Heat Shield Market to Record an Exponential CAGR by 2024
Heat shields, as their name suggests, are designed to shield components against absorbing excessive heat, either by reflecting, dissipating, or simply absorbing heat. Installation of heat shields is one of the widely used heat management techniques, adopted especially across the automotive industry. Besides this, the demand for heat shields is also witnessed across space, defense, and other industrial sectors. Heat shields are mostly made from aluminized steel, which make them highly cost-effective, thus fuelling its demand worldwide.
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An effective heat shield covers properties such as good emissivity, reflectivity, and conductivity. Aluminum is used in a majority of heat shield products, as it can withstand higher temperatures and offer good conductivity, reflectivity, and emissivity. Considering these factors, experts forecast strong growth for the global heat shield market. For the purpose of the study, the market is segmented based on type, application, and region. By type, the market can be bifurcated into rigid heat shields and flexible heat shields.
The report presents a comprehensive overview of the global heat shield market, covering growth drivers and various restraints posing threat. It includes decisive data retelling the market’s trajectory of the years. The study is intended to offer refined growth outlook for the global heat shield market between 2016 and 2024. It provides detailed assessment of the factors backing market’s growth across the various segments and includes profiles of the leading companies in the global heat shield market.
The global heat shield market is forecast to showcase moderate growth between 2016 and 2024. The rising production and use of automobiles, spurred by the recent technological advancements will bolster sales prospects for heat shield producers. The expanding market battery driven vehicles has emerged as a key restraint for the market. Nevertheless, the demand for heat shield is expected to rise at a steady pace in automotive, aircraft, and defense sectors, thereby creating viable opportunities for the market’s growth.
As concerns regarding safety and security continue to haunt the aerospace sector, the heat shield market will witness moderately rising demand from the industry. In addition, recent advancements in the space technology has emerged as one of the chief market drivers. The rising disposable income and increasing demand for modern features in automobiles will continue boosting the global heat shield market through the forecast period.
Regionally, North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa make the key segments in the global heat shield market. Among these regions, Europe holds dominance in terms of usage of heat shields across diverse applications. Besides this, the rising demand advanced automobiles has made North America a lucrative market for heat shield producers. In addition Asia Pacific and the Middle East & Africa will offer the market attractive opportunities through the forecast period. Rapid industrialization and rising demand for automobile witnessed across these regions will create an environment conducive to the growth of the heat shield market.
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Some of the leading players in the global heat shield market are HAPPICH GmbH, Dana Limited, FEDERAL MOGUL, PROGRESS-WERK OBERKIRCH A.G, Covpress Ltd, UGN Inc., Autoneum, ElringKlinger A.G, Morgan Advanced Materials, and Lydall Inc. The report includes detailed profiles of these companies covering product portfolio, recent mergers and acquisitions, and development trends. The impact of strategies they adopt on the overall market is gauged as well.