The global automotive heat shield market is expected to display substantial growth during the forecast period due to increase in the number of automotive sales across the globe, there is an immense scope and great opportunities also advancement in technology, automotive heat shield manufacturers have been able to bring innovation to their products. Integration and customization of heat shields with advanced technologies have been able to ensure new and innovative heat shielding components for hybrid and electric vehicles.
Automotive heat shield, as the name suggests, is designed to shield a substance from absorbing excessive heat from an outside source by dissipating, reflecting or simply absorbing the heat. It is often used as a form of exhaust heat management.
Due to large amounts of heat given by internal combustion engines, heat shields are used on most engines to protect components and bodywork from heat damage. Even in protection, effective heat shields can give a performance benefit by reducing the under-bonnet temperatures, therefore reducing the intake temperature.
The areas of a vehicle that develop high temperatures need effectual heat shielding solutions. The sophistically designed shielding solutions to help bring vehicles in line with increase in the capacity of vehicles’ internal combustion engine generate a large amount of heat that can damage the vehicles’ other components and body work.
Such a new segment of vehicles is going to be largely preferred by the consumers in the coming years because of their eco-friendliness, fuel-efficiency, and other features. Moreover, the advancement of automotive heat shield technology in standard vehicles such as application of heat shield components inside the vehicle to prevent heat combustion of engine and air-conditioning unit; has made a positive impact on the overall automobile sector.
Automotive heat shield Market By Application Type is segmented into Exhaust System Heat Shield, Engine Compartment Heat Shield, Turbocharger Heat Shield, Under Bonnet Heat Shield, Under Chassis Heat Shield. The market By Vehicle Type is segmented into Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle. The market By Material Type is segmented into Metallic, Non-Metallic.
The Non-metallic heat shield is the most commonly used heat shield material mainly due to rising use of composite and related materials in the manufacturing of heat shields. Also, the non-metallic heat shields are lighter in weight and have high temperature resisting capacity; which accounts for their higher market share during the forecast period of 2014-2025.
Automotive heat shield Market By Off-Highway Vehicle Type is segmented into Loader, Excavator. The Market By Region is segmented into Europe, North America, Asia-Pacific, and RoW. The global automotive heat shield market is dominated by Asia Pacific in terms of revenue. The market has witnessed substantial growth over the years owing to the increasing demand for vehicles.
The growth would be further expedited by rapid growth and industrialization in countries such as India, China, and Japan. India and China are the most populated countries in the world. Coupled with the growing disposable income, there is a demand for and production of vehicles in these countries.
Key players include Federal-Mogul Holding Corporation, Autoneum Holding AG, Dana Holding Corporation, Lydall Inc, UGN Inc, Happich GmbH, Elringklinger AG, and Progress-WerkOberkirch AG.
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The automotive & transportation industry is amongst the most exposed verticals to the ongoing COVID-19 outbreak and is currently amidst unprecedented uncertainty. COVID-19 is expected to have a significant impact on the supply chain and product demand in the automotive sector. The industry's concern has moved on from being centered on supply chain disruption from China to the overall slump in demand for automotive products. The demand for commercial vehicles is expected to plummet with the shutdown of all non-essential services. Furthermore, changes in consumer buying behavior owing to uncertainty surrounding the pandemic may have serious implications on the near future growth of the industry. Meanwhile, liquidity shortfall and cash crunch have already impacted the sales of fleet operators, which is further expected to widen over the next few months. We are continuously monitoring the COVID-19 pandemic, and assessing its impact on the growth of the automotive & transportation industry. The report will account for Covid19 as a key market contributor.