Global Automotive Heatshield Market Is Expected to Reach USD 15.27 Billion by 2027 : Fior Markets
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Newark, NJ, Jan 27, 2021 (GLOBE NEWSWIRE via COMTEX) —
Newark, NJ, Jan. 27, 2021 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, the global automotive heatshield marketis expected to grow from USD 11.6 billion in 2019 to USD 15.27 billion by 2027, at a CAGR of 3.5% during the forecast period 2020-2027.
A heatshield is the protective covering over an object to prevent overheating by dissipation, reflection, or absorption of heat energy. It is mostly used in exhaust heat management and in systems where heat is caused due to friction. As most combustion engines give off heat through their body, heatshields are used excessively to protect the machinery from damage. Now heatshields provide protection from heat damage and also help in reducing the inner bonnet temperatures, in turn reducing the intake temperatures. They are easy to fit but are widely priced.
The demand for heatshields is dependent upon its design, weight, material, and the assembly of components of the vehicle it is to be used in. They are customized and made according to the device’s measurement; hence a change in the device’s design may result in a change of the heatshield. As the manufacturers make frequent changes in the device’s design and efficiency, the need for lightweight and efficient heatshield has increased in the market. The main driver for the heatshield market is to make lightweight and fuel-efficient heatshields. The European Commission has aimed at decreasing the average carbon emission of passenger vehicles by 15% by 2025 and 37.5% by 2030. Lightweight heatshields would further increase the fuel efficiency of the vehicle to reduce carbon emissions.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world’s economy and has negatively impacted all kinds of markets, including the automotive heatshield market. With less disposable income and broken supply chains, the market’s growth is expected to slow down. An already slowing automobile sector was hit even harder by covid-19 lockdowns driving sales down in many regions.
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Key players operating in the global automotive heatshield market include Morgan Advanced Materials, ElringKlinger AG, Tenneco Inc., Carcoustics, Dana Incorporated, Autoneum, Lydall Inc., and UGN Inc., among others. To gain a significant market share in the global automotive heatshield market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Lydall Inc. and Dana Incorporated are some of the biggest manufacturers and suppliers of automotive heatshields in the global market.
For instance, Dana Incorporated announced in January 2020 that it is going to collaborate with Peterbilt Motor Company for developing electric truck powertrains. Peterbilt Motor Company will incorporate Dana’s e-propulsion technology into its Model 220 EV batteries.
The single shell segment dominated the market and held the largest market share of 38.5% in the year 2019
The product segment consists of sandwich, single shell, and double shell. Single shell dominated the market and held the largest market share of 38.5% in the year 2019. Single shell heat shields are exceptionally effective against heat sources of low-temperature.
The metallic segment dominated the market and was valued at USD 7.3 billion in the year 2019
The material segment includes non-metallic and metallic. The metallic segment dominated the market and was valued at USD 7.3 billion in the year 2019. Metallic heat shields have superior properties such as high-temperature resistance, exceptional conductivity, durability, and mouldability.
Passenger car segment dominated the market and held the largest market share of 30.3% in the year 2019
Based on vehicle type, the global automotive heatshield market has been segmented into light commercial vehicle, heavy commercial vehicle, passenger car, and electric vehicles. Passenger car segment dominated the market and held the largest market share of 30.3% in the year 2019. The primary reason for this was the rising per capita income and improving living standards.
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Engine compartment dominated the market and was valued at USD 2.9 billion in the year 2019
On the basis of application, the global market has been categorized into turbocharger, engine compartment, under bonnet, exhaust system, and under chassis. Engine compartment segment dominated the market and was valued at USD 2.9 billion in the year 2019. The engine compartment is the most crucial component of an automobile, and it needs to be protected against high temperatures at all times.
Regional Segment Analysis of the Automotive Heatshield Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global automotive heatshield market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 42.8% in the year 2019 and is anticipated to grow throughout the projected period. Increasing demand for fuel-efficient, compact vehicles, the existence of a developed automotive sector, and the increasing popularity of electric vehicles is anticipated to boost the growth of the regional market. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period 2020-2027. This growth is due to factors like the increasing demand for light & heavy commercial vehicles for logistics and the establishment of new manufacturing plants.
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About the report:
The global automotive heatshield market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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Fior Markets is a futuristic market intelligence company, helping customers flourish their business strategies and make better decisions using actionable intelligence. With transparent information pool, we meet clients’ objectives, commitments on high standard and targeting possible prospects for SWOT analysis and market research reports. Fior Markets deploys a wide range of regional and global market intelligence research reports including industries like technology, pharmaceutical, consumer goods, food and beverages, chemicals, media, materials and many others. Our Strategic Intelligence capabilities are purposely planned to boost your business extension and elucidate the vigor of diverse industry. We hold distinguished units of highly expert analysts and consultants according to their respective domains. The global market research reports we provide involve both qualitative and quantitative analysis of current market scenario as per the geographical regions segregated and comprehensive performance in different regions with global approach. In addition, our syndicated research reports offer a packaged guide to keep companies abreast of the upcoming major restyle in their domains. Fior Markets facilitates clients with research analysis that are customized to their exact requirements, specifications and challenges, whether it is comprehensive desk research, survey work, composition of multiple methods, in-detailed interviewing or competitive intelligence. Our research experts are experienced in matching the exact personnel and methodology to your business need.
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