Automotive interior materials market size to exceed US $
Ottawa, August 26, 2021 (GLOBE NEWSWIRE) – The automotive interior materials market size was valued at US $ 27.60 billion in 2020. Interior materials play an important role in the design of an automobile and are used as cabin interior materials in a vehicle, such as plastics, composites, metals and many others. As the demand for high performance increases in a vehicle, the demand for better ergonomics and attractive aesthetics is also increasing at the same rate for the interior of the automobile. Advanced lighting and a higher level of comfort are common features demanded by consumers in almost all new cars. Doors, console, seats, dashboards, floor mats, steering wheels and various other interior parts of a vehicle are common areas of application of an automotive interior material.
The growing demand for light-duty vehicles and hence their body parts and other materials used in the manufacturing process is one of the important factors which is driving the automotive interior materials market in the coming years. The section of the cabin of an automobile is very critical for the total weight of a vehicle and it is imperative to fabricate lightweight automotive interior materials to maintain the emission level. The superior functions and attributes of the cabin components have dramatically increased the number of interior automotive components.
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In addition, the growing demand for low emission materials, especially from emerging countries, along with strict fuel economy standards have propelled the growth of the automotive interior materials market. For example, in 2018, China’s Ministry of Industry and Information Technology (MIIT) issued new guidelines for passenger vehicles sold in the country. According to the directive, the new vehicle is expected to achieve an average consumption of 5.8 liters per 100 kilometers. Over the past decade, the average fuel efficiency of new cars in China has been better than that of the United States, Europe, Japan, Australia and other parts of the world.
However, rising prices for natural leather are expected to hamper market growth and likely propel demand for synthetic leathers. This is mainly attributed to the gap between supply and demand as well as increasing regulations regarding the use of synthetic leathers. As synthetic leathers are not biodegradable, governments in various regions have therefore issued strict regulations on the application of synthetic leathers as well as to promote the application of natural leathers in various industries. The above-mentioned factors are expected to thrive the growth of the automotive interior materials market in the near future.
By geography, Asia-Pacific is the leader in the global automotive interior materials market and is expected to continue the same trend in the coming period. The region estimated to have nearly 50% of the revenue share by the analysis period. This is mainly due to the increase in auto sales in the region. Growing urbanization, robust economic development and increasing purchasing power of middle class people in the region are other important factors propelling the growth of automotive interior materials market. Apart from this, the growing demand for passenger cars along with the government support measures are aimed at accelerating the demand for automotive interior materials in the region.
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Highlights of the report
- Asia-Pacific leads the global automotive interior materials market due to the significant growth of the automotive industry in the region
- North America and Europe are the main global automotive interior materials markets due to strict regulations and amendments in automotive applications.
- By material, plastics captured the majority of the revenue share in the year 2020 due to its favorable abilities to make a vehicle lighter and more attractive in terms of aesthetics.
- In terms of application, seats have dominated the global automotive interior materials market and hold nearly 30% in 2020 thanks to a significant segment for driver and passenger comfort.
- On the basis of vehicles, passenger cars dominate the global automotive interior materials market in 2020 and are expected to maintain the same trend during the forecast period due to the high sales rate compared to other types of vehicles.
- On the basis of end-users, aftermarket captured a considerable share of the revenue and grows rapidly during the forecast period due to the increasing demand for changing parts in vehicles.
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Key players and strategies
Major players operating in the global automotive interior materials market are expected to experience intense competition in the next few years mainly due to the increasing emphasis on research and development and aggressive strategies adopted by market players. to maintain their competitive advantage globally. In addition, industry players are also adopting inorganic growth strategies such as product development, mergers and acquisitions, partnerships, collaboration, and other strategies. For example, in May 2018, SABIC presented its new portfolio of PP compounds, especially for automotive interior applications, which strengthens its position in the global range market.
Some of the major players in the global automotive interior materials market are Evonik Industries AG, UFP Technologies, Saudi Basic Industries Corporation (SABIC), Arkema, BASF SE, Stahl Holdings BV, Hexcel Corporation, Continental AG, Toray Industries Inc., Huntsman International, Sumitomo Chemical Company, Dow Chemical Company, Trinseo SA, Borealis AG and Covestro AG, among others.
By material perspectives
- Composite materials
By Outlook vehicle
- Passenger cars
- Light commercial vehicle (LCV)
- Heavy Utility Vehicle (HCV)
By Outlook Application
- Consoles and dashboards
- Ground sheet
By Outlook end users
By regional perspectives
- South Korea
Rest of the world
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