For instance, Dana Holding Corporation launched a new aluminum cooling technology in November 2014, which is especially designed for electric and hybrid vehicles. This technology enabled the company to strengthen its portfolio of thermal management products.
Transparency Market Research states that the global automotive heat shield market is set to expand at a strong CAGR of 9.7% from 2016 to 2024, with the opportunity presented by the market rising from US$11.4 bn in 2015 to US$25.3 bn by 2024.
Spark Plug Boot Heat Shields Most Attractive Product Type
Among all product types of automotive heat shields, exhaust shield insulation dominated the global automotive heat shield market in terms revenue, accounting for 22.5% market share. The spark plug boot heat shields segment, on the other hand, is projected to expand at a CAGR of 10.8% during the forecast period, emerging as the most attractive product type.
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In 2015, rigid heat shields accounted for the leading share in the global automotive heat shield market by type. Textile heat shields, on the other hand, are likely to exhibit the highest growth in the coming years. Geographically, while Asia Pacific led the global automotive heat shield market in 2015 with a 35.4% share, RoW is forecast to develop at an impressive 10.1% CAGR from 2016 to 2024.
Surge in Vehicle Production across Developing and Developed Economies Spurs Demand
One of the most obvious factors driving the demand for automotive heat shields is the proliferation of the global automotive industry. The surge in vehicle production over the years can be attributed to the rising disposable income of the global population. The automotive industry is now on the path toward recovery, even in countries in which its growth has been subpar over the recent past. This signals the imminent demand for automobiles and subsequently, automotive heat shields.
"This trend is especially true for North America - a region that has undergone challenging conditions as far as the automotive sector is concerned," the author of the study reports. "Rise in fuel prices, heavy competition, and high input costs have had a negative impact on the demand for automobiles in the region, which has, in turn, resulted in the limited demand for automotive heat shields."
Rise in Raw Material Prices an Ongoing Challenge
Aluminum is the main raw material used for the manufacturing of automotive heat shields. However, the rising prices of aluminum has been inhibiting the global market. The London Metal Exchange (LME) reports that the price of aluminum has risen from US$1,400 per metric ton in October, 2015 to US$1,550 per metric ton in January, 2016. This price rise is expected to continue in the coming years owing to high exchange rates and physical delivery costs. This is expected to increase the cost of production, thereby restricting the automotive heat shields market.
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However, the emergence of new vehicle segments, such as electric and hybrid, is likely to have a positive influence on the automotive heat shields market in the near future. Growing awareness among consumers regarding the harmful impact of carbons emissions on the environment has benefited the uptake of electric and hybrid vehicles in several countries. These new vehicle types require high-performance automotive heat shields and the integration and customization of heat shields with advanced technologies is likely to ensure innovative components for these vehicles, the TMR analyst notes.
This review is based on the findings of a TMR report titled "Automotive Heat Shield Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
Global Automotive Heat Shield Market: By Product
- Exhaust and Header Wrap
- Thermal and Heat Shield Sleeving
- Turbo Heat Shields
- Exhaust Heat Shield Insulation
- Heat Shield and Thermal Barriers
- Spark Plug Boot Heat Shields
Global Automotive Heat Shield Market: By Type
- Rigid Heat Shield
- Flexible Heat Shield
- Textile Heat Shield
Global Automotive Heat Shield Market: By Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Rest of the World (RoW)
- South America
- Middle East
Related Report by Transparency Market Research:
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