According to a recently published report on the automotive interior materials market, analyzing global growth from 2014-2018 and a forecast for 2019-2029, the automotive interior materials market is poised for innovations focused on customization and sustainability.
The automotive interior materials market report projects that the passenger vehicle segment in vehicle type and the fabric segment in material type are likely to make substantial progress and create opportunities in the global automotive interior material market with respect to both, market volume and value during the forecast period. The market value of the global automotive interior material market was valued at $98.9 billion in 2018. The automotive interior material market is anticipated to grow substantially at a CAGR of 6% during the forecast period.
‘Green’ Automotive Interior Materials Creating a Buzz
The automotive interior materials market is being driven by the notable rise in the demand for ‘green’ materials to maintain sustainability in the environment. Automotive interior materials hold a prominent market share in developing countries of the world, such as India and China.
In addition, governments and authorities in several countries encourage the use of lightweight and novel polymers in automotive interiors to reduce carbon emissions and lower the energy consumption levels. Consumers all over the world are preferring aesthetic and innovative designs in automobile interiors with greater comfort. These factors play a vital role in the rising sales of automotive interior materials, which is further estimated to increase the growth of the automotive interior material market over the forecast period.
In addition, the increasing demand for connected, autonomous and electric vehicles will spur several manufacturers to create custom innovative interiors based on the consumers’ demand. Market players are coming up with advanced design capabilities and processing technologies in manufacturing automotive interior materials. This factor is creating opportunities for the development of lightweight materials and novel polymers and is expected to significantly impact the growth of the automotive interior materials market.
South Asia and China Hold the Opportunistic Promise
The global automotive interior materials market report includes market volume as well as value. According to the study, China is expected to account for highest market share in the global automotive interior materials market during the forecast years. The growing demand for lightweight and novel polymers in automobile interiors and increasing demand for environmentally friendly and renewable materials are boosting the market growth.
China is anticipated to hold a prominent share in the East Asia region during the forecast period. The automotive interior materials market is expected to rise at a CAGR of ~6% in terms of value during the forecast years. The automotive interior materials market report studies the concerned markets and related facts across different regions such as North America, Latin America, Europe, East Asia, South Asia & Pacific and Middle East & Africa.
The report also measured all considerable macroeconomic factors and forecast factors while analyzing the automotive interior material market in terms of size. The material type segment, fabrics and passenger cars segments in vehicle type are projected to create incremental market revenue in the automotive interior materials market.
Global Automotive Interior Material Market: Competitive Landscape
Some of the key players in the automotive interior material market involved in this study are Sage Automotive Interiors Inc., Faurecia S.A., Lear Corp., Johnson Controls International PLC, Toyota Boshoku Corp., Benecke-Kaliko AG, GST AutoLeather, Inc., Seiren Co., DK Leather Corp., Yanfeng Automotive Trim Systems Co., Grupo-Antolin Irausa, S.A, and Mayur Uniquoters Ltd., among others.
To learn more about the study, click here.
