This market is also expected to observe a CAGR of 7.3% during the forecast period. The increasing market share is attributed to 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 automotive NVH materials market is segmented into rubber, foam, metal sheet, cork, polyvinyl chloride, felt, and others. The other types are segmented into resins and fibreglass.

The market is witnessing swelling demand due to its various properties such as fluid resistance, high temperature stability and low cost of rubbers thereby making it popular as compared to several types of automotive NVH materials.

The automotive NVH materials market is segmented into vibration dampening, insulation, and sound absorption. Among these applications, sound absorption application is expected to witness the fastest growth, registering a CAGR of 8.3% during the forecast period in terms of value.

Download Free Sample Copy Of Research Report: https://www.vynzresearch.com/chemicals-materials/automotive-nvh-materials-market/request-sample

The automotive NVH materials market on the basis of vehicle type is segmented into heavy commercial vehicles (HCVs), passenger vehicles, and light commercial vehicles (LCVs). Among all these segments, passenger vehicles have been contributing the largest revenue of more than 70.0% in 2021.

The factors that are driving the growth of the global automotive NVH material market include increasing demand for lightweight vehicles and expanding demand for automobiles across the world. Increasing disposable income, evolving lifestyles and rapid urbanization are expanding the demand for noise regulator products in vehicles. It has been observed that people across the globe are more inclined towards eco-friendly, lightweight, and comfortable vehicles.

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.

Globally industry players are leveraging market growth through the adoption of several growth strategies that include 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.

The Asia Pacific has been contributing the 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 the automotive industry that is enhancing the demand for automotive NVH materials.

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.

Source: VynZ Research