The Automotive Heat Shield Market is projected to reach USD 13.9 billion by 2025 from
USD 11.7 billion in 2020, at a CAGR of 3.4%. Increasing focus on light-weighting and growing demand for fuel-efficient vehicles would drive the adoption of automotive heat shields during the forecast period.
The COVID-19 pandemic is expected to have a severe impact on the automotive heat shield market. Both the production and sales of new motor vehicles have come to a halt across the globe; the whole ecosystem has been disrupted. OEMs must wait until lockdowns are lifted to resume production. Post the pandemic, the demand for new vehicles will be significantly low. Hence, they would need to adjust the production volume. Component manufacturing is also suspended, and small Tier II and Tier III manufacturers could face liquidity issues. The auto industry is highly capital-intensive and relies on frequent financing to continue operations. Thus, the production suspension during the outbreak and lower demand post the pandemic will have an unprecedented impact on automotive heat shield manufacturers.
The automotive heat shield market is highly influenced by vehicle production and invest by major OEMs and Tier I automotive system providers. The unprecedented impact of COVID-19 and subsequent weaker demand for vehicles will be a major concern for automotive heat shield manufacturers. OEMs are expected to resume production with lower capacity utilization and will adjust the production according to demand. Lower vehicle production would lead to lesser demand for heat shields. Hence, the demand for automotive heat shield would be adversely impacted. In addition, major Tier I players have abandoned investment or reduced R&D resources in advanced automotive systems such as powertrain development, exhaust systems, turbochargers, and many others due to the financial damage caused by COVID-19. However, increasing stringency of fuel efficiency standards imposed by major countries to curb pollution would be major hope for automotive heat shield manufacturers. OEMs have to optimize engine efficiency by opting measures such as lightweight materials. Lightweight, yet high-temperature resistant heat shields, would be in demand during the forecast period.
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Some of the key players in the automotive heat shield market are Dana Incorporated (US), Morgan Advanced Materials (UK), Autoneum (Switzerland), ElringKlinger AG (Germany), Lydall Inc. (UK), Tenneco Inc. (US), Carcoustics (Germany), and UGN Inc. (US). New product developments, expansions, collaborations, and supply contracts are the key strategies adopted by these players to gain traction in the automotive heat shield market.
The COVID-19 pandemic will have an adverse effect on the demand for heat shields in the automotive industry. Major OEMs have suspended vehicle production due to the increasing severity of the outbreak since March 2020. Vehicle sales plummeted rapidly due to nationwide lockdowns and restrictions. Major OEMs have also postponed the development of advanced automotive systems due to the pandemic. Although OEMs resumed vehicle production in countries such as China and Japan, the initial demand for new vehicles post lockdown is very low. This would hinder the revenue of heat shield manufacturers.
Dana Incorporated is one of the leaders in the automotive heat shield market. It offers various automotive shielding products such as sound absorbing heat shields, direct insulation heat shields, aluminum heat shields, insulated and damped heat shields, and heat shields with integrated gaskets. In August 2019, Dana announced the acquisition of Nordresa Motors, Inc.,—a prominent integration and application engineering expert for the development and commercialization of electric powertrains for commercial vehicles operation in the UK.
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Morgan Advanced Materials has positioned itself as a global player in the automotive heat shield market. The company specializes in thermal ceramics, carbon, and composites. Its principal products include high-temperature insulating fiber products, microporous products, firebricks, monolithic products, heat shields, fired refractory shapes, and structural block insulation products. The company is expanding its footprints globally. For instance, the Carbon and Technical Ceramics Division comprised 32 operating sites with manufacturing sites across the world as of December 31, 2019.
Autoneum Holding AG is an established player in the automotive heat shield market. It specializes in acoustic and thermal management solutions for vehicles. Autoneum produces heat shields with heat resistance of up to 500?C. The company has strengthened its regional presence in China by opening new plants in the automotive centers of Pinghu and Shenyang Tiexi. Both plants would serve lightweight multifunctional components for noise and heat protection to major automakers in Asia Pacific.
ElringKlinger is another leading manufacturer of automotive heat shields. The company manufactures automotive heat shield systems under the brand umbrella of ElroTherm. Its heat shields serve vehicle engines, transmission units, and exhaust systems. ElringKlinger strengthened its presence in the US in 2018 by expanding its local sales activities.
Lydall is deliberated as a key player in the automotive heat shield market. It offers noise and heat protected shields that fulfil the underbody and under hood application in cars, trucks, SUVs, heavy-duty trucks, and recreational vehicles. The company has a strong hold in the North American region.
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