The market size of heat shield is projected to reach USD 4.19 billion by 2021 and is projected to register a CAGR of 5.06% between 2016 and 2021.
The growing demand from the end-use industries such as automotive, aircraft, and defense is expected to drive the demand for heat shield. Increasing automotive and aircraft production and rising concern towards safety and security, especially in the exhaust system of automotive and aircrafts, are the major factors boosting the heat shield market.
The automotive industry is expected to witness the highest growth rate between 2016 and 2021. The demand for heat shields in this industry is estimated to rise, especially due to the rise in the demand for passenger cars in the emerging economies such as India, China, and Brazil. The market is also expected to grow due to rising safety concerns in the exhaust system of automotive. Rising demands for luxury cars which require more heat shield protection due to large number of comfort and high-end features is further expected to boost the heat shield market.
Asia-Pacific is estimated to be the fastest-growing heat shield market, in terms of value. Increasing middle class population, rise in the automotive manufacturing activities in the region, and the presence of key heat shield manufacturers in the region are the major factors boosting the heat shield market in the region.