The automotive NVH material market size was USD 10.25 billion in 2020. The market is projected to grow from USD 10.96 billion 2021 to USD 16.93 billion in 2028 at a CAGR of 6.4% during the 2021-2028 period. This vital information is presented by Fortune Business Insights™, in its report, titled, “Automotive NVH MaterialMarket, 2021-2028.” Factors such as rising demand for automobiles and stringent government requirements for safer cars are expected to fuel the market growth during the forecast period. Also, factors such as rising demand for porous materials coupled with increasing awareness regarding curbing noise pollution will increase the footprint of the market.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Cellulose Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Cellulose Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity.
On the basis of material, the market can be segmented into classified into rubber, plastic & foam, fibers, and others.
By application, the market can be divided into absorption, damping, and insulation.
In terms of geography, the market can be categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The automotive NVH material report discusses a comprehensive analysis of the market and focuses on leading companies, products, and products. Additionally, the study also contains upcoming market trends and highlights vital industry developments that will guide our readers carving insightful business plans. An estimation for the market path is drawn from historical models by encompassing factors at the global, regional, and country levels.
Drivers & Restraints
Stringent Regulations for Curbing Noise Pollution to Bolster Growth
Rising demand towards operational vehicles coupled with stringent regulations imposed by governments to reduce noise pollution will drive the automotive NVH material market growth during the forecast period. Also, expanding electric vehicle industry rising investment opportunities will boost the growth of the market. Additionally, rising consumer awareness regarding significance of regulating noise pollution from automobiles will increase the footprint of the market.
However, increasing interest towards lighter vehicles will limit the growth of the market during the forecast period. Also, technical transition towards alternative technologies and material will hinder the growth of the market.
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Asia Pacific to Hold Largest Market Share Due to Expanding Automotive Industry
Asia Pacific will contribute the largest automotive NVH material market share due to an expanding automobile sector along with rising demand for effective mobility solutions to name a few. Factors such as increasing purchasing power & improving standard of living of middle class will further push the boundaries of the market. Rising demand for improving passenger comfort will boost the growth of the market.
North America will contribute a significant share towards the global contribution due to constantly expanding automotive industry and rising electric vehicle sales.
The European market will retain exceptional growth during the forecast period due to high production standards and rising utilization of automotive NVH materials to name a few.
Novel Product Launches and Mergers & Acquisitions to Help Capture Maximum Market Share
The dominant players in the automotive NVH material sector are investing heavily for creating materials that will increase passenger comfort right from the design phase. Primary strategies integrated by leading players is merging and collaborating for creating a varied product line for a larger consumer base. Other players are rushing towards launching novel product launches for capturing maximum revenue. For example, in June 2021, Free Field Technologies and Autoneum collaborated for developing products aimed at assisting OEMs accelerate vehicle acoustic design. The newly developed product will help manage noise and vibration by maximizing the usage of acoustic treatments inside Actran acoustic simulation software.
- October 2020: Wolverine Advanced Materials announced the launching of their new Value Line of QUIETPATH aftermarket brand brake shim and abutment clip material that have the ability to pertain high noise attenuation in a variety of environmental conditions.
List of Key Players Present in the Market-
- Dow (Midland, Michigan, U.S.)
- 3M (Minnesota, U.S.)
- Huntsman International LLC (Texas, U.S.)
- Solvay (Brussels, Belgium)
- NITTO DENKO CORPORATION (Osaka, Japan)
- NVH KOREA (Ulsan, South Korea)
- Exxon Mobil Corporation (Texas, U.S.)
- Celanese Corporation (Texas, U.S.)
- Henkel Corporation (Düsseldorf, Germany)
- Sumitomo Riko Company Limited (Nagoya, Japan)
- Borgers SE & Co. KGaA (Bocholt, Germany)
- Covestro AG (Leverkusen, Germany)
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