- Automotive surface materials are used in the interior of various vehicles and offer an attractive appearance, improved sustainability, and enhanced reliability to automobiles. They are utilized in the manufacture of various automotive interior components of vehicles.
Key Drivers of Automotive Surface Material Market
- Shifting consumer preference from sedans to SUVs and increasing disposable incomes of consumers have been propelling the demand for luxury cars around the world. Major economies, such as U.S, Europe, and China, are witnessing the trend of rising demand for luxury automotive vehicles. Consequently, this trend is fueling the demand for surface materials with high functional and haptic demands.
Restrains in Automotive Surface Material Market
- The COVID-19 pandemic has affected domestic as well as international automotive supply chains, manufacturing and R&D operations, and consequently, hampered the automotive industry. Post first wave of COVID-19, global economies have started opening automotive manufacturing and supply chain operations, thus the COVID impact on the industry seems to have reached a state of normalcy; however, a resurgence in COVID-19 cases in countries across Europe has prompted governments to impose a second round of lockdown restrictions and hence, the uncertainty in the automotive industry continues. A gradual recovery in the demand for automotive and ancillaries is anticipated in the next few months, despite concerns around the risk of a second wave of infection in several countries and other geopolitical risks.
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Opportunities in Automotive Surface Material Market
- Globalization has resulted in a challenging automotive manufacturing environment that is changing at a rapid pace, resulting in growing competition between international and domestic car manufacturers. The automotive industry is working hand-in-hand with major technology companies to stay ahead in the competition and deliver highly advanced, safe, and comfortable vehicles. Car seats are important for safe driving, comfort seat systems can aid driver to concentrate on driving, thereby avoiding accidents. Shifting OEM’s focus towards offering feel good interiors to influence vehicle buyers, especially mid-range and compact-class vehicles will provide opportunity for the automotive surface materials market.
Europe to Dominate Automotive Surface Material Market
In terms of geography, Europe is expected to offer several opportunities to the automotive surface material market during the forecast period. Expansion of the automotive surface material market can be attributed to high penetration of luxury cars in the region. Germany, France, and the U.K. are key markets for automotive surface material market in Europe.
Key Players Operating in Automotive Surface Material Market
The global automotive surface material market is highly concentrated due to the presence of top manufacturers. A few of the key players operating in the global automotive surface material market are:
- Duracote Corporation
- Continental AG
- Impact Consumer Products Group
- Covestro
- Borealis
- BASF
- SABIC
- INEOS
- Reliance Industries Limited
- 3M
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Global Automotive Surface Material Market: Research Scope
Global Automotive Surface Material Market, by Vehicle Type
- Passenger Vehicle
- Hatchback
- Sedan
- Utility Vehicles
- Light Duty Vehicle
- Medium & Heavy Duty Trucks
- Buses & Coaches
Global Automotive Surface Material Market, by Sales Channel
- OEM
- Aftermarket
Global Automotive Surface Material Market, by Automotive Component
- Seat Covers
- Instrument Panels
- Door, Side Panels, & Center Console
- Pneumatic Seat System
- Floor Covering & Heel Mats
- Rear Tray
- Others
Read TMR Research Methodology at: https://www.transparencymarketresearch.com/methodology.html
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