Automotive Interior Materials Market Analysis, Market Size, Application Analysis, Regional Outlook, Competitive Strategies, and Forecasts, 2016 To 2024
Automotive interiors, including seats, door panels, cockpit modules, steering wheels, and dashboards offer comfort to the vehicle drivers and also enhance the aesthetic appeal of the vehicle. Automotive interiors of superior quality minimize engine vibrations and act as effective cabin insulators, thereby enhancing the consumer’s riding experience. Attributed to the growing consumer preference for premium automotive interior materials and the desire to enhance the aesthetic appeal of the interiors, the global automotive interior material market is expected to witness a significant growth during the forecast period.
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Growth of the automotive interior materials market is mainly driven by rapidly growing automotive industry and rising inclination of consumers towards aesthetic features of the automotive interiors and also improving driving experience. OEMs offer high customization to satiate the specific demands of consumers, in order to capitalize upon high consumer purchasing power. Consumers are increasingly inclined towards vehicles with features that were until now reserved for premium vehicles. These include premium seat covers, leather covered dashboards, and luxury carpeting, among others. This creates a highly conducive environment for growth of the market. Furthermore, increasing demand for lightweight vehicles due to its low carbon emission quality, is also driving the manufacturers to focus on smart textiles appropriate for the vehicles thereby, boosting the demand for automotive interior materials. In 2015, global vehicle production was pegged at over 90 million, which increased to around 95 million in 2016. This creates a highly conducive environment for growth of the automotive interior materials market.
Growing awareness about waste disposal in the process of leather manufacturing required for the automotive interiors along with high prices of leather material are expected to restrain the growth of the market. Leather manufacturing is affected by a number of factors such as the use of chemicals such as formaldehyde, coal-tar derivatives, cyanide based materials and others that result in toxicity of the environment, usage of animal by-products thereby pressurizing the animal population, manufacturers who use premium leather to manufacture automotive interiors. A number of U.S. cities have passed on procurement policies on phasing out the purchase of PVC which is considered to a toxic material that can contaminate the environment. Hence the use of PVC in automotive interior materials is decreasing thereby hampering the growth of the market.
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Automotive Interior Materials: Market Taxonomy: By Material Type,The global market can be segmented on the basis of type of material used which includes: Synthetic leather,Pure leather,Fabrics,Thermoplastic polymers,By Vehicle Type,On the basis of vehicle type, the global market can be segmented into: Passenger vehicles,Light commercial vehicles,Heavy commercial vehicles,By Interior Type,Based on the interior type, the global market can be segmented into: Seat belts,Steering wheel belts,Seat covers,Upholstery,Interior roofing,Cockpit,Others.,
Global Automotive Interior Materials Market Outlook: Burgeoning growth of Automotive Sector in Asia Pacific to Fuel Market Growth
Geographically, the global automotive interior materials market is segmented into North America, Europe, Asia Pacific, Middle East and Africa. Booming automotive industry along with rising middle class population with high spending power creates highly lucrative opportunities for players in the automotive interior materials industry. In Asia-Pacific region, government initiatives in terms of subsidies and tax concessions across various countries are attracting the automotive OEMs to build their manufacturing plants in the region. For instance, in July 2016, the South Korean Ministry of Trade, Industry and Energy announced plans to make electric car batteries run longer, build a network of charging stations and make electric car purchases and ownership more affordable. The government expects that the current and future policy programs will help increase the electric car market share in South Korea to 0.5% in 2017, up from 0.2% in 2015, and to achieve 5.3% in 2020. Also, In April 2014, the Indian government announced a new plan to provide subsidies for hybrid and electric vehicles. The plan will have subsidies up to US$ 2,314 for cars and US$ 463 on two wheelers. This in turn positions Asia Pacific as a high growth market for automotive interior materials.
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Global automotive interior materials market is extremely competitive and consolidated with the presence of large players accounting for major share. Key players in the market include Sage Automotive Interiors Inc., BASF S.E., Katzkin Leather Interiors Inc., Eagle Ottawa, Borgers A.G., International Textile Group Inc., Faurecia S.A, Johnson Controls Inc., Lear Corporation, Dow Chemical Company, DK Leather Corporation Berhad, and E.I.DU Pont De Nemours.
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