Heat Shrink Tubing Market to Reach a Value of ~ US$ 2.7 Bn by 2027: Transparency Market Research

Global Heat Shrink Tubing Market: Overview

According to a new market report pertaining to the global heat shrink tubing market published by Transparency Market Research , the global heat shrink tubing market is projected to reach a value of ~ US$ 2.7 Bn by 2027. The heat shrink tubing market is projected to expand at a CAGR of ~ 6% from 2019 to 2027. Growth of the market can be attributed to the growing demand for infrastructure facilities and upgrade of existing networks. Over the forecast period, Asia Pacific is anticipated to dominate the heat shrink tubing market at a CAGR of ~ 7%. Moreover, in terms of revenue share, the heat shrink tubing market is dominated by Asia Pacific, followed by North America. In 2017, the electrical industry segment was valued at ~ US$ 230 Mn in the global heat shrink tubing market, and is expected to see an opportunity of ~ US$ 170 Mn in terms of revenue from 2019 to 2027, reflecting a CAGR of 6.5% during the forecast period. 

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Continued Investments in Infrastructure and Growing Global Energy Demand to Drive Market

Increasing investments in energy infrastructure and public sector infrastructure such as railways, roads, airports, and communication networks are increasing the demand for heat shrink tubing. Moreover, growing repair and maintenance services are also driving demand. Additionally, the increasing need for electricity in developing economies such as China, India, Brazil, and Russia is spurring the demand for power generation, which is creating an opportunity for the growth of the heat shrink tubing market.

Old fashioned electrical grid infrastructure and power distribution lines are reaching the tail-end of their operational lifespan, leading to a need to upgrade the existing networks. Therefore, countries are taking initiatives to replace their existing networks, which is expected to further enhance the demand for insulating material and create an opportunity for the heat shrink tubing market.