The global market size of heat shield was USD 3.14 Billion in 2015 and is estimated to reach USD 4.19 Billion by 2021, at a CAGR of 5.06% between 2016 and 2021. Rise in automotive and aircraft production and rising concern towards safety in their exhaust system are expected to drive the demand of heat shield, globally.

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The automotive industry dominated the heat shield market during the forecast period, followed by aircraft and defense (firearms) in 2015. Defense (firearms) is expected to be the fastest growing industry of the heat shield market during the forecast period. The rising military expenses of the country, has resulted in the increase in the consumption of firearms and the use of heat shields in them, globally. The firearm consumption is also increasing due to its rising use for personal safety among the civilians.

The heat shield market is classified based on material type metallic and non-metallic. The market is dominated by non-metallic heat shields which are made up of ceramics, silica fibers, carbon-fiber reinforced plastics, silicon carbide and others, which have good thermal capabilities. The metallic heat shield are also growing at a decent rate due to rising use of metals such as aluminum and stainless steel, which have high tensile strength and high thermal conductivity.

Currently, Asia-Pacific is the largest heat shield market, in terms of value, followed by North America and Western Europe. Some of the factors driving the growth of the market in Asia-Pacific are rise in the automotive production, rise in disposable income, and increased number of heat shield manufacturers in the region.

Middle-East is expected to be the fastest-growing heat shield market due to rising middle-class population and automotive production in the countries such as Iran, Egypt, and Turkey

Some of the important manufacturers are Morgan Advanced Materials (U.K.), Dana Holding Corporation (U.S.), Federal Mogul Holding Corporation (U.S.), Autoneum Holdings AG (Switzerland), Lydall Inc. (U.S.), Elringklinger AG (Germany), Progress-Werk Oberkirch AG (Germany), UGN Inc. (U.S.), ThermoTec Automotive (U.S.), Zircotec (U.K.), and others. Companies in this market compete with each other with respect to prices and product offerings to meet the market requirements.

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