Automotive Heatshield Market size worth over $2.5 Bn by 2026
Published Date: September 21, 2020 Authors: Kiran Pulidindi, Akshay Prakash
Automotive Heatshield Market size is expected to exceed USD 2.5 billion by 2026, according to a new research report published by the Global Market Insights, Inc.
The growing need to protect sensitive parts and modules of a vehicle from heat soak is likely to drive automotive heatshield industry growth. The increasing adoption of powerful engines, catalytic converters and an increased trend toward closed engine compartments to reduce noise & emissions are strongly contributing to the use of automotive heatshields in vehicles.
The industry participants are focusing on the development of lightweight and high-performance heatshield solutions thereby improving fuel efficiency and lowering air intake temperature. However, the industry is expected to witness a moderate growth during 2020 to 2026 owing to the declining automotive production.
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Growing focus on lightweight and fuel efficiency standards
The increasing focus of regional authorities to reduce carbon emissions from vehicles has led automotive manufacturers to use lightweight automotive components to improve the overall fuel efficiency of the vehicle. In 2019, the EU adopted a new setting for post-2020 CO2 emission performance standards for new passenger cars and light commercial vehicles. It aims to reduce 23% of greenhouse gas emissions from road transport by 2030. According to the U.S. EPA, automotive manufacturers have made substantial developments in fuel economy with a reduction in carbon emissions from 2013 to 2018.
Browse key industry insights spread across 200 pages with 286 market data tables & 22 figures & charts from the report, “Automotive Heatshield Market Size By Vehicle (Passenger Cars, LCV, HCV), By Material (Aluminum, Stainless Steel, Aluminized Steel), By Application (Underbody Heatshield, Engine, Tank Heatshield, Catalytic Converter, Exhaust Manifold, Starter Motor, Turbo Charger), By Sales Channel (OEM, Aftermarket), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Automotive heatshield market share from LCV segment to witness over 3.5% CAGR through 2026 driven by countries that have major vehicle production hubs including China, Germany, and India, among others. The increasing implementation of heatshields, particularly in emerging countries, will further support industry growth. Superior demand for vans and utility trucks along with the development of safety norms for these vehicles will improve product penetration. With the increasing penetration of the catalytic converters, turbochargers will further boost product penetration.
Aluminum segment to bank upon superior heat absorption capability
The aluminum material segment is expected to achieve 3% growth during 2020 to 2026. High thermal conductivity, aluminum provides quick absorption of heat from potential hot spots in a heatshield. Additionally, the product has a high specific heat capacity, that offers heatshield to obtain lower temperatures even after absorbing a given amount of heat compared to many other materials.
North America is poised to account for more than 15% automotive heatshield market share and can be majorly attributed to higher automotive production and vehicle fleet in the U.S. In 2019, the U.S produced nearly 11.3 million automotive vehicles; furthermore, OEMs continue to adopt a wide array of advanced engine technologies, such as turbocharged engines (Turbo), thereby increasing heatshield adoption. Development of strong distribution channel that offers products via an online platform is another factor enhancing product visibility in the region.
Some of the key manufacturers in the global automotive heatshield market are Dana Limited, DuPont., Frenzelit, Autoneum Holding AG, Morgan Advanced Material, and Elringklinger AG, among others.