Wilmington, Delaware, United States, Nov. 15, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -The global automotive heat shield market was estimated at a value of US$ 12.23 billion in 2020. It is anticipated to register a 3.10% CAGR from 2021 to 2031 and by 2031, the market is likely to attain US$ 17.11 billion by 2031.
Auto heat shields are an essential component of any car, regardless of class—luxury, premium, or any other. As the demand for vehicles rises, so does the need for automotive heat shields. The use of recently developed technologies to lower emissions and increase engine performance, such as exhaust pipes, catalytic converters, and turbochargers, is predicted to drive up demand for automotive heat shields. Heat shields are used to insulate turbochargers from the intense heat they produce, which could otherwise transfer to other engine components.
The growing desire for more potent and fuel-efficient gasoline-powered vehicles is predicted to drive up demand for turbochargers and, consequently, turbocharger heat shields.
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The following companies are well-known participants in the global automotive heat shield market:
- Dana Limited
- UGN Inc.
- Autoneum
- Lydall Inc.
- HAPPICH GmbH
- ElringKlinger AG
- Progress-Werk Oberkirch AG
- Morgan Advanced Materials
- Tenneco Inc.
- Carcoustics
- Other Key Players
Key Findings of Market Report
- The automotive heat shield market is expected to experience significant growth due to the vehicle industry's rapid global expansion.
- The global auto industry's increasing mergers and acquisitions are expected to fuel the growth of the automotive heat shield market.
- The sales of automobiles are being driven by rising disposable income and rising purchasing power of customers worldwide, which is expected to support the automotive heat shield industry.Lighter-weight heat shields would lighten the weight of the car and increase fuel economy.
- As major Original Equipment Manufacturers (OEMs) use lightweighting tactics to meet stringent fuel-efficiency criteria, heat shield manufacturers are striving to produce lightweight and efficient heat shield solutions.
Market Trends For Automotive Heat Shield
- The global automotive heat shield market has been divided into two segments based on product type: stiff heat shield and flexible heat shield. The rigid heat shield segment dominated the market because it is more affordable and can withstand higher temperatures. The use of rigid heat shields has increased due to the availability of enclosures in a variety of dimensions and the growing integration of electrical systems in automobiles.
- The exhaust manifold & header wrap, turbo heat shield, thermal sleeves, catalytic converter & exhaust pipe, exhaust manifold & header heat shield, and underbody heat shield are the segments of the global automotive heat shield market based on application. The market share held by the turbo heat shield segment was significant.
- Since electric vehicles do not include any parts or components that produce excessive heat, their adoption presents a significant threat to the heat shield market. The battery and engine are the only parts of an electric car that produce very little heat. Thus, it is anticipated that the worldwide automotive heat shield market will be constrained by the sharp rise in the sales of electric vehicles.
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Global Market for Automotive Heat Shield: Regional Outlook
Various reasons are propelling the growth of the automotive heat shield market throughout the region. These are:
- Vehicle heat shields are expected to see significant growth in the Asia Pacific region. Japan, China, and India account for significant portions of the vehicle heat shield market in Asia Pacific. The growth of the market in Asia Pacific may be brought about by the region's high car manufacturing in South Korea, Japan, and India as well as China's growing use of contemporary electronics.
- The governments of these nations have made a number of actions to entice significant OEMs to enter their home markets after realizing the potential for growth in the automotive sector. Vehicle manufacturing levels have increased as a result, and they currently meet both home and foreign demand.
Global Automotive Heat Shield Market: Key Players
In order to handle the growing thermal management difficulties in automobiles, firms in the worldwide automotive heat shield market are concentrating on developing and producing cutting-edge heat shield solutions. Enhancing engine performance, fuel efficiency, as well as overall vehicle durability are the goals of these solutions. Businesses are spending money on research and development to create heat shield materials that are affordable, robust, and lightweight. The automobile industry's dedication to fulfilling strict emission regulations and enhancing overall vehicle performance in response to changing consumer needs is demonstrated by the advancements made in thermal barrier coatings and the incorporation of heat shields into a variety of automotive components.
Few of key developments by the players in this market are:
| Company name | Key Developments |
| Dana Incorporated |
|
Global Automotive Heat Shield Market Segmentation
- Product Type
- Rigid Heat Shield
- Flexible Heat Shield
- Application
- Turbo Heat Shields
- Thermal Sleeves
- Exhaust Manifold & Header Wrap
- Exhaust Manifold & Header Heat Shield
- Catalytic Converter & Exhaust Pipe
- Underbody Heat Shield
- Vehicle Type
- Two / three Wheelers
- Passenger Vehicle
- Hatchback
- Sedan
- Utility Vehicle
- Light Duty Vehicle
- Medium & Heavy Duty Trucks
- Bus & Coaches
- Region
- North America
- Latin America
- Asia Pacific
- Europe
- Middle East & Africa
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