The global automotive engine cover market is poised to reach a value more than US$ 1250 Mn by the end of 2022 and is anticipated to grow at a steady CAGR during the forecasted period of 2017 to 2022. Growing population along with higher disposable income has led to increase in the purchase of vehicles and passenger cars, ultimately leading to the rise of the automotive industry. This has contributed to the growth of the global automotive engine cover market. Factors such as increasing urbanization, innovations in engine cover with new technologies, and government regulations which demand light weight covers for engines are few aspects which contribute to the growth of the global automotive engine cover market. Europe region is expected to dominate the global market and grows at a steady rate.
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Maximum Revenue Continues to Pour in to Automotive Engine Cover Market through Passenger Cars
Dramatic organic growth in the production and sales of passenger cars has been among the key factors generating demand for automotive engine cover. As governments are increasingly imposing strict regulatory standards such as CAFÉ (Corporate Average Fuel Economy) standards, automakers as well as vehicle owners are rapidly preferring a switch to lightweight automotive components, promoting fuel economy.
High Performance Materials: The Potential Future of Automotive Engine Cover that Renders a Dual Advantage
Adhering to the fact that automotive engine cover demands a specific balance of properties for proper maintenance of the dimensional appearance in addition to the warp resistance, a majority of automakers are encouraging automotive engine cover manufacturers to utilize materials that possess resistance to high temperature as well as under-the-hood chemicals.
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Moreover, reduction of the engine noise is also a growing trend, which is effectively supported by acoustic automotive engine covers manufactured by using a wide range of high performance composite materials such as PET (polyethylene terephthalate) or polyester.
Competition Assessment: Global Automotive Engine Cover Market Landscape
Approximately 10% vehicle weight reduction consequently leads to an average of 6% fuel usage reduction. With this highlighting the driving force behind the automotive industry’s shift towards lightweight components, tightening regulatory norms regarding fuel emission control and high fuel efficiency further underline the critical need for embracing lightweight automotive components manufacturing.
A majority of participants in the value chain of global automotive engine cover market are thus prioritizing a move towards lightweight composite materials. A highly flexible foam made from polyurethane has been developed by the German Chemical giant BASF, which is considered as an ideal automotive engine cover material by industry experts. The flexible soft automotive engine cover made from the company’s patented version of Elastofoam has already been incorporated into selected Volvo models with an objective to integrate mechanical and acoustic properties.
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