NEWARK, Del, March 28, 2024 (GLOBE NEWSWIRE) -- The global heat shield market is expected to be valued at US$ 5.0 billion in 2024. The progress of the market is projected to be sturdy over the period from 2024 to 2034, with a CAGR of 5.9%. By 2034, the market value is forecasted to hit US$ 8.9 billion.
Existing space giants in North America and Europe are developing projects at a stellar rate that requires more spacecraft use. Eastern countries like India and China are also joining the space race, leading to widespread production of spacecraft. With heat shields being an important part of spacecraft, the progressing production of space vehicles is helping the market’s purpose.
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The automobile industry’s use of heat shields is a significant contributor to the market’s progress. Car manufacturers are also looking at solutions that improve the performance of the cars, with heat shields helping in that process by keeping out hot air from entering engines and slowing them down. Aircraft are also used heat shields as a safety measure.
However, there are restraints that the market has to contend with. The raw material for heat shields faces fluctuations in supply, in light of increasing restrictions on mining. The rising popularity of electric vehicles also limits the scope of the market.
“Militaries are proving to be considerable end-users for heat shields. Fast-discharging rifles heat up and have the potential to cause damage to the user’s arm, and militaries are looking to limit this with the help of heat shields. With military spending going into overdrive, the potential of heat shields in the military sector is increasing,” Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Heat Shield Market
- The heat shield market is projected to be valued at US$5.0 billion in 2024.
- Metallic heat shields are the prevailing type of heat shields in the market. Sales of metallic heat shields are predicted to progress at a CAGR of 5.8% over the forecast period.
- The automotive industry is the predominant end user in the market. For the forecast period, automotive application is expected to register a CAGR of 5.6%.
- South Korea is one of the most promising countries for the market. For the forecast period, the CAGR for South Korea is estimated to be 7.3%.
- Japan is another Asian country with a bright future for the market. The CAGR for the market in Japan is predicted to be 6.6% over the forecast period.
- The market in the United Kingdom is expected to register a CAGR of 6.4% over the forecast period.
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Competition Analysis of the Heat Shield Market:
Well-established companies have a stronghold in the market, but small and medium-scale companies have prospects too. Geographical expansion and efficiency in product development are common goals. Some of the prominent companies in the market include Morgan Advanced Materials, Dana Limited, Federal-Mogul Holding Corporation, and Autoneum.
Recent Developments in the Heat Shield Market:
- In January 2024, researchers from the Guangzhou University School of Materials Science and Engineering introduced a new material for the building of heat shields, called 9PHEB.
- In March 2021, the ZicroFlex SHIELD was introduced by Zicrotec.
Key Companies:
- Morgan Advanced Materials
- Dana Limited
- Federal-Mogul Holding Corporation
- Autoneum
- Lydall Inc.
Key Market Segmentation:
By Type:
- Metallic
- Non-metallic
By Application:
- Automotive
- Aircraft
- Firearms
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
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Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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