heat shrink tubing market. In fact, the FMI is projecting an increase of nearly 5% in demand in the new year.
Buy Your Custom Heat Shrinkable Tubing with Your Logo, Text, or Markers Today
For the best custom-cut and printed heat shrink tubing, rely on ShrinkShop’s extensive catalog. We provide high-quality wiring accessories including Thermafix Heat Shrink tubing in assorted colors and sizes. All of our products are available for custom cutting and printing of your business name, logo, or image. Our quick and reliable delivery service sees your order shipped within one day of receiving the order. Contact us today to discuss your heat shrink tubing options.