Industry Trends

Asia Pacific Automotive Heat Shield Market Share was USD 1,072.0 million in 2019 and is projected to grow at a CAGR of more than 4.5% from 2020 to 2026. Growth is attributable to rising automotive production coupled with increasing passenger car adoption.

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The demand for automotive heat shields is majorly driven by vehicle production. The usage of lightweight materials for heatshield manufacturing improves a vehicle's fuel efficiency and reduces vehicle weight, which are key factors for the increasing demand for lightweight heat shields. Industry participants are focusing on the expansion or development of the existing or new product offerings suitable not only for engine compartments but also other automotive parts such as turbochargers, exhaust systems, batteries, and other vehicle parts. Additionally, the current upsurge in the adoption of electric vehicles along with anticipated future emission regulations is likely to drive the Asia Pacific market size over the forecast timeframe.

However, the COVID-19 pandemic has been a major disruptor of the supply chain in the Asia Pacific automotive heatshield market. It can be primarily attributed to a decline in vehicle consumption and consumer spending. China is the largest market in the APAC automotive heatshield industry, which has entered into the recovery phase in the current pandemic scenario. However, there will be delays in the normalization of full capacity production operations owing to restrictions on international trades. Other major countries including Japan and India are anticipated to witness sluggish growth in automotive demand. However, the market is expected to take its normal course in the approaching years.

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Based on vehicle types, PCV was the largest revenue-generating segment in 2019 and is projected to grow at a CAGR of over 4% during the study period. Growth is attributable to the increasing adoption of passenger vehicles along with growing usage of vans & pickup vehicles in the region.

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Among the various materials, aluminum was the largest revenue-generating segment with a market share of over 40% in 2019. Aluminum has superior mechanical and physical properties such as high-temperature resistivity, lightweight, and low thermal expansion coefficient. Moreover, the rapid production of turbocharging has created lucrative opportunities for aluminized heatshields during the study forecast.

Based on the sales channel, OEM held the largest market share with a substantial margin compared to the aftermarket segment in 2019. The OEM segment accounted for more than 80% of the market share in the automotive heatshield market size. By 2024, the number of autonomous vehicles in Asia Pacific is likely to reach almost 25 million units. This increasing demand will present profitable opportunities for automotive heatshield manufacturers.

Key players in the Asia Pacific market include Estamp S.A.U., QUSA Thermal, Inc., Dana Limited, iSoKlick Holding GmbH, Datsons Engineering Works Pvt. Ltd., Niranjan Auto Components Pvt. Ltd., Talbros Automotive Components Ltd., Victor Reinz India Pvt. Ltd., Boyd Corporation, Vandapac Co., Ltd., Rieter, and Elcon Group.