Depends on the type of heatshrink you need, 2:1, 3:1, glue lined, electrical insulation, also what you are heat shrinking. Are you shrinking singles, T&E cores, just the copper, the insulation , the sheath and how tightly it needs to be held. If you use heatshrink only just over the od of the cable it is a hassle to get on but if you heat it unevenly it will stay on; if you use 6mm 2:1 heatshrink on 3 mm cable it may be loose.
This table gives you an idea of what is possible:
[TABLE="width: 628"]
[TR]
[TD]csa[/TD]
[TD]core diameter mm[/TD]
[TD]overall o.d. mm[/TD]
[TD]minimum 2:1 i.d.[/TD]
[TD]maximum 2:1 i.d.[/TD]
[TD]usable i.d.[/TD]
[TD]Minimum 3:1 i.d.[/TD]
[TD]maximum 3:1 i.d.[/TD]
[TD]usable i.d.[/TD]
[/TR]
[TR]
[TD]1mm[SUP]2[/SUP][/TD]
[TD]1.13[/TD]
[TD]3.00[/TD]
[TD]3.5[/TD]
[TD]5.6[/TD]
[TD]5.0[/TD]
[TD]3.5[/TD]
[TD]8.4[/TD]
[TD]6.0[/TD]
[/TR]
[TR]
[TD]1.5mm[SUP]2[/SUP][/TD]
[TD]1.38[/TD]
[TD]3.20[/TD]
[TD]3.9[/TD]
[TD]6.4[/TD]
[TD]5.0[/TD]
[TD]3.9[/TD]
[TD]9.6[/TD]
[TD]6.0[/TD]
[/TR]
[TR]
[TD]2.5mm[SUP]2[/SUP][/TD]
[TD]1.78[/TD]
[TD]4.20[/TD]
[TD]4.7[/TD]
[TD]7.8[/TD]
[TD]6.0[/TD]
[TD]4.7[/TD]
[TD]11.7[/TD]
[TD]6.0[/TD]
[/TR]
[TR]
[TD]4mm[SUP]2[/SUP][/TD]
[TD]2.50[/TD]
[TD]4.80[/TD]
[TD]5.3[/TD]
[TD]9.0[/TD]
[TD]6.0[/TD]
[TD]5.3[/TD]
[TD]13.5[/TD]
[TD]6.0[/TD]
[/TR]
[TR]
[TD]6mm[SUP]2[/SUP][/TD]
[TD]3.10[/TD]
[TD]5.20[/TD]
[TD]5.7[/TD]
[TD]10.0[/TD]
[TD]8.0[/TD]
[TD]5.7[/TD]
[TD]15.0[/TD]
[TD]6.0[/TD]
[/TR]
[TR]
[TD]10mm[SUP]2[/SUP][/TD]
[TD]4.00[/TD]
[TD]6.80[/TD]
[TD]7.3[/TD]
[TD]12.9[/TD]
[TD]8.0[/TD]
[TD]7.3[/TD]
[TD]19.4[/TD]
[TD]12.0[/TD]
[/TR]
[TR]
[TD]16mm[SUP]2[/SUP][/TD]
[TD]5.10[/TD]
[TD]8.00[/TD]
[TD]8.5[/TD]
[TD]15.1[/TD]
[TD]10.0[/TD]
[TD]8.5[/TD]
[TD]22.7[/TD]
[TD]12.0[/TD]
[/TR]
[TR]
[TD]25mm[SUP]2[/SUP][/TD]
[TD]6.42[/TD]
[TD]9.80[/TD]
[TD]10.3[/TD]
[TD]18.7[/TD]
[TD]13.0[/TD]
[TD]10.3[/TD]
[TD]28.1[/TD]
[TD]12.0[/TD]
[/TR]
[/TABLE]
If you are covering the sheath I generally find for small, up to 4mm cables, 12mm 3:1 works OK.