Transparency Market Research has recently published a new report that talks about the global automotive heat shield market and the factors that are impacting its growth. According to the research report, the market is projected to exhibit a moderate CAGR of 3% over the forecast duration of 2018 to 2026.
In any vehicle, internal combustion engine is a huge heat generating component. The heat coming up from the engine has the capacity to damage other components surrounding it. Other major sources of heat generation in a vehicle are catalytic converters, exhaust pipes, turbochargers, and exhaust manifolds. The heat let out by these components must be diverted so as to avoid any sort of damage to the surrounding components of the vehicle. This is where automotive heat shield come into the play.
They have an important role in the vehicle’s working mechanism. Automotive heat shields either absorb or deflect the heat generated so as to save other components from damage. Moreover, they also help in improving the performance as well as the efficiency of the vehicle’s engine at a significantly higher temperature. Such benefits are thus considered to be the primary driving factors of the global automotive heat shield market.
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Performance Enhancement Accessories to Push Adoption of Market
There are other factors as well that are pushing the development of the global automotive heat shield market to newer heights. Increasing awareness about harmful emissions, strict emission regulations, and growth in global warming because of the increasing pollution have prompted consumers as well as vehicle manufacturers to install additional accessories in vehicles to improve the overall engine performance and also reduce the emissions.
This has in turn helped in propelling the demand for the vehicle performance enhancing accessories such as emission control devices and turbochargers. These accessories generate a lot of heat that needs constant regulation so as to reach optimum performance levels. Naturally, this has given rise to an increased demand for automotive heat shields from the automotive manufacturers. Thus, the global automotive heat shield market is expected to witness a promising growth in the next few years.
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Asia Pacific to Develop at Faster Pace
In terms of geographical segmentation, the global automotive heat shield market is divided into five key regions namely North America, Middle East and Africa, Asia Pacific, Latin America, and Europe. Of these, currently the global automotive heat shield market is being dominated by the Asia Pacific region. Growing per capita income, increasing preference to buy premium class or luxury vehicles, and increasing awareness about in-vehicle comfort and safety are some of the key reasons that are driving the growth of the regional market.
Some of the leading companies operating in the global automotive heat shield market include names such as Progress Werk Oberkirch AG, Elringklinger AG, Happich GmbH, UGN Inc., Lyndball Inc., Dana Holding Corporation, and Autoneum Holding AG among others.
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