NEW YORK, April 24, 2018 (GLOBE NEWSWIRE) -- According to the new market research report published by P&S Market Research, the automotive NVH materials market is projected to reach $11,467.5 million by 2023, the market growth is mainly driven by growing demand of automobiles worldwide and increasing concerns regarding reduction in fuel consumption and emission.
On the basis of type, the automotive NVH materials market is categorized into rubber, cork, felt, metal sheet, polyvinyl chloride (PVC), foam, and others (fiberglass and resins). Rubber has been the largest type in the global market, with respective estimated contributions of more than 30.0% in terms of volume and more than 30.0% in terms of value, in 2017. The increase in production capacity by key rubber manufacturers is driving the growth of the market across the globe.
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In terms of application, the automotive NVH materials market is segmented into sound absorption, insulation, and vibration damping. During the forecast period, the demand for NVH materials is expected to witness the highest growth for sound absorption applications.
Based on vehicle type, the automotive NVH materials market is segmented into passenger vehicle, light commercial vehicles (LCV), and heavy commercial vehicles (HCV). Passenger vehicles has been the largest category in the market so far. This can be ascribed to the increase in production of passenger vehicles by automobile manufacturers. For instance, in 2017, around 1.9 million passenger cars were produced in Canada, which showed an increase of 2.3% from previous year.
Globally, APAC has been the largest automotive NVH materials market, attributed to the high production capacity of automobile manufacturers in the region. Additionally, the sales of NVH materials in the region are expected to advance at a CAGR of 7.5% during the forecast period, attributed to the low production and labor cost in the region.
North America is estimated to be the second largest market of automotive NVH materials, with respective estimated volume and value contributions of more than 20.0% and 25.0% in 2017. The market in the region is mainly being powered by increasing investments in automotive production by manufacturers and high disposable income among consumers. Furthermore, vehicle manufacturers are highly concentrating on engine vibrations, cabin sounds, and suspension feedback of vehicles in order to improve the overall ride quality and reduce NVH.
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Europe has been recording the third largest revenue in the automotive NVH materials market. The market growth in the region is driven by high production of vehicles and the presence of a well-established automotive industry; for instance, as per the European Commission, the automotive industry accounts for 4% of the region’s GDP. This only indicates a high demand of automobiles in the region.
With the increase in demand for lightweight vehicles, the demand for NVH materials also increases as these materials reduce the weight of automobiles and provide sound absorption and vibration dampening effects. NVH materials are also capable of reducing fuel consumption and carbon gas emissions. This has resulted in an increase in adoption of NVH materials by key players. For instance, Covestro AG has implemented high-tech materials such as polyurethane and polycarbonate, to reduce unwanted sound and vibrations in vehicles. Hence, increasing adoption of NVH materials by key players are expected to provide lucrative opportunities for automotive NVH materials market growth.
Some of the major players operating in the global automotive NVH materials market are DowDuPont Inc., Exxon Mobil Corporation, Sumitomo Chemical Company Limited, Huntsman Corporation, Lanxess AG, Covestro AG, 3M Company, BASF SE, Mitsui Chemicals Inc., and Borgers SE & Co. KGaA.
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