Why The Global Market for Heat-Shrink Tubing Continues to Climb
The global market for heat shrink tubing has seen incredible growth in recent years and it is showing absolutely no signs of slowing down. As of 2020, heat shrinking tubing was estimated to be a $1.8 billion dollar industry. The latest projections believe that the market will grow to more than $2.6 billion by 2027. China, the United States and Germany are expected to be the countries outputting the highest rate of tubing in the years ahead.
The COVID-19 crisis did more to amplify the need for heat shrinking tubing than curb its growth. Because this tubing is critical to multiple applications in the medical field, demand has risen since the start of the pandemic. While heat shrink tubing has been in the market for more than six decades, it continues to be utilized in new, unique ways. For instance, the recent discovery of radiation-crosslinked polymers has brought about a bevvy of new uses for heat shrinking tubing in a myriad of industries. Below are just a few more reasons growth in the industry is continuing its incredible climb.
One of the driving forces of growth in the heat shrink tubing arena is the benefits in the electrical field. Unlike some other tubing options, heat shrink tubing can not only secure wire connects but provide a level of insulation. Insulation is often a requirement by regulatory markets. Finding a cheaper way to provide a safe product that will pass inspection is critical to every industry that deals with electronics. Heat shrink tubing also comes with a lower flammability risk than some of their counterparts. This is another plus when exploring different regulatory guidelines.
There are few characteristics as important as durability in the manufacturing industry. Heat shrink tubing obviously performs well in an extreme temperatures but it has also proven resilient when faced with fast-paced vibrations, scraping and even falls and physical traumas. Different heat shrink materials have different strengths and weaknesses. Understanding the application that heat shrink tubing will be used for is critical before purchasing.
Price Based on Performance
Heat shrink tubing can come at a higher price point than other tubing, but buyers are aware that they are paying a premium for a higher-quality product. Paying more for a premium type of tubing can end up saving a business more money in the long run as it lowers their liability. In applications like medical devices, performance is key and heat shrink tubing has proven to rise to the occasion time and time again.