Zion Market Research has published a new report titled “Automotive Heat Shield Market (Turbo Heat Shields, Exhaust Heat Shield Insulation, Heat Shield & Thermal Barriers, Exhaust & Header Wrap, Thermal & Heat Shield Sleeving, And Spark Plug Boot Heat Shields) by Material (Metallic and Non-Metallic): Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 – 2022”. According to the report, the global automotive heat shield market was valued at around USD 13.00 billion in 2016 and is expected to reach approximately USD 23.00 billion by 2022, growing at a CAGR of around 9.5% between 2017 and 2022.
Automotive heat shields are used in the vehicle to protect the vehicle component by excessive heat generated from by the engine and exhaust systems. Aluminum is the key raw material used for the production of automotive heat shields. Heat shields can increase a vehicle’s performance by reducing the engine and exhaust systems temperature.
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The automotive heat shield market is expected to witness substantial growth within the forecast period. The market is mainly driven by increasing automotive industry and increasing adoption of electronics in automobiles. Moreover, increasing demand for a luxury vehicle is likely to impact positively the global automotive heat shield market over the next few years. However, an increase in the price of raw material is expected to be key restraint factor for automotive heat shield market. As per The London Metal Exchange (LME), the price of aluminum has risen from USD 1, 400 per metric ton in October 2015 to USD 1,550 per metric ton in January 2016. This price volatility is expected to continue within the forecast period due to increasing exchange rates and physical delivery costs. Nonetheless, increasing research & development investment to develop advanced products are expected to open up new growth opportunities in the near future.
On the basis of products, the market can classify into turbo heat shields, exhaust heat shield insulation, heat shield and thermal barriers, exhaust & header wrap, thermal & heat shield sleeving, and spark plug boot heat shields. In terms of revenue, exhaust heat shield insulation segment held around 20% share of the overall market in 2016. The spark plug boot heat shields segment is another important segment and is projected to grow at a CAGR around 10.0% during the forecast period.
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The market can be segmented on the basis of material into metallic, and non-metallic. Non-metallic heat shields are produced by carbon-fiber reinforced plastics, ceramics, silica fibers, silicon carbide and others. The non-metallic heat shield was a prominent segment and is expected to dominate the market in the near future. The metallic heat shield is also important to segment and is expected to witness noticeable growth on account of increasing use of metals such as stainless steel, aluminum etc, which possesses high thermal conductivity and high tensile strength.
In 2016, Asia Pacific emerged as a leading region in terms of automotive heat shield demand and it accounted for over 30% share of total revenue generated in the same year. This growth is mainly due to increase industrialization in developing countries such as China, Japan, and India. Moreover, increasing population coupled with high disposable income is expected to boost the demand for vehicles in Asia Pacific. North America is another key regional market and is expected show significant growth in the near future on account of increasing demand for automobiles. The Middle East & Africa is expected to be the fastest-growing heat shield market owing to increasing middle-class population and automotive production in the countries such as Iran, Egypt, and others.
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The global automotive heat shields market is moderately consolidated, with the leading four players accounted for significant share of the market in 2016. Some of the major companies have been investing in product innovation, technological advancement, and maintaining quality standards in order to retain their dominance in the market. Some of the key players Dana Holding Corporation, Federal-Mogul Corporation, Morgan Advanced Materials, Autoneum Holding AG, Elringklinger AG, Lydall Inc., Progress-Werk Oberkirch AG, Happich Gmbh, UGN Inc, Covpress Ltd. and others.
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