ALBANY, New York, November 7, 2016 /PRNewswire/ -- The global automotive heat shields market is moderately fragmented, with the leading four players accounting for less than 50.0% of the market in 2015. These companies, namely Federal Mogul Corp., Dana Holding Corporation, Autoneum Holding AG, and Lydall Inc., have been investing in product innovation, technological advancement, and maintaining quality standards in order to retain their dominance in the market. For instance, Dana Holding Corporation launched a new aluminum cooling technology in November 2014, which is especially designed for electric and hybrid vehicles. This technology enabled the company to strengthen its portfolio of thermal management products. Transparency Market Research states that the global automotive heat shield market is set to expand at a strong CAGR of 9.7% from 2016 to 2024, with the opportunity presented by the market rising from US$11.4 bn in 2015 to US$25.3 bn by 2024. Spark Plug Boot Heat Shields Most Attractive Product Type Among all product types of automotive heat shields, exhaust shield insulation dominated the global automotive heat shield market in terms revenue, accounting for 22.5% market share. The spark plug boot heat shields segment, on the other hand, is projected to expand at a CAGR of 10.8% during the forecast period, emerging as the most attractive product type. Download PDF Brochure for Market Insights:http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=11138 In 2015, rigid heat shields accounted for the leading share in the global automotive heat shield market by type. Textile heat shields, on the other hand, are likely to exhibit the highest growth in the coming years. Geographically, while Asia Pacific led the global automotive heat shield market in 2015 with a 35.4% share, RoW is forecast to develop at an impressive 10.1% CAGR from 2016 to 2024. Surge in Vehicle Production across Developing and Developed Economies Spurs Demand One of the most obvious factors driving the demand for automotive heat shields is the proliferation of the global automotive industry. The surge in vehicle production over the years can be attributed to the rising disposable income of the global population. The automotive industry is now on the path toward recovery, even in countries in which its growth has been subpar over the recent past. This signals the imminent demand for automobiles and subsequently, automotive heat shields.