The key driving factors of the market are in growth is the growing automotive industry on a global level.
Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global automotive heat shield market, also this report includes COVID-19 impact analysis report. Also, analysis of changes on the global automotive heat shield market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. For automotive heat shield, the market has been largely affected by the COVID pandemic, since due to the pandemic, lockdown was inflicted worldwide in order to restrain the rapid spread of Corona virus, due to which supply chain got adversely impacted and the demand for automotive also reduced which hampered the growth of the market. Moreover, various countries faced issues like labour shortage, shortage of raw-material, and many more, which led to reduced production of the automotive and impacted the growth of automotive heat shield market.
The global automotive heat shield market is driven by growth in automotive sector across the globe, as the domestic income is growing at a rapid across the globe the demand for automotive is increasing rapidly which is majorly driving the market for automotive heat shield. Moreover, in developing countries, as the commercialization is taking place gradually, and supply-chain is growing, there has been a surge in the demand for commercial vehicle, also the manufacturers are focusing upon the less-costly vehicles, due to which the production of vehicles is increasing and driving the market for automotive heat shield market.
The market is expected to have new growth opportunity with growing attention on light-weighting as well as fuel efficiency standards set by regulatory bodies across the globe. Since, the automotive component industry has always been under the scanner of regulatory authorities and is required to adhere to various guidelines issued from time to time. This is driven by a need to reduce pollution in urban areas or generally intended to reduce the use of fossil fuel resources, thereby limiting the effect of transportation on global warming, which creates a great opportunity for the automotive heat shield market to grow further.
The market for automotive heat shield is growing at a rapid pace, but still the key reason which hampers the growth of this market is the raid shift of automakers towards EVs and hybrid vehicles from the conventional internal combustible engines running on petrol and diesel to curb emissions, due to which the revenue of heat shields from internal combustible engine equipped vehicles will plummet and expected to witness downward trend, which restrain the growth of the market.
The market has been facing various challenges but the key challenge which this market is facing is the increasing weight of the vehicles owing to the safety benefits associated with the heavy vehicles, since they are considered to be safer than light vehicles and the use of heat shield make them heavier which in turn increases the weight of automotive and reduces the fuel-efficiency and creates a great challenge for the automotive heat shield market.
The report provides in-depth analysis of global automotive heat shield market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. The increased demand for the automotive has been driving the demand for automotive heat shield market, and this market is expected to witness the growth at a specific CAGR from 2022-2028.
The global automotive heat shield market comprises of different market segment like vehicle type, speed, product, application, insulation and geography.
By Vehicle Type, the automotive heat shield market includes key segments
The automotive heat shield market has been dominated by the passenger car segment, as per data released by the International Organization of Motor Vehicle Manufacturers (OICA), the average sale for 2020 based on 57 countries was 923,621 passenger cars per country, as the number of passenger cars is increasing at a steady rate, the use of automotive heat shields is also increasing in passenger cars. Apart from that, as the commercial sector has been growing at a rapid pace, the demand for automotive heat shield is growing at a rapid pace.
The automotive hear shield market on the basis of type is consisting of
Rigid heat shield holds the major share in the market, since these are used to protect vehicles from excess heat produced by the engine, these are the shields which are mainly made up of steel, aluminium or from some other metals with a ceramic thermal barrier coating to improve the heat insulation. Also, these sheets are mainly lightweight and corrugated which are mainly used to protect heat-sensitive electronics and materials in automotive applications. Moreover, flexible heat shield also holds the significant share in the market, since flexible heat shields are easily bent and manipulated to suit different geometries and requirements, also heat shield are known to be effective to absorb excess heat.
The Automotive Heat Shield market on the basis of product includes
The market on the basis of product has been dominated by the single shell product, these are used for protection against heat sources which are normally of low temperatures. In earlier days, heat shields were made of solid steel in the past, but nowadays they are normally made up of a single layer of aluminium foil and can have an aluminium sheet of thickness 0.3-1.0 mm. Heat shields are used for passenger cars, they are wrapped around the combustion engines, the shield is made up of stamped metal which acts like a protective coating and is wrapped around the engine and exhaust manifold which make them popular in the market.
The global automotive heat shield market on the basis of insulation is studied for
For automotive heat shield market on the basis insulation, the market has been led by the thermal & acoustic sector, these are designed to withstand not only the thermal radiation and it also absorb the sound that is being generated from the car to give maximum comfort to the passengers. Moreover, thermal and acoustic heat shields are ideal for resisting heat and for soundproofing a car, it helps the heat radiated being transferred to sensitive parts of the car such as devices wiring and system which is driving the market for thermal & acoustic automotive heat shield market.
The global automotive heat shield is studied for the following applications
For automotive heat shield market, exhaust system holds the lion’s share in the market on the basis of application, an exhaust pipe heat shield helps heat from radiating to the interior of the vehicle and protect the other critical component that are present in the car, such as electronics, wiring and sensors which have very low resistance to heat with high temperature they could get damage and catch fire easily. Moreover, turbocharge also holds an important share in the market, since it increases the efficiency of an internal combustion engine efficiency and power output which helps the market to grow further.
The global automotive heat shield market is studied for the following regions
For automotive heat shield market on the basis of region, the market has been dominated by the Asia-Pacific region. The market for automotive heat shield is growing in the Asia-Pacific region owing to presence of the countries like China, and India, these are the countries which are being targeted by many of the automotive manufacturers, since economy is growing rapidly in this region and with increased domestic income, the automotive industry is growing at a rapid pace which is creating a huge demand for the automotive heat shield market in the market.
The competitive landscape analysis of automotive heat shield market is majorly focused on expanding the global growth of automotive heat shield with new product innovation, business expansion, increasing presence of range of manufacturer operating in automotive heat shield market has led the growing demand for the market. Besides, the market offers range of products in different application to fulfil the required demand of consumer which is further contributing healthy growth in the market.
The key players studied in market are
August 2021: French building materials company Compagnie de Saint-Gobain SA announced that they acquired Germany based HKO. The company did not announce the financial terms of the deal. HKO produces a complete range of very high thermal insulation and fire protection solutions made from various type of glass fibers to cover temperature resistances between 600 and 1,0000C
March 2021: Dana Incorporated announced that it has acquired Pi Innovo LLC a leader in embedded software solutions and electronic control units for supporting the light vehicle, commercial vehicle and off-highway markets. Headquartered near Detroit, Michigan, USA, the acquisition of Pi Innovo enables Dana to increase its in-house electrodynamics capabilities and electrification product portfolio by adding a strong library of turn-key electric vehicle application software, vehicle level controllers and auxiliary controllers.
January 2021: The Happich GmbH continues to grow and opened their new logistic center on the Touratech GmbH site in Niedereschach in the Block Forest in summer 2020. After the completion of the third building of the Touratech logistic center, the Happich Group is not only looking back on a successful construction project, but also on a successful move from the previous warehouse in the Czech Republic and is so repositioning themselves for the future.
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|Market Players and its Competitors:
Tenneco (United States)
Technicon Acoustics (United States)
Dana Holding Corporation (United States)
Talbros Automotive Components Ltd. (India)
Elringklinger Ag (Spain)
Sumitomo Riko Company Limited (Japan)
Lydall Inc (New York)
Morgan Advanced Materials Plc. (United Kingdom)
Autoneum Holding Ag. (Switzerland)
Carcoustics International Gmbh (Germany)
Datsons Engineering Works Private Limited (India)
J&S Gmbh Automotive Technology (Germany)
Acs Industries Inc. (United States)
Happich Gmbh (Germany)
Heat Shield Products Inc. (United States)
Hko Isolier-Und Textiltechnik Gmbh (Germany)
Isolite Gmbh (Germany)
Fitwel Gasket Company Private Limited (India)
Thermo-Tec Automotive Products Inc. (United States)
What are the drivers for Automotive Heat Shield market?
The key driving factors of the market are in growth is the growing automotive industry on a global level.
Which is the leading application segment for Automotive Heat Shield market?
Exhaust system application has accounted the major market share, and is expected to witness the growth at highest pace during the forecast period.
Which region is gaining majority of market share during the forecast period (2022-2028)?
Asia-Pacific is expected to gain major market share during the forecast period (2022-2028).