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Automotive heatshield market has garnered considerable momentum. With growing demand for lightweight and energy-efficient vehicles, automakers are constantly improving their designs to develop more compact engine components and systems. However, these design improvements have created a need for reliable high-temperature insulation products that can dissipate heat faster and provide superior heat shielding.
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To keep pace with this demand, many carmakers are designing products that are engineered to meet application as well as specification requirements. According to a research report compiled by Global Market Insights, global automotive heatshield market size is projected to cross an annual valuation of over US$2.5 billion by 2026. The product demand can be mainly attributed to the need for lightweight automotive components and reliable thermal insulation products in order to maximize fuel efficiency.
DuPont, Dana Limited, Autoneum Holding AG, Lydall Inc, Morgan Advanced Material, Tenneco, AK Steel Corporation, HKO Group, Persico S.p.a., Zircotec, Elringklinger AG, Estamp Int, Frenzelit, and RGBSI are a few prominent names in the industry. These companies are actively investing in new product development and expansion of production facilities to cater to the surging product demand and expand their market presence.
Recently for instance, in September 2020, Zircotec had invested approximately US$3.2 million to expand its production capacity. The company plans to build and grow its business in new areas such as electric, hybrid, and autonomous vehicles which have specific heat management requirements and are governed by stringent environmental and emission regulations.
In terms of the regional outlook, Europe accounted for more than 25% revenue share of global automotive heatshield industry in 2019. Germany, Russia, and Spain have observed a substantial rise in domestic automotive production over the past few years. The region is home to some of the world’s top automakers and automotive OEMs who are focusing on integration of advanced technologies such as compact engine components and turbochargers into vehicles.
Similar trends may be observed in other regions like North America and Asia Pacific due to the presence of several leading automakers and a well-established automotive aftermarket industry.
During the first half of 2020, automotive production worldwide had been severely disrupted due to enforcement of strict lockdown policies and social distancing restrictions by respective governments in wake of the global COVID-19 pandemic. However, with gradual ease of restriction across many countries in the near future, automakers are expected to bounce back by ramping up auto production efforts.
The growing popularity of electric cars and autonomous vehicles is likely to provide automotive heatshield manufacturers with lucrative opportunities in the forthcoming years. Many of these manufacturers are focusing on implementing forward integration throughout the entire value chain, right from automotive design to final assemble and installation, since aftersales is a proven strategy to gain customer trust.
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Automotive heatshield sales through automotive aftermarket distribution channel is estimated to grow at a 4% CAGR through 2026. Heatshields can help improve thermal management efficiency by up to 70 percent. They have a moderate replacement rate due to excessive heat generated in vehicles. The aftermarket industry is highly dependent on product quality in terms of reliability, stability, and efficiency, and consumer preference towards low-cost solutions. These trends are expected to positively influence automotive heatshield market outlook over the next few years.
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