At 5.9% CAGR, the Europe Heat shrink tubing market is projected to be worth US$ 648.67 million by 2028, says Business Market Insights

According to Business Market Insights research, the Europe heat shrink tubing market was valued at US$ 461.17 million in 2022 and is expected to reach US$ 648.67 million by 2028, registering a CAGR of 5.9% from 2022 to 2028. Government initiatives to expand and upgrade transmission and distribution systems and increasing demand from automotive industry are the critical factors attributed to the Europe heat shrink tubing market expansion.               

The governments of various economies have come up with several schemes to improve the transmission and distribution infrastructure, enhance operational efficiency, and reduce transmission losses. Heat shrink tubing is widely used in low- and medium-voltage transmission and distribution for insulation protection to protect all the functional parts, components, harnesses, and systems of a transmission and distribution grid. Furthermore, ~50% of the underground power distribution system comprises installations of old paper-insulated cables. Routine maintenance and greater electrical or mechanical stress imposed on these aged systems while adding new connections will lead to cable insulation’s deterioration. In such scenarios, transition joints insulated with heat shrinking tubes help in connecting the earlier and newer cables. Additionally, bus bars are the vital components of any power distribution system and are critical component while transmitting large load currents or distributing current to varied devices. Hence, several protective shields, including heat shrinking tubing, are widely used to protect bus bar connections.

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

Based on voltage, the Europe 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 52.9% share of Europe heat shrink tubing market in 2022, amassing US$ 243.84 million. It is projected to garner US$ 338.55 million by 2028 to expand at 5.6% CAGR during 2022–2028.

Based on material, the Europe heat shrink tubing market is segmented into polyolefin, polytetrafluoroethylene, fluorinated ethylene propylene, perfluoro alkoxy alkane, polyvinylidene fluoride, and others. The polyolefin segment held 61.7% share of Europe heat shrink tubing market in 2022, amassing US$ 284.44 million. It is projected to garner US$ 404.95 million by 2028 to expand at 6.1% CAGR during 2022–2028.

Based on end user, the Europe 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 15.5% share of Europe heat shrink tubing market in 2022, amassing US$ 71.68 million. It is projected to garner US$ 93.75 million by 2028 to expand at 4.6% 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 Europe heat shrink tubing market is segmented into France, Germany, the UK, Italy, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 24.0% share of Europe heat shrink tubing market in 2022. It was assessed at US$ 110.71 million in 2022 and is likely to hit US$ 160.45 million by 2028, exhibiting a CAGR of 6.4% during 2022–2028.  

Key players profiled in the Europe heat shrink tubing market report are 3M Co, HellermannTyton Ltd, Molex LLC, Sumitomo Electric Industries Ltd, TE Connectivity Ltd, and Zeus Industrial Products Inc, among others.

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