Global Automotive Interior Materials Market: Overview
The global market for automotive interior materials is witnessing strong growth, thanks to the increasing demand for low-emission materials, particularly in emerging economies, and the rising implementation of stringent fuel economy standards across the world. However, the escalating cost of genuine leather, on account of the demand-supply gap and the increasing number of regulations over the usage of synthetic leather are projected to hamper the market’s growth in the years to come. Nonetheless, technological advancements in the manufacturing procedures of automotive materials are anticipated assist in lowering the cost of production and enhancing the sustainability, leading to great improvement in performance.
Since automotive interior materials offer an appealing look, enhanced sustainability, and improved reliability to automobiles, leading better and upgraded design of automotive cabins, their demand has increased over time. The innovative automotive designs and the significant rise of the global economy offer a number of opportunities to market participants for further growth. The leading players in the global market for automotive interior materials continue to strengthen their presence across the world by expanding their reach into emerging markets by reducing the product cost and setting up production units in developing regions in order to decrease the operational costs, as skilled laborers and low cost raw materials are easily available in emerging economies.
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Automotive interior materials are employed in the manufacture of automotive interior components such as steering wheels, roofing & flooring, leather, plastics, mattings, seatbelts, and airbags. Every application serves a specific function; this entails the manufacture of a particular material. Automotive interior materials are largely used to make the cabin space more comfortable. These materials increase the interior esthetics of the vehicle and influence the buying behavior of the customer.
Automotive interior materials are imperative in the manufacture of vehicles. Thus, the dynamics are closely dependent on demand and production of vehicles. Furthermore, the market for automotive interior materials also depends on the government rules and regulations, especially for the leather industry; pricing; and availability of automotive interior materials. Rise in demand for vehicles due to the growth in disposable income in developing economies such as India, China, and Brazil is boosting the demand for automotive interior materials. Internal substitution for several applications is likely to take place in the automotive interior materials market. For instance, genuine leather is being largely substituted by synthetic PU, PVC leather, or fabrics. Increase in focus on interior compartments of the vehicles and rise in need to make vehicle interiors comfortable and esthetically pleasing are the other factors estimated to drive the automotive interior materials market.
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The automotive interior materials market can be segmented based on material type, vehicle type, application, and geography. In terms of material type, the automotive interior materials market can be divided into fabric, leather, polymers, metals, and others (wood, etc.). The leather segment can be further divided into genuine leather, PU leather, and PVC leather. Fabrics and leather are most used automotive interior materials; these are primarily employed for esthetic and comfort purposes. Based on vehicle type, the automotive interior materials market can be segregated into passenger vehicles, light commercial vehicles, heavy commercial vehicles, and others (off-road vehicles, etc.). The passenger vehicles segment can be further classified into compact, mid-size, sedan, sports utility, luxury, vans, and multi utility. Passenger vehicles is a significant segment of the automotive interior materials market due to the high focus on esthetics, ergonomics, and comfort of passengers. In terms of application, the automotive interior materials market can be segmented into upholstery, dashboard, seats, door panels, floor and roofing, seatbelts, airbags, and others.
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In terms of geography, the global automotive interior materials market can be divided into Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Asia Pacific is the major region of the automotive interior materials market across the globe. Countries such as Japan, China, South Korea, and India are manufacturing hubs. Thus, consumption of automotive interior materials is significantly high in these countries. Furthermore, the automotive industry in countries such as Thailand, Vietnam, and Malaysia has been expanding rapidly of late. This trend is expected to continue in the near future. Europe is the next big market for automotive interior materials, primarily due to the high demand for these materials in automotive production. Western Europe is anticipated to lead the market in the next few years; however, the automotive interior materials market is projected to expand substantially in Eastern Europe during the forecast period. The automotive industry in North America has been expanding. This results in significant demand for automotive interior materials in the region. Middle East & Africa is also expected to exhibit robust growth in terms of consumption of these materials, especially in GCC and South Africa.
Prominent players operating in the global automotive interior materials market include Faurecia S.A., Lear Corporation, Johnson Controls, Toyota Boshoku, DK Leather Corporation Berhad, and Grupo Antolin.
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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
