In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWSCelanese Corporation has decided to acquire majority of DUPONT’S mobility and material business. The company will purchase a broad portfolio of engineered thermoplastics and elastomers, industry-renowned brands and intellectual property, global production assets, and a world-class organization.
Covestro AG along with SOL Kohlensäure has signed an agreement for biogenic carbon dioxide (CO₂). This partnership is expected to help the company to switch to alternative raw materials.
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~5% |
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Base Year Market Size (2022) |
~ USD 11 Billion |
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Forecast Year Market Size (2033) |
~ USD 17 Billion |
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Regional Scope |
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The global automotive NVH materials market is estimated to garner a revenue of ~USD 17 Billion by the end of 2033 by growing at a CAGR of ~5% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 11 Billion in the year 2022. The primary factor that is attributed to the expansion of automotive NVH materials market is the rapid growth in the automotive industry worldwide. Global automotive industry is expected to reach approximately USD 9 trillion by 2030 as per newest data.
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With the rapid urbanization, the demand for vehicles has increased considerably owing to its benefits. Consequently, the need of upgraded vehicles with noise cancellation, less vibration and elimination of harshness is expected to increase the adoption rate of automotive NVH materials. The expansion of automotive industry has increased the employment rate in the sector. This trend is expected to raise the utilization of automotive NVH materials in the vehicles in the assessment period. The latest reports stated that in fiscal year 2018, the Indian automotive industry employed approximately 2 million people.
Growth in Production of Heavy Vehicles – Heavy vehicles are being extensively produced owing to its benefits in transportation, driving for long kilometers and many more. However, due to its sturdy nature, heavy materials raw materials and sturdy components, generates the need of automotive NVH materials for enhanced road performance. Thus, the increased production of heavy vehicles is expected to increase the utilization rate of automotive NVH materials in the forecast period. A latest report published in 2022 stated that production of medium and heavy vehicle in North America is expected to increase by almost 5% over 2021.
Increased Demand and Production of Vehicles - The latest reports released by Organization of Motor Vehicle Manufacturers (OICA) stated that global production of vehicles was around 80 million units in 2021. This is a considerable rise from year 2020 with 77 million vehicles.
High Manufacturing Rate of Sports Cars –NVH materials are used extensively in luxury and sport cars, as required by the manufacturers. As per estimations, the sports cars sales are anticipated to augment to 920K vehicles in 2026 from 2020 with 840K vehicles.
Growing Sales and Production of Electric Vehicles - In 2021, one out of every ten automobiles sold was an electric vehicle. The number is continuously increasing and is up from 1 in 40 in 2019. Currently, there are 15.9 million electric vehicles on the road.
Population Explosion with Middle Income - World Bank calculated the total population with middle income in the world to rose from 5.51 Billion in 2015 to 5.86 Billion in 2021.
Installation of Active Noise Cancellation Systems
Increase in Overall Vehicle Weight
Stringent Government Rules Regarding Carbon Dioxide Emission - For model years 2023–2026 of passenger automobiles and light trucks, the Environmental Protection Agency of the U.S. (EPA) finalized new national greenhouse gas (GHG) emissions regulations in December 2021. The final guidelines would result in significant reductions in GHG emissions as well as other criterion pollutants.
The automotive NVH materials market is segmented and analyzed for demand and supply by vehicle type into passenger cars, light commercial vehicles, heavy commercial vehicles, and others. Out of these, the passenger cars segment is expected to garner the highest market share by 2033, owing to its increased sales and production worldwide. As per International Organization of Motor Vehicle Manufacturers (OICA), in 2021, 49 million new passenger cars were sold and 57 million passenger cars were produced across the globe.
The Asia Pacific automotive NVH materials market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The increased production and sales owing to the high demand of vehicles among the Asia-pacific population is anticipated to expand the automotive NVH materials market size. The total production of vehicles in the region grew up from year 2020 with 44,276,549 units to 46,732,785 units in 2021. Similarly, the total sales in the region was 42,663,736 units in 2021, a rise from 40,322,544 in 2020 as per statistics released by International Organization of Motor Vehicles. Also, the presence of major key players and leading exporters and importers of vehicles in the region is expected to offer growth opportunities for the market growth in the forecast period. In 2021, China exported around 400,000 commercial vehicles and 2 million passenger vehicles.
Our in-depth analysis of the global automotive NVH materials market includes the following segments:
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By Application |
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By Product |
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By Vehicle Type |
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FREQUENTLY ASKED QUESTIONS
The expansion in automotive industry and the increased demand for vehicles is expected to fuel the market growth in the future.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2023 – 2033.
The adoption of active noise cancellation systems along with the concern of increase in overall vehicle weight and stringent government rules regarding carbon dioxide emission is expected to hamper the market growth.
The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
The major players in the market are Covestro AG, The Dow Chemical Company, Borgers SE & Co. KGaA, Bocholt, Sumitomo Riko Company Limited, Henkel AG & Co. KGaA, Celanese Corporation, Exxon Mobil Corporation, NVH KOREA INC., 3M, Huntsman International LLC, Solvay SA, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by application, product, vehicle type, and by region.
The passenger cars segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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