Global Automotive Noise, Vibration & Harshness (NVH) Materials Market - Analysis and Forecast 2024 |

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. The increasing market share is attributed towards extensive sales of automobiles and increasing demand for lightweight vehicles across the globe. NVH stands for noise, vibration and harshness and it comprises of a complete array of perceptions from hearing to feeling. The demand for automotive NVH materials is witnessing rampant growth as it is considered to be the most crucial part of product development.

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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. Moreover, the availability of various substitutes such as advanced active noise control systems, which uses less manual input and avoid the diffusion of vibrations and excessive noise to passenger cabins. Furthermore these factors are hindering the growth of automotive NVH materials globally.

Globally industry players are leveraging market growth through adoption of several growth strategies that includes joint ventures, acquisitions and new product development. The key players operating in this market such as Sumitomo Riko Company Limited (Japan) and the Dow Chemical Company (U.S.), have implemented various organic and inorganic expansion plans to accelerate their business growth.

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Geographically, Asia Pacific have been contributing largest revenue and is expected to generate $6.2 billion by 2024. 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. 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. 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.

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Created on Jan 17th 2019 03:08. Viewed 346 times.

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