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. Increasing shifting trend of consumers towards comfortable and eco-friendly cars there are several automobile manufacturers who have steadily started utilizing natural constituents such as soya and sugarcane for the enlargement of bio-based polyurethane. Moreover, the utilization of bio-based polyurethane is the major trend witnessed in the growth of global automotive NVH materials market.
Market Report “Automotive NVH Materials Market – Analysis and Forecast (2014 - 2024)
Increasing disposable income, evolving lifestyles and rapid urbanization is expanding the demand for noise regulator products in vehicles. Additionally, 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. It has been observed that the people across the globe are more inclined towards eco-friendly, lightweight and comfortable vehicles. Furthermore, the requirement for improving quality of product, attainment of competitive edge, increasing concerns regarding health of humans and safety compliances along with implementation of stringent regulations by government authorities is propelling sustainable market for automotive NVH materials across the globe. However, 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.
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. 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.
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Among all the vehicle types, passenger vehicle has been contributing largest revenue of more than 70.0% in 2017. Incorporation of several safety regulations by the 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.
Geographically, Asia-Pacific have been contributing largest revenue and is expected to generate $6.2 billion by 2024. 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. 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. 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
Global Automotive NVH Materials Market Coverage
Type Insight and Forecast 2014 - 2024
Application Insight and Forecast 2014 - 2024
Vehicle Type Insight and Forecast 2014 - 2024
Automotive NVH Materials Market by Region
Middle East and Africa (MEA)
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