Heat Shield Market Size to Boost $4.3 Billion By 2026 | CAGR 4.96%
Heat Shield Market Segment Analysis Drivers Technological advancement in vehicle
HYDERABAD, TELANGANA, INDIA, October 25, 2022 /EINPresswire.com/ — IndustryARC, in its latest report, predicts that Heat Shield Market is estimated to witness $4.3 billion by 2026 with a CAGR 4.96% during the forecast period 2021-2026. Heat shields are utilised to protect the device’s parts against the heat from their sources. The constant increase in the automotive sector and the number of temperature-sensitive components in the modern car is boosting the demand for the Metallic heat shield. Moreover, integration and customization of heat shields with advanced technologies has been able to ensure new and innovative heat shielding components for Plug in Hybrid Electric Vehicle and an increase in production of Hybrid electric vehicle is driving the Heat Shield Market size. In addition, increasing disposable income and the rise in consumer preference towards luxury vehicles are factors propelling the Heat shield Industry. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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1. Automotive segment is estimated to witness substantial growth over the forecasted period owing to the rising demand for luxury cars, to protect the heat sensitive components from heat generated by it due to high performance engine. Thus heat shield is used thereby boosting the market demand.
2. Asia-Pacific is estimated to witness largest heat shield market share followed by North America owing to the high rate of automotive production and the presence of manufacturers.
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1. Rigid Heat Shield held major share of 58.1% in 2020. It is lightweight, corrugated aluminium construction used to protect heat-sensitive electronics and materials under hood in automotive applications.
2. Automotive segment is estimated to witness substantial growth with a CAGR of 5.18% over the forecasted period as most of Heat shields are important for luxury cars as they have high-performance engines and protect heat sensitive components.
3. Asia-Pacific is estimated to witness largest share 30.1% in heat shield market share followed by North America owing to the high rate of automotive production as well as rise in disposable income and increased use of advanced electronics in the countries such as Japan, South Korea, India, and China.
The top 5 players in the Heat Shield industry are –
1. Autoneum Holding AG
2. Happich GmbH
3. Dana Holding Corporation
4. Federal Mogul Holding Corporation
5. Elringklinger AG
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