Widespread use of heat shrink sleeve in the power generation sector is a key factor behind its ceaseless demand. Large scale upcoming power generation projects such as Shandong Shenglu Coal-Fired Power Project, Patratu Super Thermal Power Project, Baihetan Hydropower Station, and Fujian Luoyuanwan Power Project in parts of the world will continue to display substantial demand for heat shrink sleeve. This will translate into growth for heat shrink sleeve market.
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Primarily, heat shrink sleeves shrink radially when exposed to heat. This makes heat shrink sleeve suitable for a number of applications such as abrasion resistivity, providing insulation, and environmental protection for standard wire connections. Restoring insulation wires or bundle of wires is another key use of heat shrink sleeves. Thus, heat shrink sleeves find use in various industries such as textile, paper, electronics, pipeline, packaging, and electronics.
Technological advancement for the development of heat shrink sleeve is another key factor fuelling the heat shrink sleeve market. Formulation of higher strength products using methods such as cross-linking of polyolefins and new-generation adhesives benefits the heat shrink sleeve market. These higher strength products are suitable for use under-more demanding pipeline conditions.
Shift of Manufacturing to Low Cost Countries to Fuel Growth in Latin America
Asia Pacific, specifically East Asia accounts for one-third revenue in the overall heat shrink sleeve market. Presence of a large electrical and electronics industry in the region, along with efforts in countries such as China to develop advanced products accounts for leading revenue of the region. Several new power generation projects in the developing countries of the region also accounts for noteworthy demand for heat shrink sleeves.
Meanwhile, Latin America and South Asia & Oceania are expected to display substantial demand for heat shrink sleeves in the forthcoming years. Shift of manufacturing due to low manufacturing cost in several countries of these regions stokes demand for heat shrink sleeves for several operations.
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