At 6.5% CAGR, the Asia Pacific Heat Shrink Tubing Market is projected to be worth US$ 1,194.90 million by 2028, says Business Market Insights

According to Business Market Insights research, the Asia Pacific heat shrink tubing market was valued at US$ 819.62 million in 2022 and is expected to reach US$ 1,194.90 million by 2028, registering a CAGR of 6.5% from 2022 to 2028. Growth potential in telecommunications, oil & gas, electrical and electronics industries, and automation of heat shrink tubing are the critical factors attributed to the Asia Pacific heat shrink tubing market expansion.               

Heat shrink tubing has multiple uses and is widely utilized within telecommunications networking cables. Heat shrink tubes are used to safeguard these cables, connections, conductors, terminals, and joints against environmental damage. Further, the oil & gas industry faces the most challenging environmental conditions and effects. Extreme heat, pressure, corrosion, and other factors impact the equipment used in the oil & gas industry. Heat shrink tubing ensures the equipment delivers reliable and consistent performance. Likewise in a phone or laptop, charging cords have a point of vulnerability at the end of the cord where it attaches the connector; heat shrink tubing is used to seal/protect that point of vulnerability between the cord and the connection. Thus, the demand for heat shrink tubing across telecommunications, oil & gas, electrical and electronics industries provides ample opportunities for the market growth.  

On the contrary, inadequate reimbursement scenario hurdles the growth of Asia Pacific heat shrink tubing market.

Based on voltage, the Asia Pacific heat shrink tubing market is segmented into low voltage (less than 5kv), medium voltage (5-35 kv), and high voltage (above 35kv). The low voltage (less than 5kv) segment held 52.3% share of Asia Pacific heat shrink tubing market in 2022 amassing US$ 428.40 million. It is projected to garner US$ 616.60 million by 2028 to expand at 6.3% CAGR during 2022–2028.

Based on material, the Asia Pacific heat shrink tubing market is segmented into polyolefin, polytetrafluoroethylene, fluorinated ethylene propylene, perfluoro alkoxy alkane, polyvinylidene fluoride, and others. The polyolefin segment held 61.3% share of Asia Pacific heat shrink tubing market in 2022, amassing US$ 502.24 million. It is projected to garner US$ 740.91 million by 2028 to expand at 6.7% CAGR during 2022–2028.

Based on end user, the Asia Pacific heat shrink tubing market is segmented into energy, utilities, electrical power, infrastructure/building construction, industrial, telecommunication, automotive, aerospace, defense, mass transit and mobility, medical, petrochemical, and mining. The utilities segment held 15.4% share of Asia Pacific heat shrink tubing market in 2022, amassing US$ 126.55 million. It is projected to garner US$ 171.51 million by 2028 to expand at 5.2% CAGR during 2022–2028.  The energy segment is further segmented into renewable and non-renewable. The utilities segment is further segmented into electricity, natural gas, steam supply, water supply, and sewage removal. The electrical power segment is further segmented into power generation, power transmission, and power distribution. The infrastructure/building construction segment is further segmented into residential & commercial, data centers, distribution, HVAC, and infrastructure. The industrial segment is further segmented into residential & commercial, data centers, distribution, HVAC, and infrastructure. The industrial segment is further segmented into industrial equipment and industrial electrical. The telecommunication segment is further segmented into wireless, broadband, CATV, and others. The automotive segment is further segmented into heavy duty machinery and agriculture, EV vehicles, hybrid vehicles, diesel vehicles, gasoline vehicles, and autonomous vehicles. The aerospace segment is further segmented into commercial aircraft, space exploration, and others. The defense segment is further segmented into military aircraft, military equipment & machinery, and others. The mass transit and mobility segment is further segmented into mass transit and mobility. The medical segment is further segmented into high temperature (150 C>) and low temperature (<150 C).

Based on country, the Asia Pacific heat shrink tubing market is segmented into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. Our regional analysis states that China captured 43.9% share of Asia Pacific heat shrink tubing market in 2022. It was assessed at US$ 359.46 million in 2022 and is likely to hit US$ 551.95 million by 2028, exhibiting a CAGR of 7.4% during 2022–2028.  

Key players profiled in the Asia Pacific heat shrink tubing market report 3M Co, HellermannTyton Ltd, Molex LLC, Sumitomo Electric Industries Ltd, TE Connectivity Ltd, Zeus Industrial Products Inc, Shenzhen Woer Heat-Shrinkable Material Co Ltd, and Shanghai Changyuan Electronic Material Co Ltd, among others.

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