WELLESLEY, MA--(Marketwired - July 26, 2016) - The global demand for flexible heaters has risen at an unprecedented rate over the past decade. BCC Research reveals in its new report that technological advancements and innovative product launches in a variety of end-user markets are keying market growth.
A flexible heater is a device that can mold or conform to the surface of an object that requires heating. It has excellent physical and electrical properties, resulting in thermal stability over a wide temperature range. A flexible heater is usually thin, lightweight, bendable and shaped to fit almost any equipment that requires heating such that heat can be applied to complex structures, curves, and pipes without sacrificing efficiency and heat distribution.
The global market for flexible heaters, which totaled $3.1 billion in 2015, is projected to reach $3.3 billion and $4.4 billion in 2016 and 2021, respectively, growing at a five-year compound annual growth rate (CAGR) of 6%.
The medical, aerospace and defense, electronics, and food and beverage end-user industries, which together account for 62.5% of the 2015 global market, are spurring growth. The Asia-Pacific region and North America, the major regional markets, accounted for 65.8% of the global market. APAC and North America should grow at five-year CAGRs of 7.1% and 5.8%, respectively, from 2016 to 2021.
The global market for silicone rubber-based flexible heaters is expected to increase from more than $1.1 billion in 2015 to nearly $1.2 billion in 2016 at a year-on-year (YOY) growth rate of 5.4%. Further growth is expected at a five-year CAGR (2016 to 2021) of 6.1%, with the market reaching nearly $1.6 billion in the end year. The global market for polyimide-based flexible heaters is expected to increase from $984.9 million in 2015 to $1 billion in 2016 at a YOY growth rate of 5.2%. That market should reach $1.4 billion in 2021 on a five-year CAGR of 5.9%. The global market for polyester-based flexible heaters should increase from $722.3 million in 2016 to nearly $966.7 million in 2021 on a five-year CAGR of 6%.
"Rising demand for flexible heaters in various end-user industries and the increase in consumption of smart devices such as LCD screens, resistance temperature detector monitors, 3-D printers, commercial food equipment, and surgical devices are driving the global flexible heater market," says BCC Research analyst Aneesh Kumar. "Increasing demand for silicone rubber-based flexible, polyimide-based flexible and polyester-based flexible heaters in several end-user industries has created a huge growth opportunity for flexible heater manufacturers in the markets in North America, Europe and the Asia-Pacific regions."
Flexible Heaters: Global Markets (IAS109A) examines the heating component market, including types, needs, benefits, limitations and regulations. Global market drivers and trends, with data from 2015, 2016, and projections of CAGRs through 2021 also are provided.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. Founded in 1971, BCC Research is a unit of Eli Global, LLC. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.