- The automotive interior materials market is estimated to garner more than USD 110 billion by 2022, expanding at over 13% CAGR in the forecast period (2015 to 2022). This owes to rising demand for automotives in North America and Asia Pacific. Low transportation costs, growing disposable incomes, and wide availability of raw materials have raised market sales.
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Demand for fuel-effective vehicles and finest aesthetics has driven OEMs to focus on lightweight and fine interior materials. Luxury vehicles preferred by clients and focus on automotive interior constituents like upholstery, leather coverings, trunk & floor carpets, seats, and seat-belts are the reasons for OEMs to concentrate on the quality of materials utilized in vehicles.
Concerns towards waste removal during leather production and escalating leather prices owing to low supply are projected to hinder the automotive interior materials market. Governmental limitations on PVC leather and some other materials may also prevent market expansion. The worldwide market can be segmented into materials and regions.
In view of materials, the market can be fragmented into synthetic leather, PU leather, PVC leather, thermoplastic polymers, and genuine leather. Synthetic leather occupies the largest share and is estimated to capture more than 20 percent of the market with respect to incomes. Considering regions, Asia Pacific is the biggest consumer of synthetic leather and will grow at about 13% CAGR in the future.
Mexico will remain the most rapidly growing market for synthetic leather and is anticipated to experience over 18% CAGR in the forecast period. PU leather would be most rapidly growing segment. The Asian Pacific automotive interior materials market occupies more than 45% of the overall share. It is projected to expand due to demand for automotives in India and China. The largest regional consumer of interior materials is China. This nation will witness similar trends in the years ahead.
Fast growth of automotives, cost-competitiveness, and financial expansion would support the manufacturers of interior materials in Asia Pacific. Incorporation of nanotechnology and green technology in the production of fabrics and automotive leather should offer prospects to market participants. Major players in the automotive interior materials market comprise Johnson Controls Inc., Faurecia S.A., Lear Corporation, DK Leather Corporation Berhad, and BASF S.E.
Information Source: Grand View Research
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