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Automotive Heat Shield Market Rising Trends, Key Leading Players, Trends Analysis, Industry Share And Forecast To 2033
Automotive Heat Shield Market Rising Trends
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According to The Business Research Company's, The automotive heat shield market size has grown strongly in recent years. It will grow from $14.17 billion in 2023 to $15.06 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to engine efficiency concerns, emission regulations, material advancements, performance demands.
The automotive heat shield market size is expected to see strong growth in the next few years. It will grow to $19.65 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to electric vehicle growth, autonomous vehicles, global climate concerns, advanced manufacturing techniques. Major trends in the forecast period include integration of smart technologies, customization and personalization, sustainable solutions.
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Market Drivers and Trends:
The growing focus on heat shields made of lightweight material is contributing to the growth of the automotive heat shield market. This type of heat shield decreases the weight of the car and also improves its efficiency. A lightweight heat shield provides thermal protection and increases the overall performance of the car as compared to heavy material. According to the Office of Energy Efficiency & Renewables Energy, a 10% reduction in vehicle weight can save up to 6-8% of fuel. The usage of lightweight components and efficient engines in one-quarter of the US fleet can save up to 5 billion gallons of fuel annually by 2030. Moreover, lightweight heat shields insulated with melamine foam can withstand up to 1000 °F. Another type of heat shield made with a thin layer of hydrophobic melamine foam for spot heat fix is temperature rated to 800 °F, the two heat shields are 98% reflective. The lightweight heat shield offering fuel efficiency and thermal protection is increasing focus on lightweight heatshield, which in turn driving the growth of the automotive heat shield market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Autoneum Nittoku Pvt. Ltd., Carcoustics, Dana Incorporated, ElringKlinger AG, Lydall Inc., Morgan Advanced Materials plc, Tenneco Inc., UGN Inc., Covpress Ltd, DuPont de Nemours, Inc., Happich GmbH, Sumitomo riko Co. Ltd., Talbros Automotive Components Ltd., Ningbo Tuopu Group, Zhuzhou Times New Material Technology Co., Ltd., Zircotec Ltd., NICHIAS Corporation, Adient PLC, Aisin Corporation, BorgWarner Inc., Continental AG, Denso Corporation, Hitachi Astemo, Ltd., JTEKT Corporation, Parker Hannifin Corporation, Robert Bosch GmbH, Compagnie de Saint-Gobain S. A, Schaeffler Technologies AG & Co. KG, Siemens AG, Sogefi Group
Automotive Heat Shield Market 2024 Key Insights:
• The automotive heat shield market size is expected to see strong growth in the next few years. It will grow to $19.65 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%.
• Increasing Focus On Light Weight Materials For Heat Shield Manufacturing
• Development Of Soundproof Heat Shields
• Asia-Pacific was the largest region in the automotive heat shield market in 2023
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