|Status : Published||Published On : May, 2018||Report Code : VRCH2004||Industry : Chemicals & Materials||Available Format :||Page : 250|
The automotive NVH materials market was valued at $7.7 billion in 2017 and is estimated to reach $12.6 billion by 2024. This market is also expected to observe a CAGR of 7.3% during the forecast period. The increasing market share is attributed towards extensive sales of automobiles and increasing demand for lightweight vehicles across the globe. NVH stands for noise, vibration and harshness and it comprises of a complete array of perceptions from hearing to feeling. The demand for automotive NVH materials is witnessing rampant growth as it is considered to be the most crucial part of product development.
Insight by Type
On the basis of type, the automotive NVH materials market is segmented into rubber, foam, metal sheet, cork, polyvinyl chloride, felt, and others. The other types are segmented into resins and fibreglass. Among all these segments, rubber has been holding largest revenue in the global automotive NVH materials market and is expected to contribute $4.4 billion by 2024. The market is witnessing swelling demand due to its various properties such as fluid resistance, high temperature stability and low cost of rubbers thereby making it popular as compared to several types of automotive NVH materials. Moreover, the extensive demand for rubber is attributed towards their incomparable properties in automotive applications such as, noise insulation and vibration damping.
Insight by Application
On the basis of application, the automotive NVH materials market is segmented into vibration dampening, insulation, and sound absorption. Among these applications, sound absorption application is expected to witness fastest growth, registering a CAGR of 8.3% during the forecast period in terms of value. The growing demand for this application is accredited towards large number of complaints observed for undesirable noise from vehicle across the globe. The use of sound absorbing applications helps the automotive manufacturers in enhancing and improving consumer satisfaction and providing them comfort in all aspects. Furthermore, this is expected to propel the growth of automotive NVH materials market across the globe.
Insight by Vehicle Type
The automotive NVH materials market on the basis of vehicle type is segmented into heavy commercial vehicles (HCVs), passenger vehicles and light commercial vehicles (LCVs). Among all these segments, passenger vehicle has been contributing largest revenue of more than 70.0% in 2017. Incorporation of several safety regulations by government agencies across the globe along with increasing demand for passenger vehicles is driving the growth of passenger vehicle type in this market across the globe.
The factors that are driving the growth of global automotive NVH material market include increasing demand for lightweight vehicles and expanding demand for automobile across the world. Increasing disposable income, evolving lifestyles and rapid urbanization is expanding the demand for noise regulator products in vehicles. It has been observed that people across the globe are more inclined towards eco-friendly, lightweight and comfortable vehicles. For instance, according to a recent report it has been observed that, in 2016 approximately 80 million automobiles were sold across the globe and this number is growing in successive years. Moreover, the swelling production of vehicles is bolstering the market growth for automotive NVH materials globally.
The availability of additional products that alleviate NVH in automobiles is hindering the growth of the automotive NVH materials market globally. These materials are expansively being used for decreasing excessive noise and vibrations from vehicles. Moreover, the availability of various substitutes such as advanced active noise control systems, which uses less manual input and avoid the diffusion of vibrations and excessive noise to passenger cabins. Furthermore, these factors are hindering the growth of automotive NVH materials globally.
Globally industry players are leveraging market growth through adoption of several growth strategies that includes joint ventures, acquisitions and new product development. The key players operating in this market such as Sumitomo Riko Company Limited (Japan) and the Dow Chemical Company (U.S.), have implemented various organic and inorganic expansion plans to accelerate their business growth.
Geographically, Asia Pacific have been contributing largest revenue and is expected to generate $6.2 billion by 2024. The largest share of this market is accounted towards increasing usage of automotive NVH materials in the passenger’s vehicles particularly in countries such as India and China. Moreover, the growth of this market in this region is due to growth in automotive industry that is enhancing the demand for automotive NVH materials. Furthermore, it has been observed that in North America, the U.S. holds largest market for automotive NVH materials and this domination is anticipated to endure during the forecast period.
Some of the major players operating in the global automotive NVH materials market are Exxon Mobil Corporation, Huntsman Corporation, Mitsui Chemicals Inc., Sumitomo Chemical Company Limited, Covestro AG, 3M Company, Lanxess AG, BASF SE, DowDuPont Inc., and Borgers SE & Co. KGaA.