Automotive Heat Shield Market Detailed Analysis Report on Latest Trends and Business Opportunities 2021-2031
The global automotive heat shield market is anticipated to expand at a CAGR of 3.10% during the forecast period. Rise in sale of vehicles across the globe is likely to propel the automotive heat shield market, in terms of volume and revenue, during the forecast period.
Automotive heat shields are an important part of any vehicle, whether it is premium, luxury, or any other class. Consequently, rise in vehicle demand is boosting the demand for automotive heat shields. Use of newly developed technology, such as turbochargers, catalytic converters, and exhaust pipes to improve engine performance and reduce emissions, is expected to propel the demand for automobile heat shield. Turbochargers generate considerable heat; therefore, they are protected with heat shields in order to prevent heat from transferring to other parts of the engine.
Demand for turbochargers and, as a result, turbocharger heat shield is expected to rise, owing to increase in demand for more powerful and fuel-efficient gasoline-powered automobiles.
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Drivers
Rapid expansion of the automobile industry across the globe is likely to significantly boost the automotive heat shield market. Growing mergers & acquisitions in the automobile industry across the globe is anticipated to propel the automotive heat shield market.
Moreover, rise in disposable income of an individual and increase in buying capacity of consumers across the globe are driving the sales of vehicles, which, in turn, is projected to fuel the automotive heat shield market
Heat shields made of lighter materials would reduce vehicle weight and improve fuel efficiency. Heat shield manufacturers are working on producing lightweight and efficient heat shield solutions, as major OEMs embrace light-weighting strategies to comply with rigorous fuel-efficiency criteria.
For instance, Tenneco, a renowned heat shield producer, developed a corrugated aluminum heat shield that is ultra-lightweight. According to the manufacturer, it is up to 80% lighter than an aluminized steel heat shield and provides a 15% to 30% increase in thermal protection over aluminized steel.
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Segmentation
The global automotive heat shield market has been segmented based on product type, application, vehicle type, and region
Based on product type, the global automotive heat shield market has been bifurcated into rigid heat shield and flexible heat shield. Rigid heat shields are more cost-effective and can tolerate higher temperatures; hence, the rigid heat shield segment dominated the market. Availability of enclosures in a wide range of dimensions has propelled the use of rigid heat shields, owing to an increasing integration of electronic systems in cars.
Based on application, the global automotive heat shield market has been segmented into turbo heat shield, thermal sleeves, exhaust manifold & header wrap, exhaust manifold & header heat shield, catalytic converter & exhaust pipe, and underbody heat shield. The turbo heat shield segment accounted for a notable share of the market.
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Automotive Heat Shield Market: Regional Analysis
Based on region, the global automotive heat shield market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and South America
Asia Pacific is projected to be a prominent market for vehicle heat shields. In Asia Pacific, China, India, and Japan hold notable shares of the vehicle heat shield market. Expansion of the market in Asia Pacific can be due to high vehicle production in Japan, South Korea, India, and increase in use of modern electronics in China. Governments of these countries have recognized the automotive industry’s potential for expansion and have taken various steps to attract major OEMs to enter their domestic markets. This has resulted in an increase in vehicle production levels, which presently cater to both domestic and international demand.
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Published Wed, 24 Aug 2022 13:50:30 -0500
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