Automotive Interior Materials Market Report 2021: Global Opportunities, Regional Trends & Industry Analysis
The automotive interior materials market from steering wheels segment is likely to witness around 4.5% CAGR over the forecast time period. Surging number of amenities incorporated on the steering wheel is likely to drive the demand for interior materials from commercial vehicles. Likewise, a large number of aftermarket offerings in steering wheels in the form of grips and covers will support segmental growth.
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In terms of material, leather upholstery segment is slated to witness more than 3.5% CAGR through the forecast time period owing to its wide usage in premium vehicles. Customization of vehicles is likely to boost the material sales since manufacturers provide numerous customizable leather options in their product portfolios. Furthermore, automotive interior materials market is projected to witness lucrative growth owing to the shifting consumer inclinations towards personalization with customized interior and leather modification.
Automotive interior materials industry is likely to witness exponential growth over the forecast time period owing to the increase in demand for automobiles. This may be credited to the increasing consumer disposable incomes and rising purchase parity, which is making automobile sales more commonplace than ever before. In consequence, automakers have been working toward enhancing automotive interiors, and have been engaged in several strategic measures, which is expected to stimulate market growth in the years to come.
The rapidly increasing passenger vehicle sales across the globe, quite overtly, is a major factor expected to increase the demand for automotive interior materials over the coming years. This can be attributed to factors such as rapid urbanization, rising disposable incomes of middle-class individuals, and strong economic development across developed and developing nations. In addition, supportive government initiatives across major Asian countries have further attracted significant investments from prominent automotive manufacturers, which is likely to reinforce automotive manufacturing capabilities over the coming years.
Citing an instance, in March 2020, Sage Automotive Interiors, a leading provider of automotive interior materials, reportedly signed an agreement to buy Adient’s automotive fabric business for nearly $175 million. The key goal was to expand capacity and capability for automotive interior products across the European market. Such acquisitions are expected to create new revenue opportunities for the market players, thereby strengthening the company’s position in the industry.
The automotive interior materials market in North America will account for 15% of the global industry share by the end of the forecast time period. This can be ascribed to the fact that the region houses a well-established automotive industry. The presence of top-class manufacturing facilities along with key automobile manufacturers is largely contributing towards regional automotive industry growth.
Hexcel Corporation, Trinseo S.A., Covestro AG, UFP Technologies, BASF SE, Dow Chemical Company, Continental AG, Saudi Basic Industries Corporation (SABIC), Borealis AG Toray Industries, Inc., Evonik Industries AG, Stahl Holdings B.V., Huntsman International, Arkema, and Sumitomo Chemical Company among many others are some of the key players operating in the automotive interior materials market.
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Some Point from Table of Contents:
Chapter 6. Automotive Interior Materials Market, By Vehicle
6.1. Global automotive interior materials industry vehicle insights
6.2. Passenger cars
6.2.1. Market estimates and forecasts, 2016 - 2026
6.2.2. Market estimates and forecast, by region, 2016 - 2026
6.3. LCV
6.3.1. Market estimates and forecasts, 2016 - 2026
6.3.2. Market estimates and forecast, by region, 2016 – 2026
6.4. HCV
6.4.1. Market estimates and forecasts, 2016 - 2026
6.4.2. Market estimates and forecast, by region, 2016 - 2026
Chapter 7. Automotive Interior Materials Market, By End-User
7.1. Global automotive interior materials industry end-user insights
7.2. Automotive OEMs
7.2.1. Market estimates and forecasts, 2016 - 2026
7.2.2. Market estimates and forecast, by region, 2016 - 2026
7.3. Aftermarkets
7.3.1. Market estimates and forecasts, 2016 - 2026
7.3.2. Market estimates and forecast, by region, 2016 – 2026
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