The Automotive Heat Shield Market is estimated to be worth USD 11.7 billion in 2020 and is projected to reach USD 13.9 billion by 2025, at a CAGR of 3.4% during the forecast period. The growing adoption of electronics in automobiles, increasing demand for luxury vehicles, and technological advancements in heat shields are key factors driving the automotive heat shield market. The market has witnessed substantial growth in developing and developed countries.
Asia Pacific is the largest market for automotive heat shields. The Asia Pacific automotive heat shield market accounted for 51.0% of the global market, by value, in 2020. The implementation of new technologies, establishment of additional manufacturing plants, and creation of value-added supply chains between manufacturers and material providers have created a platform for future growth in this region.
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Double shell segment, by product type, is estimated to be the fastest growing automotive heat shield market share during the forecast period.
The double shell heat shields are made of two aluminum sheets. These are designed to tolerate low to medium temperatures. Just like in single shell, aluminum sheets of 0.3–1.0 mm thickness are utilized for double shell technology. These are offered as exhaust manifold heat shields, catalytic converter heat shields, turbocharger heat shields, and starter motor heat shields.
Double shell is useful to reduce the under-bonnet temperatures, allowing for lower air intake temperatures and thus enabling increased power output. These heat shields keep more heat in the exhaust, thereby reducing exhaust back-pressure. All these factors would drive the growth of the double shell automotive heat shield market.
HEV electric vehicle segment is estimated to hold the largest market share during the forecast period.
HEVs combine the conventional ICE and electric propulsion system. There are three types of hybrids, namely, parallel hybrids, series hybrids, and power split hybrids. Modern HEVs are enabled with efficiency improving technologies such as regenerative brakes, electric motor drive, and automatic start/shutoff. Regenerative brakes convert the vehicle’s kinetic energy into electric energy to recharge its electric battery. The electric motor drive and automatic start/shutoff improve the efficiency of an HEV as these save energy by smart operations. These technologies have made HEVs successful in recent years.
Hybrid vehicles are equipped with electrical components that are highly temperature-sensitive. Therefore, working outside specified temperature ranges can lead to their failure. Consequently, the goal of superior thermal management system is to keep the main component—the Li-ion battery—within the optimal working temperature and consume the minimum possible electrical energy through the cooling circuit actuators. Such systems would fuel the demand for heat shields in the HEV segment.
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Asia Pacific is estimated to be the largest market for automotive heat shield during the forecast period.
Asia Pacific is expected to account for the largest market share during the forecast period, followed by Europe and North America. China is the untapped heat shield market for many companies. Autoneum and Lydall are expanding their presence in the country. Autoneum expanded its presence in China with a plant for the production of lightweight acoustic and thermal management components in the eastern Chinese city of Yantai in 2016. Chinese vehicle manufacturers are supplied with thermal components from Yantai since then. Renowned heat shield manufacturer Lydall generated 6% of sales from China in 2019, which is its largest market in Asia Pacific.
Key Market Players:
The automotive heat shield market is dominated by globally established players such as Dana Incorporated (US), Morgan Advanced Materials (UK), Autoneum (Switzerland), ElringKlinger AG (Germany), Lydall Inc. (UK), Tenneco Inc. (US), Carcoustics (Germany), and UGN Inc. (US).
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