Ottawa, Aug. 26, 2021 (GLOBE NEWSWIRE) -- The automotive interior materials market size was valued at US$ 27.60 billion in 2020. Interior material plays a significant role in the design of an automobile are utilized as inside cabin materials in a vehicle such as plastics, composites, metals, and many others. As the demand for high performance is increasing in a vehicle, the demand for improved ergonomics and appealing aesthetics is also rising at the same rate for the automotive interior. Advanced lighting and higher-level of comfort are the common features demanded by the consumers in almost every new automobile. Doors, console, seats, dashboards, floor carpet, steering wheels, and various other interior parts of a vehicle are the common application areas for an automotive interior material.
Growth Factors
Increasing demand for light weight vehicle and hence its body parts and other materials used in the manufacturing process is one of the significant factors that drives the market for automotive interior materials in the coming years. Cabin section of an automobile is very critical for the overall weight of a vehicle and making light weight automotive interior materials are imperative for conserving the emission level. Superior functions and attributes of cabin components have significantly increased the number of interior automotive components.
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Further, rising demand for low-emission materials particularly from the emerging nations along with stringent fuel economy standards have propelled the market growth for automotive interior materials. For instance, in 2018, the Ministry of Industry and Information Technology (MIIT) in China issued new guidelines for the passenger vehicles sold in the country. Under the guideline, new vehicle should meet the average fuel economy of 5.8 liters per 100 kilometers. In the last decade, the average fuel efficiency of new cars in China is better compared to USA, Europe, Japan, Australia, and other parts of the world.
However, rising prices for natural leather anticipated to hinder the market growth and likely to propel the demand for synthetic leathers. This is mainly attributed to the demand-supply gap along with increasing regulations for the use of synthetic leathers. As synthetic leathers are not bio-degradable, hence governments of various regions have issued stringent regulations on the application of synthetic leathers as well as to promote the application of natural leathers in various industries. The aforementioned factors are expected to prosper the market growth of automotive interior materials in the near future.
Regional Snapshots
By geography, the Asia Pacific is the front-runner in the global automotive interior materials market and estimated to continue the same trend in the upcoming period. The region estimated to hold nearly 50% of the revenue share by the analysis period. This is mainly because of rising sale of automobiles in the region. Rising urbanization, robust economic development, and rising purchasing power of middle-class people in the region are other significant factors that propel the growth of automotive interior materials market. Apart from this, proliferating demand of passenger cars along with supportive government measures like to accelerate the demand for automotive interior materials in the region.
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Report Highlights
- The Asia Pacific leads the global automotive interior materials market owing to prominent growth of automotive industry in the region
- North America and Europe are the significant markets in the global automotive interior materials owing to stringent regulations and amendments in the automotive applications
- By material, plastics captured majority of revenue share in the year 2020 because of its favorable capabilities to make a vehicle lighter and more appealing in terms of aesthetics
- In terms of application, seats dominated the global automotive interior materials market and hold nearly 30% in the year 2020 owing to an important segment for driver and passenger comfort
- Based on vehicle, passenger car leads the global automotive interior materials market in the year 2020 and projected to maintain the same trend over the forecast period due to high sales rate compared to other vehicle types
- On the basis of end-users, aftermarket captured considerable revenue share and register a fast growth during the forecast period because of increasing demand for parts change in vehicles
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Key Players & Strategies
The prominent players operating in the global automotive interior materials market anticipated to experience intense competition during the upcoming years mainly because of rising focus on research & development and aggressive strategies adopted by the market players to maintain their competitive edge on the global scale. Further, industry players also adopt inorganic growth strategies such as product development, merger & acquisition, partnership, collaboration, and other strategies. For instance, in May 2018, SABIC introduced its new PP compounds portfolio, particularly for automotive interior applications that strengthens its market position on the global range.
Some of the key players in the global automotive interior materials market are Evonik Industries AG, UFP Technologies, Saudi Basic Industries Corporation (SABIC), Arkema, BASF SE, Stahl Holdings B.V., Hexcel Corporation, Continental AG, Toray Industries Inc., Huntsman International, Sumitomo Chemical Company, Dow Chemical Company, Trinseo S.A., Borealis AG, and Covestro AG among others.
Market Segmentation
By Material Outlook
- Composites
- Plastics
- Leather
- Fabrics
- Others
By Vehicle Outlook
- Passenger Cars
- Light Commercial Vehicle (LCV)
- Heavy Commercial Vehicle (HCV)
By Application Outlook
- Doors
- Consoles & Dashboards
- Seats
- Floor Carpet
- Steering Wheels
- Others
By End-users Outlook
- OEMs
- Aftermarket
By Regional Outlook
North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
Asia Pacific
- China
- India
- Japan
- South Korea
Rest of the World
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