Automotive Flooring Market size is set to surpass USD 2 billion by 2032, according to a new research report by Global Market Insights Inc.
Rising strong presence of premium car manufacturers will proliferate the adoption of automotive flooring materials, especially in the UK, Italy, and other European nations. The region is also home to major automobile manufacturers including Volkswagen, Audi, BMW, and Mercedes-Benz. Automotive OEMs have also been leveraging high-class technical and engineering expertise and advanced technologies. These factors, along with the mounting production of passenger vehicles, will propel product development.
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Superior product finishing attributes to escalate PU material use in car flooring applications
Automotive flooring market from the polyurethane material segment is slated to depict over 2% growth rate through 2032, owing to its lightweight, accuracy in complex designs, and other attributes. In addition, PU components can support the even distribution of raw materials due to their high flowability in reaction injection molding, thereby resulting in superior product finishing. The report cites that the capability to cater to increased cabin insulation and corrosion resistance demand will further contribute to the use of polyurethane material in auto flooring applications.
Extensive availability of raw materials to augment automotive mat development
Automotive flooring market from the mat product segment accounted for USD 950 million in 2022, considering its ability to prevent the vehicle’s floor against wear, corrosion, and dirt. Several aftermarket players have also been offering various floor mats to enhance floor protection from high cargo loads during transportation. A range of raw materials, including rubber, leather, and nylon, are utilized to develop flooring solutions designed to suit varying consumer needs, further bolstering the installation of automotive mats.
Shift in preference for product replacement fuels aftermarket segment growth
The aftermarket distribution channel segment in the automotive flooring market recorded more than USD 390 million in 2022. A rapid shift in consumer preference for product replacement to enhance the visual appearance of car cabins is expected to stimulate flooring aftermarket material usage. Aftermarket players are also focusing on customizations and design alternations in mats, carpets, and other flooring solutions to suit customer requirements, thereby escalating product sales through aftermarket channels.
Browse key industry insights spread across 258 pages with 369 market data tables & 30 figures & charts from the report, “Automotive Flooring Market Size By Material (Polyurethane, Polypropylene, Rubber, Nylon), By Product (Carpet, Mat), By Vehicle (PCV, LCV, HCV), By Distribution Channel (OEM, Aftermarket), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
LATAM to emerge as a lucrative revenue pocket for automotive flooring material suppliers
Latin America automotive flooring market is projected to witness nearly 1.5% CAGR through 2032, as a result of the growing foreign direct investments from government authorities. Several Latin American nations have also been introducing favorable trade policies for automakers. With the expansion of car distribution channels, product penetration is likely to rise. Furthermore, the strong presence of automotive aftermarket companies will boost the supply of automotive flooring products in the region.
Merger and acquisition strategies to foster industry trends
Key participants operating in the automotive flooring market are DuPont de Nemours, Inc., Apache Mills, Inc., Hyosung Corporation, Conform Automotive, GAHH, LLC., Borgers SE & Co. KgaA, WALSER GmbH, Auria Solutions, Foss Performance Materials, and Freudenberg SE, among others. These leaders are focusing on strategies such as mergers and acquisitions. For instance, in April 2022, Auria Solutions entered a joint venture deal with Feltex Automotive to address the requirement of selected automotive OEMs. This initiative was meant to enable the company to drive its presence in the industry.