Automotive Heat Shield Market Outlook – 2030
Automotive heat shields are used to prevent the spreading of heat from the components which are extremely hot and can cause damage to the vehicle. The heat shields depend on design, weight, material, and structure of components in the vehicle. Moreover, the heat shields are made according to the different shapes and sizes of the component which varies according to the different vehicle models. The engine produces very high amount of heat and requires specific temperature to attain best performance and the shield protects the components by absorbing or deflecting the heat. The automotive heat shields are manufactured using aluminium as the raw material, which is installed in the air box below the bonnets, cooling pipes and to improve the efficiency of the combustion the heat shields are fitted to air intake inlets. The growing demand and rise in automobile production are expected to drive the automotive heat shield market.
Companies covered: Dana Incorporated, Morgan Advanced Materials, Autoneum Holding AG, ElringKlinger AG, Lydall Inc., Tenneco Inc., Carcoustics, UGC Inc., Talbros Automotive Components Ltd, and DuPont
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COVID-19 Impact Analysis:
Automotive heat shield market was adversely impacted during the first two quarters of 2020 owing to the emergence of COVID-19 pandemic. COVID-19 pandemic had a severe impact on the market since production and sales of new vehicles have come to a halt across the globe. Moreover, due to lockdown there has been a disruption in supply of raw material required for heat shield manufacturing which further delayed the process. Moreover, due to social distancing norms and other restrictions there was an unavailability of labour which affected the manufacturing process. The automotive industry is highly capital intensive and relied on frequent financing to continue operations. Thus, the production suspension during the outbreak and lower demand of automobile post the pandemic will have a long-term effect on automotive heat shield market.
Top Impacting Factors
Rise in demand for hybrid & electric vehicle, increase in focus on light weight & efficient fuel standards, and rise in vehicle production globally drive growth of the market.
Rise in the price of raw materials for automotive heat shield manufacturing and restriction on internal combustion engine vehicles by major countries are expected to hamper growth of the market.
Moreover, new government standards related to components & structures, rise in technological developments in the automobile market and rise in demand for luxury vehicle since cost of heat shield for luxury vehicles higher than the normal act as an opportunity for growth of the market.
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Market Trends
Increase in focus on light weight and efficient fuel standards
One of the factors of achieving fuel economy is by reducing the weight of the vehicles. Therefore, OEMs are focusing on manufacturing light weight vehicles to comply with stringent fuel efficiency standards. Thus, the heat shield manufacturers are also focusing on developing lightweight and efficient heat shields. For instance, Tenneco, a heat shield manufacturer uses an ultra-lightweight corrugated aluminium for making heat shield. This material has 80% lower mass than aluminized steel with 15-30% better thermal protection. Thus, the increasing focus on light weight and efficient fuel standards are expected to boost the growth for automotive heat shield market.
Rise in demand of hybrid & electric vehicle
The carbon dioxide and carbon monoxide released from vehicles running of internal combustion engine are polluting the environment. So, the government of leading countries are promoting the usage of electric vehicle. Since, there is lack of sufficient charging station in various countries all over the globe has driven the growth of hybrid vehicles. For instance, all the leading automobile manufacturer across the world such as Tesla, Ford, General Motors (GM), Mercedes, Audi, and others are working on electric vehicle to make more efficient so that they travel longer distance on a single charge, and all make the vehicles available at a low price. This growth in electric vehicles market is expected to drive the growth of automotive heat shield market.
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Key Benefits of the Report:
This study presents the analytical depiction of the automotive heat shield market along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with challenges of the automotive heat shield market.
The current market is quantitatively analyzed from 2020 to 2030 to highlight the market growth scenario.
The report provides detailed automotive heat shield market analysis based on competitive intensity and how the competition will take shape in coming years.
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Questions answered in the automotive heat shield market research report:
Which are the leading market players active in the automotive heat shield market?
What would be the detailed impact of COVID-19 on the market?
What current trends would influence the market in the next few years?
What are the driving factors, restraints, and opportunities in the automotive heat shield market?
What are the projections for the future that would help in taking further strategic steps?
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