“Global Heat Shrink Tubing Market was valued at $4.5 billion by 2029”, says Visiongain
23 September 2019
Heat Shrink Tubing Market Report 2019-2029: Forecasts by Voltage (Low, Medium, and High), Material (Polyolefin, Polytetrafluoroethylene, Fluorinated Ethylene Propylene), End-User (Utilities, Chemical, Automotive, Food & Beverage), by Region and Analysis of Leading Companies indicates that the Global Heat Shrink Tubing Market was valued at $4.5 billion by 2029.
Most of the development in the global market for heat-shrink tubing is the consequence of increasing use of heat-shrink tubes in the power generation industry. In low-voltage electrical appliance insulation, the pipes can be useful. Because of which their demand increases exponentially over time. In addition, the development of polyofin components in multiple industrial applications such as the manufacture of aerospace components is also a significant factor anticipated to stimulate the development of the global market for heat shrinking tubes in the forecast period.
The increasing use of heat-shrinking pipes in automobiles for insulating the engine compartment, the food and beverage industry for packaging, the fire-proofing of assets and the electronic industry for protecting live wires from hazardous environments also fuel the development of the global market for heat-shrinking tubing market over the forecast period.
During the forecast period, the low voltage segment is anticipated to be the biggest market for heat-shrink tubing. This development can be related primarily to the increasing demand for sustainable and reliable power supply, mostly in the Asia Pacific and Middle East & Africa rural regions. Increasing investments in age old electrical infrastructure in T&D networks and the rising need to safeguard electrical circuit devices further drive the heat-shrink tubing market for low voltage.
Geographically, in regions across North America, Europe, Asia Pacific, Middle East and Africa, the global heat-shrink tubing market has its scope. The Asia Pacific is anticipated to experience highest market growth from these areas. Market growth in the region is the consequence of increasing national implementation of tubes in nations like India and China. In addition, the growing number of public projects in national and industrial applications to use heat-shrink tubes further fuel market growth in the region.
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