Albany, New York: The global automotive heat shields market is
moderately fragmented, with the leading four players accounting for less than
50.0% of the market in 2015. These companies, namely Federal Mogul Corp., Dana
Holding Corporation, Autoneum Holding AG, and Lydall Inc., have been investing
in product innovation, technological advancement, and maintaining quality
standards in order to retain their dominance in the market.
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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Insights:
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.
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