Automotive Heat Shield Market to be worth US$25,376.4 Mn by 2024
An up to date business intelligence report developed using proven research methodologies at the headquarters of Transparency Market Research (TMR) has notified that the shares in the global automotive heat shield market are moderately consolidated among a handful of players. The market leaders, such as Federal Mogul Corp., Lydall, Inc., Autoneum Holding AG, and Dana Holding Corp., are ahead of the curve via their constant emphasis on product innovation and adopting new technologies. For instance, Federal Mogul Corp. offers Nimbus GII® Heat Shields, Acoutherm Heat Shields, and Thermcut Heat Shields, which offers heat protection by utilizing non-fiber sandwich technology. In addition to that, these players are frequently indulging in strategic alliances and acquisition activities to maintain their stronghold. As for the new players, the entry barriers are quite high and overcoming the band value of the existing leaders is a stiff challenge.
According to the projections of the TMR report, the demand in the global automotive heat shield market will multiply at a robust CAGR of 9.7% during the forecast period of 2017 to 2024. Revenue-wise, the analyst of the report has estimated that the global automotive heat shield market will be worth US$25,376.4 million by the end of 2024. In terms of product, the report has highlighted exhaust heat shield insulation as the key segment, evaluating it to be worth US$2,965.9 million by 2024. Based on type, the segment of rigid heat shields are slightly ahead of flexible and textile segments, and are estimated to generate a demand worth of US$8,622.9 million by 2024. Geographically, Asia Pacific has been identified as the most lucrative region.
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Internal combustion in engines generate a large amount of heat in automobiles. In order to protect automobile components and bodywork, heat shields are used in vehicles to control the heat. In addition, effective heat shields can also provide performance benefits by reducing the intake temperature and under-bonnet temperatures. The complexity of heat management in modern vehicles is increasing due to the use of sophisticated and temperature sensitive components in vehicles, which require intense heat shielding. Therefore, with the increasing application of new and advanced components in automobiles – heat shield technology is finding greater importance in the automotive industry.
Engine encapsulation, turbo chargers, exhaust systems and components tightly packed; result in heat generation of a vehicle. Automotive heat shields help function engines, exhaust systems and other components in a vehicle efficiently and safely by reducing the heat generated in the underbody and engine of the vehicle. In automobiles, heat shield materials used are generally stainless steel or aluminum. Heat shields used in high-end cars for high performance, generally include ceramic insulation. High performance heat shields are used in motorsports such as Formula One.
Due to advancements in technology, there has been a considerable growth in the automotive heat shield market globally. Heat shield products of today can be customized and tailor made depending on the shape and size of components fitted in vehicles and also the specific type of material required for the efficient functioning of the vehicle. In addition, heat shield protection is provided in passenger vehicle compartments in order to maintain the stability of heat generated by the combustion of the vehicle’s engine and air-conditioning unit.
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