Global Automotive NVH Materials Market is projected to reach USD 13.52 billion by 2021, at a CAGR of 6.0% from 2016 to 2021. The growing demand for automotive NVH materials is due to their extensive usage in the automotive industry. NVH levels also influence the vehicle buying decision of customers.
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Expansion was the key strategy adopted by industry players to boost their growth in the global automotive NVH materials market. This strategy accounted for a share of 44% of the total growth strategies adopted by market players to expand operations between 2011 and 2016. Whereas new product development and acquisition accounted for a share of 20% each of the overall growth strategies adopted by the market players. Companies also focused on joint ventures, which accounted for 16% share of the total growth strategies adopted by the market players between 2011 and 2016. The Asia-Pacific region witnessed the highest number of strategic initiatives from 2011 to 2016, with expansion being the most preferred strategy. Huntsman Corporation (U.S.), BASF SE (Germany), Celanese Corporation (U.S.), The Dow Chemical Company (U.S.), and Sumitomo Riko Company Limited (Japan) were the most active players in the automotive NVH materials market.
Major manufacturers, such as BASF SE (Germany), ExxonMobil Chemical Company (U.S.), 3M Company (U.S.), The Dow Chemical Company (U.S.), Mitsui Chemicals, Inc. (Japan), Huntsman Corporation (U.S.), Covestro AG (Germany), Celanese Corporation (U.S.), and Sumitomo Riko Company Limited (Japan), are profiled in this report. These companies have adopted both, organic and inorganic growth strategies to grow in the market. BASF SE (Germany) and Sumitomo Riko Company Limited (Japan) are among the major players in the global automotive NVH materials market.
Huntsman Corporation (U.S.) and Sumitomo Riko Company Limited (Japan) are the most active players in the automotive NVH materials market. These two accounted for the largest share of all the developmental activities undertaken in the automotive NVH materials market. These companies expanded their automotive NVH materials business through expansions and mergers & acquisitions.
In September 2014, Huntsman Corporation opened a thermoplastic polyurethane (TPU) production facility in China. This expansion was made keeping in view the increasing demand for TPUs in the automotive industry. This development helped fulfill the growing consumer demand for automotive NVH materials in the Asia-Pacific region.
In July 2015, Sumitomo Riko Company Limited established a new company, SumiRiko Yamagata Co., Ltd. (Japan). The new company, which launched its operations in 2016, is engaged in the manufacturing and sale of automotive anti-vibration rubber. This expansion is to cater to the growing demand for automotive NVH materials in the Asia-Pacific region. Sumitomo Riko Company Limited is focused on expansions and joint ventures to strengthen its position in the automotive NVH materials market.
Another company that has established a strong foothold in the global automotive NVH materials market is BASF SE (Germany). In October 2011, BASF SE opened a Cellasto manufacturing site in Shanghai for the production of spring aids and top mount made of microcellular polyurethane. This expansion helped strengthen BASF’s global Cellasto service and production network. This development is also estimated to cater to the growing demand for automotive NVH materials globally.
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