Global Automotive Heat Shield Market - Surge in Vehicle Production across Developing and Developed Economies Spurs Demand

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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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.

Automotive Heat Shield Market Outlook 2023

Heat shields are one of the major automotive components used in automobiles. During internal combustion of engine in automobiles, huge amount of heat is generated and heat shields are used in engines to protect the bodywork and other components from high temperature. In addition, heat shields provide performance benefit by reducing the under bonnet intake temperature. The price of heat shields vary by type and size and can be easily fitted by high temperature tapes or stainless steel clamps. There are two major types of heat shields – rigid heat shield and flexible heat shield. Rigid heat shields are generally made from solid steel and aluminum. High-end rigid shields are made from aluminum sheets and other materials that usually come with a ceramic thermal barrier coating in order to improve the heat absorbing capacity. Flexible heat shield is made from thin aluminum sheets, which are either sold in a roll or flat. As the name suggests, flexible heat shields are malleable, which can be bent easily by hand to fit into suitable parts of an automobile. High-end flexible heat shields include ceramic insulation which is applied by plasma spraying. Such high performance flexible heat shields are used in Formula 1 motorsport. The other type of heat shield known as textile heat shield is used in other automotive components such as exhaust system, DPF and turbo.

The global automotive heat shield market can be classified by type of vehicle; namely, passenger car, light commercial vehicle and heavy commercial vehicle. The applications can be sub-divided into under chassis heat shield, under bonnet heat shield, engine compartment heat shield, turbocharger heat shield and exhaust system heat shield. Moreover, the global automotive heat shield market has been segregated by geography under the regions, North America, Europe, Middle East and Africa (MEA) and Latin America.

Some of the major factors driving the growth of the automotive heat shield market are the increasing production and usage of vehicles across the globe, and technological advancements leading to numerous application of heat shield in various automotive components. The factors inhibiting the growth of the market are the rise in the prices of vehicles and emerging trend of battery driven vehicles. In addition, the opportunities for the automotive heat shield market are the increasing stringent government regulations for reducing the Nvh level in automobiles and downsizing trend of engines in vehicles.

Europe is expected to hold the largest market share in the global automotive heat shield market followed by North America, Asia Pacific, (MEA), and Latin America. Advanced automotive heat shields are largely in demand in North America and Europe. Although countries such as India, China, Japan, UAE, Russia and Brazil are the major automotive heat shield market in the Asia Pacific, MEA and Latin America region, yet the three regions are considered as emerging markets for automotive heat shield.

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Some of the key players in the global automotive diagnostics scan tools market include: Dana Holding Corporation, Covpress Ltd., UGN Inc., Happich GmbH, Progress-Werk Oberkirch AG, Federal-Mogul Corporation, Morgan Advanced Materials, Autoneum Holding AG, Elringklinger AG and Lydall Inc.

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.