Automotive Interior Material Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2086
Automotive Interior Material Market size is projected to secure gains owing to increasing vehicle production coupled with boosted sales will support the overall market growth. Strong product outlook enhancing the comfort coupled with improvement in vehicle design will further enhance the automotive interior materials market growth.
Improving trend towards weight reduction with use of alternative product in vehicle coupled with managing the weight distribution will boost the industry demand. Technological advancement in material supporting in minimizing overall fatigue and engine vibrations is expected to propel the automotive interior material market growth.
Customers are in direct contact with the product owing to use of the product for various vehicle components such as seats, door and vehicle interior playing key role in industry growth. Comfort and safety are the key factors influencing the automotive interior materials market demand.
Appearance, stability to the UV rays, chemicals for durable time, cost of production and post treatment on the raw materials and strength offering stiffness during crash coupled with durability are among few of the major factors influencing the material choice of the product. Higher penetration of product with low emission plastics, metal replacement, weight reduction of overall vehicle and easy processing of the product is expected to fuel the automotive interior material business growth.
Compatibility of electronics and other systems in vehicles will further enhance the business growth. Current trends regarding fully variable interior, automatic positioning, selective airbags, customization and pre-crash controls are among the major factors positively influencing the automotive interior material market growth. Vehicle manufacturers are focusing on improving the overall aesthetics thus influencing the buying decision of the customer. Moreover, reducing the cost are the prime focus of the manufacturers.
Global automotive interior materials market can be segmented based on vehicles as passenger cars, LCV, HCV and buses and trucks. Passenger cars is expected to dominate the overall segment owing substantial number of production contributing over 75% of overall market share in 2016. Passenger cars production was over 72 million units in 2016 with growth of over 5% from 2015.
Global automotive interior materials market can be segmented based on product as leather, fabrics, thermoplastics and synthetic leather. Thermoplastics is expected to witness strong growth owing to light weight, durability, ease in production and inexpensive cost. Synthetic leather can be further segmented in PVC and PU leather. Low maintenance cost along with increasing demand from passenger cars will boost the overall industry demand.
Global automotive interior material market can be segmented based on application such as dashboard, airbags, upholstery, seat belts, headliners and floor carpets. Innovations in upholstery with increasing customization according to consumer demand will augment the business growth.
The U.S., is expected to witness the stable growth during forecast timeframe owing to increasing technological advancement in product and number of vehicle production in the country. Increasing disposable income with customers focusing on mid segment and luxury cars is expected to positively influence the automotive interior material product penetration
Europe led by Germany, Italy, UK, France is expected to witness strong growth during forecast time. Recovering vehicle industry is expected to further support the automotive interior material business demand. Moreover, stringent regulations regarding reducing overall vehicle weight of the vehicle owing to usage of light weight product is expected to boost the product demand.
Asia Pacific led by China, India, Japan and South Korea is expected to boost the overall market growth. Asia pacific is anticipated to witness highest growth during the forecast time frame owing to growth in vehicle production especially from China. Increasing disposable income, favorable FDI policies along with availability of resources are among the major factors contributing the automotive interior material market growth. China leads the overall industry with vehicle production over 28 million units bolstering the product demand.
Latin America, is expected to witness robust growth during the forecast period. Mexico is among the major contributor for vehicle production and vehicle components in the region. Free trade agreement supplying to the assembly plants located in the U.S. is expected to boost the industry growth. In addition to this, availability of the resources such as competitive labor cost and growing investment in the vehicle and auto parts will further fuel the automotive interior materials market demand.
Some of the major players contributing the market share are Lear Corporation, Faurecia S.A., Johnson Controls, Grupo Antolin-Irausa, Seiren Co., Yanfeng Automotive Trim Systems Co., Toyota Boshoku Corporation, Benecke-Kaliko AG, Sage Automotive Interiors Inc., D.K Leather Corporation and GST AutoLeather Inc.
Industry players are focusing on business expansion particularly in developing countries with reducing the logistics expenditure owing to supply to assembly plants and stimulating the industry growth. Moreover, focus primarily on factors such as improving the cost benefits, boosting overall aesthetics of the vehicle is expected to further support the automotive interior material market growth.
Audi recently developed rear seat back made up of thermoplastics developed by DOW chemical implying that even high-end luxury cars make use of cost effective product reducing overall weight of the vehicle.
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