The automotive NVH materials market is projected to reach $11,467.5 million by 2023.The market growth is mainly driven by growing demand of automobiles worldwide and increasing concerns regarding reduction in fuel consumption and emission.Automotive noise, vibration, and harshness (NVH) materials refer to the substances or agents that are capable of reducing or blocking NVH originating from parts of vehicles such as engine box, steering wheel, and brakes and accelerator paddles. The NVH is generally sensed at the steering wheel, engine box, seat, armrests, and the floor and pedals of the vehicle. According to a new report published by P&S Intelligence, the automotive NVH materials market is projected to grow at a CAGR of 7.2% between 2018-2023, to reach $11.4 billion by 2023. The growing demand for lightweight vehicles and increasing automobile sales are the major factors driving the growth of the market.
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Most of the players in the global automotive NVH materials market are serving customers in more than 15 countries; moreover, leading players offer wide range of products to varied industries. Sumitomo Chemical Company Limited, BASF SE, and Covestro AG are the major players in the market, with a strong headcount base and wide range of NVH product portfolio. Besides, these companies also enjoy a prominent global presence.
Sumitomo Chemical Company Limited is estimated to hold the largest share in the global automotive NVH materials market. The largest share of the company in the market is attributed to its exclusive product portfolio which is comprised of a range of NVH materials such as PU foam, aluminium, a synthetic rubber.
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Further, the company is restructuring its business to achieve a robust growth in the coming years. For example, in 2015, it restructured the basic IT related chemical sector and the petrochemicals and plastics sector into those related to petrochemicals and plastics, and energy and functional materials; and further reorganized them into petrochemicals and plastics sector and the newly-established energy and functional materials sector, respectively. With this, the company aims to enhance its technological capabilities and continue its leading position in the market.
Some of the major players in the global automotive NVH materials market are Exxon Mobil Corporation, Huntsman Corporation, Sumitomo Chemical Company Limited, DowDuPont Inc., Covestro AG, BASF SE, 3M Company, Lanxess AG, Borgers SE & Co. KGaA and Mitsui Chemicals Inc.
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