Prominent automotive heat shield manufacturers across the globe include Dana Incorporated, AK Steel Corporation, Tenneco, UGN Inc., Heatshield Products, Rapid Global Business Solutions, Polymer Technologies, QUSA Thermal, Datsons Engineering Works Pvt. Ltd., Niranjan Auto Components Pvt. Ltd., Talbros Automotive Components, Victor Reinz India Pvt. Ltd., Vandapac Co., Ltd., Rieter, Elcon Group, Estamp S.A.U., iSoKlick Holding GmbH, Boyd Corporation, ISOLITE GmbH, Martin Group, HAPPICH GmbH, Carcoustics International GmbH, and Autoneum Holding Ltd.
Pune, India, Sept. 01, 2021 (GLOBE NEWSWIRE) —
The global automotive heat shield market size is poised to expand at substantial CAGR during the forecast period owing to the rise in the production of electric cars and a preference for fuel-efficient vehicles. Increased focus on advanced software and maintenance of lower automotive temperatures have furthered the position of heat shield products in the automotive landscape.
Following are some of the notable trends fueling the production of automotive heat shields globally:
Light commercial vehicles (LCVs) become a game-changer in the U.S.
End-users have exhibited an increased inclination for light commercial vehicles owing to the preference across industrial and commercial operations. The American automakers have upped investments in LCVs, designing and developing to conduct various operations and keep the load capacity moderate.
The LCV segment in the North America heat shield market is forecast to expand at a stable CAGR of around 3.2% through 2026. Amidst the pandemic, e-commerce and logistics companies are expected to be the major recipients of LCVs, including pickup vans and delivery trucks.
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North America heat shield industry expands from engine applications
Heat shields have become paramount in engines as North America automakers focus on upgrading new systems and developing new materials. Considering the growth in technological innovations, demand for heatshield will be pronounced across the engine application. Heat shields will be sought to protect the components against high temperatures and reduce engine failure. North America automotive heat shield market size is poised to surpass USD 440 million by 2026, with the engine segment expanding at a moderate CAGR of more than 3% during the same period.
Passenger vehicles to remain a catalyst in Europe heat shield market
Thriving living standards and increasing purchasing power parity (PPP) in the U.K., France, Italy and Germany have augured well for European passenger vehicle manufacturers. Passenger transport accounts for more than 80% share of all vehicles in Europe.
The PCV segment in the Europe heat shield market is forecast to account for around 3.3% CAGR through 2026, partly due to the demand for electric vehicles. Moreover, tax incentives will further add fillip to the regional growth of passenger vehicles, driving the demand for heat shields.
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Aluminum heat shields to witness consistent use in Europe
Considering the demand for corrosion-resistance and lightweight components, aluminum has become trendier among European heat shield suppliers. Upsides such as low coefficient of thermal expansion, high-temperature resistance and high strength have solidified the position of aluminum heat shields in the U.K., France, and Italy.
The aluminum heat shield segment is forecast to hold over 40% share of the Europe market by 2026. Besides, in terms of value, total Europe automotive heat shield market is projected to surpass USD 665 million by 2026. Robust projections have come on the back of an unprecedented adoption of EVs and the installation of strong batteries.
APAC market relies on the penetration of OEM sales channel
End-users in India, China, Vietnam, and Japan are cashing in on the growing sales of heat shields through the OEM channels. Notably, the number of autonomous vehicles in APAC could touch 25 million units by 2024. The OEM heat shield segment captured over 80% share of the Asia Pacific market and is likely to witness a commendable gain by 2026.
Considering the adoption of electric vehicles across the emerging economies, heat shields are likely to be sought through the OEM sales mode, boosting the regional presence of the industry players. According to a study, total Asia Pacific automotive heat shield market size is expected to reach USD 1.3 billion by 2026.
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China to boost the manufacturing of heatshields
Automotive head shield manufacturers are all but poised to bolster their penetration in untapped areas of the China market. Considering that China has been at the forefront in the adoption of EVs, demand for aluminum and stainless-steel heat shield has surged. Both OEMs and aftermarkets are observing an increasing preference for heat shields.
As automakers focus on the technology advancements to keep battery cells cool, they are likely to bank on a low-weight silicone rubber heat shield for the lithium battery system. The China automotive heat shield market forecast is slated to be buoyant with a growing preference for e-mobility across the value chain.
Challenges and opportunities
As economies seemingly recover globally, automotive heat shield manufacturers are likely to overcome challenges of supply chain disruptions, material shortages and rising prices. While the first half of 2020 was marred with the pandemic, the second half provided some respite. The Chinese market performed particularly well, with the U.S. following the suit. Consumer confidence in heat shields is likely to rise on the back of surging demand for mobility, automation, and connectivity.
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