North America Automotive Heat Shield Market size exceeded USD 360 million in 2019 and is anticipated to exhibit 3.3% CAGR from 2020 to 2026. Stringent government regulations, growing sales of luxurious vehicles, and increasing adoption of electric vehicles will boost the industry demand.
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The COVID-19 pandemic has significantly impacted the North America automotive heat shield market landscape. The ongoing pandemic has compelled various automotive manufacturers to either operate in a limited capacity or to halt their operations completely. Moreover, customer demand has also slowed down owing to uncertainty regarding the COVID-19 pandemic impact on their economic lives.
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The LCV segment will witness around 3.2% growth rate during the forecast period. Light Commercial Vehicles (LCVs) are primarily designed to carry out various commercial and industrial operations across different industries. Light commercial vehicles are designed & developed to keep the load capacity moderate and to carry out various operations at the same time. As LCVs are the most preferred mode of transportation, the risk of damaging the vehicle due to excess heat remains high.
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Aluminized steel material segment value in the North America automotive heat shield market will cross USD 180 million by 2026. The aluminized steel has several superior properties compared to other metals such as high-temperature resistance, low coefficient of thermal expansion, high strength, etc. The material has started gaining momentum in the industry owing to its combination of both steel and aluminum. This imparts the material the property of high strength and corrosion resistance. Moreover, enhanced formability will further generate a potential for aluminized steel in the industry landscape.
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The engine application segment is poised to register growth of 3% through 2026. Engines constitute the most important component of an automotive and are also more prone to damages due to extreme temperature. Automotive manufacturers are continuously upgrading new systems and developing new materials to protect the engines from heat-related damages. With growing technological innovations in the automotive industry, the demand for heatshield is also anticipated to rise.
Prominent companies operating in the North America automotive heat shield market include Dana Incorporated, AK Steel Corporation, Tenneco Inc., UGN Inc., Heatshield Products, Rapid Global Business Solutions, Inc., and Polymer Technologies Inc. The industry players are developing value-added products with outstanding product uniformity, low thermal conductivity, minimum off-gassing & consistency, and resistance to automotive fluids.