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CHEMICALS AND ADVANCED MATERIALS

Automotive NVH Materials Market Analysis by Application (Absorption, and Insulation); by Product (Polyurethane, Polypropylene, Polyvinyl Chloride, Textile Materials, Fiber Glasses, and Others); and by Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

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.

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Purchasing 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

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IN THE NEWS

  • Celanese 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.

Global Automotive NVH Materials Market Size, Forecast, and Trend Highlights Over 2023 - 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~5%

Base Year Market Size (2022)

~ USD 11 Billion

Forecast Year Market Size (2033)

~ USD 17 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)

 

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.

automotive NVH market overview image

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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.

Global Automotive NVH Materials Market: Growth Drivers and Challenges

Growth Drivers

  • 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.

Challenges

  • 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.

Global Automotive NVH Materials Market Regional Synopsis

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.

Market Segmentation

Our in-depth analysis of the global automotive NVH materials market includes the following segments:

        By Application

  • Insulation
  • Absorption

       By Product

  • Polyurethane
  • Polypropylene
  • Polyvinyl Chloride
  • Textile Materials
  • Fiber Glasses
  • Others

        By Vehicle Type

  • Passenger Cars
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles
  • Others

Top Featured Companies Dominating the Global Automotive NVH Materials Market

  • The Dow Chemical Company

    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Covestro AG
  • Sumitomo Riko Company Limited
  • Henkel AG & Co. KGaA
  • Celanese Corporation
  • Exxon Mobil Corporation
  • NVH KOREA INC.
  • 3M
  • Huntsman International LLC
  • Solvay SA

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