Automotive Heat Shield Market Worth $19.8 Billion by 2027 - Exclusive Report by MarketsandMarkets(TM)
CHICAGO, Nov. 6, 2019 /PRNewswire/ -- According to the new market research report "Automotive Heat Shield Market by Application (Engine, Exhaust, Under Bonnet, Under Chassis, Turbocharger), Product (Single Shell, Double Shell, Sandwich), Function (Acoustic, Non-Acoustic), Material, Vehicle, and Region - Global Forecast to 2027", published by MarketsandMarkets(TM), the global Automotive Heat Shield Market size is projected to grow from USD 16.1 billion in 2019 to USD 19.8 billion by 2027, at a CAGR of 2.6%. The growth of the global Automotive Heat Shield Market size is driven by the increasing vehicle production, rising demand for light & heavy commercial vehicles, and growing adoption of electrical & electronic components in vehicles and turbochargers in passenger cars.
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141 - Tables
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Passenger car is expected to be the largest market
The passenger car segment is expected to be the largest market in the automotive heat shield industry during the forecast period. Increasing urbanization and evolving customer needs have influenced global passenger car sales in recent years. The rising demand for fuel-efficient vehicles, coupled with increasingly stringent emission norms, has been propelling the growth of the passenger car segment of the Automotive Heat Shield Market. The adoption of electrical and electronic components in passenger cars and increasing demand for fuel-efficient vehicles in emerging countries such as India, Mexico, Brazil, and Thailand, among others, is likely to fuel the growth of the automotive heat shield industry for passenger cars during the forecast period.
Double shell is expected to lead the Automotive Heat Shield Market
The double-shell heat shield is the largest market for automotive heat shields because of the increased vehicle production globally. Double-shell heat shields are designed to tolerate low to medium temperatures. Also, aluminum sheets of 0.3 - 1.0 mm thickness are utilized for double-shell technology. These are offered as exhaust manifold heat shields, catalytic converter heat shields, turbocharger heat shields, and starter motor heat shields. TKG Automotive, Thermo-Tec Automotive Products Inc., Talbros Automotive Components Ltd., Sumitomo Riko Company Limited, Lydall Inc., J&S GmbH Automotive Technology, and HKO GmbH, among others, are companies that manufacture double-shell technologies.
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Asia Pacific is expected to be the fastest-growing market during the forecast period
The Asia Pacific region is the largest market for automotive heat shields because of the growth in India, China, Japan, and South Korea. Rising vehicle production, increasing demand for luxury vehicles, growing sales of hybrid & electric cars, and technological development are driving the Automotive Heat Shield Market in the Asia Pacific region. The key market players in the region include car manufacturers such as Honda, Toyota, Kia, Suzuki, Tata Motors, and Hyundai and automotive heat shield manufacturers such as Talbros, Datsons Engineering Works, Kokusan Parts Industry, NICHIAS Corporation, and Sumitomo Riko, among others. Datsons Engineering Works supplies exhaust systems heat shield to Tenneco and Yutaka Giken. These component manufacturers further supplied exhaust systems to Mahindra & Mahindra and Tata Motors, respectively. Hence, the presence of major OEMs and heat shield manufacturers would foster growth in this region. Additionally, China is the highest contributor to the global Automotive Heat Shield Market
The Global Automotive Heat Shield Market is dominated by major players such as Dana Incorporated (US), Morgan Advanced Materials (UK), Autoneum (Switzerland), ElringKlinger AG (Germany), Lydall Inc. (UK), Carcoustics (Germany), and UGN Inc. (US), and many others.
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