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 demand for automotive heat shields is highly dependent on the design, weight, material, and structure of the components and component assemblies of a vehicle. Heat shields are manufactured with a specific shape and size and are suitable for specific components of a vehicle. Changes in the shape and size of a component may result in similar changes for heat shields. OEMs incorporate various modifications in vehicle structures when designing new components. This triggers the need for lightweight, advanced heat shields and other coolants.
Market Dynamics:
Driver: Growing focus on light-weighting and fuel efficiency standards
Increasing fuel economy standards in the EU, Japan, and China have led OEMs to focus on vehicle light-weighting and engine efficiency. In December 2018, the European Commission presented a bill to set fuel economy standards. It aimed to reduce average CO2 emission of passenger cars and vans by 15% by 2025 and 37.5% by 2030. For light commercial vehicles, the authority targeted to cut down emissions by 15% by 2025 and 31% by 2030. According to the US EPA, 12 out of 13 largest OEMs have improved real-world CO2 emissions and fuel economy between the model year 2012 and 2017 in the US market. Overall, the industry improved CO2 emissions by 21 g/mile and fuel economy by 1.3 mpg between the model years 2012 and 2017.
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Opportunity: Government standards pertaining to components and structures
The automotive industry has always been under the regulations of authorities to adhere to guidelines issued as per initiatives. OEMs are compelled to develop products compatible with the present regulatory environment. The regulations demand lesser carbon emissions from vehicles by reducing the engine size and number of cylinders. To maintain high power output of engines, turbochargers or super chargers are added. The turbochargers are provided with heat shields for effective operations. Rising penetration of turbochargers and compression engines is expected to increase the adoption of automotive heat shields, as turbochargers mandatorily need to be installed with heat shields.
Challenge: Increased vehicle weight
Automotive heat shield increases the overall weight of a vehicle. Both metallic and non-metallic material add to the overall weight of the vehicle. Ongoing research is expected to help develop lightweight shielding solutions soon. However, as of now, the additional weight is added to the vehicle as per the requirement from OEMs. The additional weight would, in turn, negatively affect the fuel efficiency of a vehicle. Thus, additional weight is one of the major challenges in the automotive heat shield market.
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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