Market Highlights: —
Heat shields are commonly used to protect parts of a device from heat generated by its energy Heat shields are commonly used to protect parts of a device from heat generated by its energy source. Rapid growth in the automotive industry with the growing number of temperature sensitive components in the modern vehicle resulted in increasing demand in the heat shield market. Factors such as minimal cooling air flow, tightly packed components and others resulted in high temperature in the engine compartment and across the exhaust system. Lot of countries are increasing their spending in the defense sector which increases the consumption of firearms also fueling the growth of this market. Rising the safety concern among the consumers is also fueling the growth of heat shield market. However, fluctuating cost of raw materials may hamper the growth of heat shield market.
Thus the Heat Shield market is expected to register a CAGR of about 5%.
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The leading players in the Heat Shield markets are Morgan Advanced Materials (U.K.), Dana Holding Corporation (U.S.), Federal Mogul Holding Corporation (U.S.), Autoneum Holdings AG (Switzerland), Lydall Inc. (U.S.), Elringklinger AG (Germany), Progress-Werk Oberkirch AG (Germany), UGN Inc. (U.S.), ThermoTec Automotive (U.S.), and Zircotec (U.K.).
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Regional Analysis of Heat Shield Market:
Asia-Pacific region dominates the Global Heat Shield market. Increasing rate of industrialization & urbanization with increasing demand of commercial as well as passenger vehicles, is ultimately driving the growth of this market in the APAC region. Increasing disposable income among individuals ultimately increases the demand of luxury vehicles which also increase the demand of Heat Shield market. APAC region is expected to show the fastest growth during the forecast period. Asia-Pacific region followed by North America. Factor such as demand for automobiles is growing considerably as well as significant growth in defense and aircraft sector is further fueling the growth of this market in North America region.
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