New York, US, Oct. 20, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR),“Automotive NVH Materials Market Research Report: Information By Type, By Application, By Vehicle Type - Forecast 2030", The global market will reach USD 20.73 billion at a 6.58% CAGR by 2030, in accordance to the Market Research Future report.
Automotive NVH Materials Market Analysis
The increasing usage of synthetic rubber goods in friction and noise absorption and damping due to their flexibility, chemical stability, greater strength, and density is the key driver of growth in this area throughout the forecast period. This will fuel market growth during the assessment period.
Strict Government Regulations to offer Robust Opportunities
Strict government regulations to reduce vehicle noise levels are boosting the need for alternative NVH materials that will offer robust opportunities for the market over the forecast period.
Automotive NVH Materials Market Key Players
Eminent market players in the automotive NVH materials market report includes,
- BASF SE (Germany)
- The Dow Chemical Company (US)
- 3M Company (US)
- ElringKlinger AG (Germany)
- Huntsman Corporation (US)
- Sumitomo Riko Co. Ltd (Japan)
- Covestro AG (Germany)
- Celanese Corporation US)
- Huntsman Corporation (US)
- Lanxess AG (Germany)
- Henkel AG & Co. KGaA (Germany)
- Wolverine Advanced Materials LLC (US)
- Borgers AG (Germany)
- DuPont (US) and Eastman Chemical Company (US)
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Restraints
High Volatility in Raw Material Prices to Act as Market Restraint
The high volatility in raw material prices may act as a market restraint over the forecast period.
Challenges
Increase in R&D Cost to act as Market Challenge
The increase in R&D cost may act as a market challenge over the forecast period.
Automotive NVH Materials Market Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | 2030: USD 20.73 Billion |
| CAGR during 2022-2030 | 6.58% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | Expanding Automotive Industry in Asia Pacific to Offer Opportunities. |
| Key Market Drivers | Growing demand for cars in developing countries. |
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Automotive NVH Materials Market Segmentation
The global automotive NVH materials market is segmented into vehicle type, application, and type.
By type, rubbers will lead the market over the forecast period.
By application, absorption will dominate the market over the forecast period.
By vehicle type, passenger vehicles will spearhead the market over the forecast period.
COVID-19 Analysis
Because of its broad links with all other industries, the automotive industry is a critical component of economic growth. The COVID-19 epidemic possessed a detrimental influence on the worldwide automotive NVH materials industry due to a drop in vehicle sales and production during the pandemic. The industry is undergoing a demand shock as a result of shelter-in-place laws, with an uncertain recovery period. Furthermore, international trade fell dramatically in spring 2020 as a result of draconian lockdown measures that drove numerous sectors to close down. International travel and border controls increased the expense of international trade. Furthermore, the automobile industry's high level of integration into global value chains renders it sensitive to interruptions from a pandemic, which results in lower adoption of automotive NVH materials.
Automotive NVH Materials Market Regional Analysis
APAC to Head Automotive NVH Materials Market
Because of China, Japan, Korea, and India's well-established vehicle industries and long-term investment in driving technology, APAC is likely to dominate the worldwide automotive NVH materials market. In gasoline, hybrid, and electric vehicles, NVH materials are used. As a result, the demand for these materials is likely to remain stable. As middle-class wages, technology, and sales efforts have expanded, so has demand for passenger automobiles in emerging economies. The Asia-Pacific region's expanding population is driving up demand for automobiles. Because of improved driver comfort, NVH materials have grown in popularity in the transportation industry. The automotive noise, vibration, and harshness (NVH) materials market in the area is predicted to expand gradually in the coming years.
Because of the growth of the production limit and the rapid expansion of the automobile industry, Asia-Pacific is expected to lead the market. Because of the rising popularity & demand for automotive NVH materials in emerging countries, China is a prominent consumer in this region. Furthermore, the growing population and rising demands for everyday conveniences will have a direct impact on the broader automobile industry. Similarly, availability of access to unprocessed components and low-cost labor will propel the automotive NVH materials industry in the region. With fresh development initiatives by central members in this region, interest in automotive NVH materials in this district will maintain its lead during the forecast period.
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The automotive NVH materials market is likely to be led by APAC. The region's market growth is attributed to increased manufacturing capacity and a quick increase in the automobile industry. In APAC, China is the largest purchaser of automobile NVH materials. The primary drivers of increased demand for automotive NVH materials in emerging nations are population expansion and rising living standards, both of which have a direct impact on the development of the automobile industry. The region's automotive NVH materials industry is also fueled by the easy availability of raw materials and low-cost labor. The Asia Pacific automotive NVH materials market accounted for more than half of the total in 2019 and is expected to rise significantly through 2026. The presence of established industry companies such as 3M, BASF, NVH Korea, and Sumitomo Riko will help generate significant revenue. Manufacturers around the region are focusing on expanding their manufacturing and R&D capacities in order to achieve a competitive advantage.
North America to Possess Admirable Growth in Automotive NVH Materials Market
In terms of vehicle production growth, North America was second only to APAC, with a nearly 5% yearly increase. Key indigenous producers and tight fuel economy regulations are expected to have an impact on the industry's development. A plentiful supply of raw materials such as rubber and technical polymers will boost product demand in the future. In the coming years, the market will profit from a fast growing population and expanding living standards.
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Furthermore, North America is expected to increase at a rapid pace due to the implementation of severe car fuel economy requirements. The increasing demand for autos, combined with existing government noise pollution rules, drives the demand for NVH materials in this region.
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