At 4.7% CAGR, the North America Heat Shrink Tubing Market is projected to be worth US$ 712.35 million by 2028, says Business Market Insights

According to Business Market Insights research, the North America heat shrink tubing market was valued at US$ 541.06 million in 2022 and is expected to reach US$ 712.35 million by 2028, registering a CAGR of 4.7% from 2022 to 2028. Increasing demand from automotive industry and government initiatives to expand and upgrade transmission and distribution systems are the critical factors attributed to the North America heat shrink tubing market expansion.            

The automotive industry plays a crucial role in a country's economy and helps build macroeconomic growth and stability in developed countries. Heat shrink tube is widely used in automobiles for insulating engine components. The harsh operating environment in an automobile engine chamber has made it necessary to use an electrical shrink tube for an electrical circuit inside it. In automobiles, heat shrink tube has numerous applications, such as fuel line protection, anti-lock braking systems (ABS) tubing, water drain tubing, power steering return hoses, air conditioning aluminum tubing, automatic transmission fluid (ATF) tubing formulated for automotive engines, water-cooling system tubing, fuel system tubing, and air conditioning hoses.

Further, the demand for electric vehicles has been growing faster from 2021 owing to increasing investment in manufacturing plants, rising demand for low-emission vehicles, and growing supportive regulations for zero-emission vehicles through subsidies and tax rebates. EV sales also grew strongly in the US had doubled to 630,000 units in 2021. With the growing trend of electric vehicles, the increasing need for wired appliances is boosting the North America heat shrink tubing market. Heat shrink tube in an electric vehicle is used in many applications for wire shielding from charging socket to electrical components throughout the vehicle dashboard, windscreen wiper system, lighting system, central locking system, acoustic system, air condition system, and so on. Thus, numerous applications of heat shrinking tubing in automobiles are propelling the demand from the automotive industry and driving the market growth.  

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

Based on voltage, the North America 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 50.5% share of North America heat shrink tubing market in 2022, amassing US$ 273.44 million. It is projected to garner US$ 355.09 million by 2028 to expand at 4.5% CAGR during 2022–2028.

Based on material, the North America heat shrink tubing market is segmented into polyolefin, polytetrafluoroethylene, fluorinated ethylene propylene, perfluoro alkoxy alkane, polyvinylidene fluoride, and others. The polyolefin segment held 61.2% share of North America heat shrink tubing market in 2022, amassing US$ 331.38 million. It is projected to garner US$ 441.56 million by 2028 to expand at 4.9% CAGR during 2022–2028.

Based on end user, the North America 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 15.3% share of North America heat shrink tubing market in 2022, amassing US$ 82.94 million. It is projected to garner US$ 101.51 million by 2028 to expand at 3.4% 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 North America heat shrink tubing market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 76.2% share of North America heat shrink tubing market in 2022. It was assessed at US$ 412.12 million in 2022 and is likely to hit US$ 555.27 million by 2028, exhibiting a CAGR of 5.1% during 2022–2028.

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

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