A heat shield is designed to protect a constituent from absorbing excessive heat from an outside source. Technological advancements and developments have made automotive heat shields safer and more effective over the past few years. The materials used in automotive heat shield manufacturing include nylon, ceramic, and aluminum. The global automotive heat shield market, is projected to grow at a CAGR of __ % from 2017 to 2025 to reach USD __ Billion by 2025. Asia-Pacific is marked as the leading market for automotive heat shields, followed by Europe and North America.
The automotive heat shield market is segmented by vehicle types such as passenger car, light commercial vehicle, and heavy commercial vehicle. The rising demand for light commercial vehicles in North American and Asia-Pacific, is propelling the market growth of automotive heat shield in this region and is expected to grow rapidly, at the highest CAGR during the forecast period.
In Asia-Pacific, this industry has witnessed sizeable growth in terms of vehicle production volume. This region is manifested as the leading producer of automobiles and is estimated to maintain its position during the forecast period as well. The region houses some of the fastest-developing economies in the world, including China and India. The growth is mainly accredited to production expansions made by automobile manufacturers to cope with rising consumer demand for fuel-efficient vehicles. Implementing new technologies, setting up additional manufacturing plants, and creating a value-added supply chain between manufacturers and material providers have created a stage for future growth in this region. Moreover, North America & Europe are expected to be potential markets in the near future for automotive heat shield. North America is alleged to grow at a higher rate than the European market as the region is a hub for numerous established OEMs. OEMs have been focusing on developing low-carbon-emission and fuel-efficient vehicles to comply with centralized directives. Additionally, in Mexico and Canada, numerous OEMs are planning to initiate production facilities. This promising factor is anticipated to drive the demand for automotive heat shields in the near future. Europe is also a major hub for OEMs and as observed the region can become a great opportunity for this market to propel during the forecast period.
There are some major players encouraging the development of automotive heat shield market. This market is estimated to be dominated by Federal-Mogul Corporation (U.S.), Autoneum Holding AG (Switzerland), and ElringKlinger AG (Germany) as these players collectively account for a main share of the automotive heat shield market. These players are dominating the market because they have been adopting every potential strategy to acquire new customers and to increase the demand of their products.