Automotive Interior Materials Market: Regional Trends, Key Players, Opportunities & Forecast To 2026
Global Automotive Interior Materials Market is anticipated to depict a CAGR of 5.3% through 2026, having recorded a valuation of USD 27.13 billion in 2019. By 2026, the market is expected to hit a remuneration of USD 27 billion.
Increasing demand for passenger cars across the world is slated to propel automotive interior materials market growth over the coming years. These rising passenger vehicle sales can be ascribed to increasing urbanization, strong economic development, and growing disposable income of the middle-class population across developed and developing countries. Additionally, increasing emphasis on fuel usage optimization by reducing overall vehicles weight would further stimulate the market outlook.
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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.
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.
In terms of application, the 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.
The North America automotive interior materials market is likely to hold a market share of more than 15% by the end of the projected time period. This growth is ascribed to the well-established automotive sector in the region. North America has a strong presence of vehicle producers along with world class manufacturing facilities, which should favor the regional market expansion. Moreover, an upsurge in the demand for sports as well as luxury cars and rising vehicle modification activities should further bolster the regional product outlook.
The competitive landscape of the automotive interior material market is inclusive of players such as Covestro AG, Huntsman International, Dow Chemical Company, Trinseo S.A., Borealis AG Toray Industries, Inc., Continental AG, Sumitomo Chemical Company, Stahl Holdings B.V., Hexcel Corporation, Arkema, BASF SE, Saudi Basic Industries Corporation (SABIC), UFP Technologies, and Evonik Industries AG among others.
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Some Point from Table of Contents:
Chapter 5. Automotive Interior Materials Market, By Application
5.1. Global automotive interior materials market application insights
5.2. Consoles & dashboards
5.2.1. Market estimates and forecasts, 2016 - 2026
5.2.2. Market estimates and forecast, by region, 2016 - 2026
5.3. Doors
5.3.1. Market estimates and forecasts, 2016 - 2026
5.3.2. Market estimates and forecast, by region, 2016 – 2026
5.4. Seats
5.4.1. Market estimates and forecasts, 2016 - 2026
5.4.2. Market estimates and forecast, by region, 2016 – 2026
5.5. Steering wheels
5.5.1. Market estimates and forecasts, 2016 - 2026
5.5.2. Market estimates and forecast, by region, 2016 – 2026
5.6. Floor carpets
5.6.1. Market estimates and forecasts, 2016 - 2026
5.6.2. Market estimates and forecast, by region, 2016 – 2026
5.7. Others
5.7.1. Market estimates and forecasts, 2016 - 2026
5.7.2. Market estimates and forecast, by region, 2016 - 2026
Chapter 6. Automotive Interior Materials Market, By Vehicle
6.1. Global automotive interior materials market 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
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