Albany, NY -- (SBWIRE) -- 11/21/2016 -- The growth of the worldwide automotive heat shield market is complementary to the global production of automobiles as it is one of the essential components in a vehicle. Therefore, any increase in vehicle production has a direct impact on the demand for automotive heat shields. The automotive heat shields market offers considerable scope for growth in the coming years, especially in the emerging economies of Asia Pacific and Rest of the World (RoW).

In terms of revenue, the global automotive heat shield market was valued at US$11.4 bn in 2015 and is expected to reach US$25.3 bn by 2024, expanding at a strong CAGR of 9.7% therein.

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On the basis of product, the automotive heat shield market is categorized into thermal and heat shield sleeving, exhaust and header wraps, turbo heat shields, heat shield and thermal barriers, exhaust heat shield insulation, spark plug boot heat shields, and others. Exhaust heat shield insulation held the leading share in terms of revenue in 2015, accounting for over 21% of the global market.

By type, rigid heat shield held the largest market share in the global automotive heat shield market, closely followed by flexible shields. Rigid heat shields provide superior thermal protection and serves as a barrier against track debris and stone impingement. Such shields are made of solid steel and aluminum and can be easily fitted with grommets and rivets. Owing to their inherent property, flexible heat shields surpass other conventional shields in terms of performance. Textile heat shields, on the other hand, form the most attractive market segment among other types.

Gradual Economic Recovery of North America Resulting in Increased Demand for Automotive Heat Shields

The global automotive heat shield market is dominated by Asia Pacific in terms of revenue. The market has witnessed substantial growth over the years owing to the increasing demand for vehicles, brought on by rapid growth and industrialization in countries such as India, China, and Japan. India and China are the most populated countries in the world, which, coupled with the growing disposable income, has driven the demand for and production of vehicles in these countries. This, in turn, impacts the demand for automotive heat shields.

The past decade has been challenging for the automotive sector in North America. The rise in fuel prices and input costs resulted in the significant reduction in demand for automobiles in the region. Moreover, globalization and heavy competition led to the deprecation of automobile prices, thereby leading to a lower demand for heat shields.

However, given the gradual improvement in the economy of North America over a period of time, the demand for automobiles has grown considerably, bolstering the growth of the automotive heat shields market in the region. Increasing private equity investments in companies manufacturing automotive heat shield has also led to the expansion of automotive heat shield business and manufacturing facilities in Canada and Mexico.

The Rest of the World presents significant growth potential for the automotive heat shield market, considering the rapidly growing economies and the large-scale development of the automotive sector in various countries.

Some of the leading vendors in the automotive heat shield market are Federal-Mogul Holding Corporation (U.S.), Autoneum Holding AG (Switzerland), Dana Holding Corporation (U.S.), Lydall Inc. (U.S.), UGN Inc. (U.S.), Happich GmbH (Germany), Elringklinger AG (Germany), and Progress-WerkOberkirch AG (Germany).