Automotive Interior Materials Market: Granular View of the Market from Various End-Use Segments 2030
Focus on reducing the overall weight of automobiles to optimize energy efficiency and increasing the consumption of plastics in automobile production.
PORTLAND, OREGON, USA, July 14, 2022 /EINPresswire.com/ — The global automotive interior materials industry was worth $55.0 billion in 2020 and is expected to bring in $80.2 billion by 2030 , growing at a CAGR of 3.9% from 2021 to 2030.
The focus on reducing the overall weight of automobiles to optimize fuel efficiency and increasing consumption of plastics in automotive production have driven the growth of the global automotive interior materials market. However, high commodity price volatility is holding back market growth. On the contrary, the massive adoption of green technologies to produce automotive leather would open up new opportunities in the future.
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• The Covid-19 pandemic has severely affected the automotive sector’s supply chain. Governments around the world have imposed strict restrictions on the transport and cross-border import-export of non-essential goods.
• The closure of manufacturing plants in major industries such as the automotive industry has negatively affected the international trade in automotive interior materials.
• However, as vaccination programs have expanded and the government has declared an easing of lockdown standards, the market should get back on track.
The composites segment dominates the market
By type, the composites segment held the largest share in 2020, accounting for more than a third of the global automotive interior materials market. Additionally, the segment is estimated to register the highest CAGR of 4.8% during the forecast period, due to the fact that composites are used to make vehicles lighter, safer and more fuel efficient. . The report includes analysis of other segments such as plastics, metals, fabrics, leather, etc.
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Door Panel Segment to Show Highest CAGR Till 2030
By application, the door panel segment is expected to show the highest CAGR of 4.3% during the forecast period. Furthermore, the segment led the market in terms of revenue, contributing nearly two-fifths of the global automotive interior materials market. In effect, it serves as an interface between the interior of the car and the inner workings of the door. The report includes analysis of other segments including Dashboard, Seats, Floor Mats, etc.
Asia-Pacific will hold the largest share
By region, the Asia-Pacific market held the largest share in 2020, accounting for almost half of the market. Moreover, the region would register the highest CAGR of 4.3% from 2021 to 2030, due to the increase in urbanization and the increase in demand for automobiles in the region. The report includes analysis of the global automotive interior materials market in North America, Europe and LAMEA.
Main market players
• ARKEMA Group
• BASF SE
• Covestro AG
• Evonik Industries AG
• Hexcel Corporation
• Huntsman International LLC
• Stahl Holdings B.V.
• Wacker Chemie AG
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