June 29, 2022 08:34 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, June 29, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Automotive Interior Materials Market finds that the increasing economic conditions and increasing urbanization across the world are augmenting the growth of the Automotive Interior Materials Market in coming years. In addition, growing globalization, high demand for advanced technologies and increasing fuel efficiency reducing the overall vehicle weight are some other factors that are propelling the growth of the Automotive Interior Materials Market in recent days.
The Global Automotive Interior Materials Market revenue is expected to reach a value USD 54.7 Billion in the year 2028.
The Global Market revenue stood at a value USD 47.5 Billion in the year 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 2.4% during the forecast period; states Vantage Market Research, in a report, titled “Automotive Interior Materials Market Size, Share & Trends Analysis Report by Material Type (Polymer, Genuine Leather, Fabric, Synthetic Leather), by Vehicle Type (Passenger Cars, Light Commercial Vehicle, Heavy Commercial Vehicle, Buses & Coaches), by Application (Dashboard, Door Panel, Seats, Floor Carpets), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Insights & Findings from the Report:
Increasing Health Awareness among Travellers
As a consequence of the growing trend of traveling among individuals, the availability of affordable vehicles has increased significantly in recent years. As a result, there is a higher need for automobile interior designs that are better visually appealing and comfortable for longer durations. The industry is being driven by rising technical developments and demand for customized automobile interior materials. In addition to this, multiple companies are offering adaptations to develop new interiors in response to customer demand. Furthermore, rising consumer health awareness is motivating manufacturers to create environmentally friendly automobile interior materials, which will aid in more comfortable driving. Lightweight polymers and composites in vehicle dashboards, instrument panels, and flooring components are used by major automakers to reduce carbon emissions. Moreover, the market for car interior materials is likely to benefit from a boom in the use of green technology to create automotive leather. All these factors are responsible for the growth of the Automotive Interior Materials Market.
Increasing Attention to Enhance Fuel Efficiency
The automotive industry's primary goal is to improve vehicle fuel economy by reducing vehicle weight. Thermoplastic polymers are plastics that soften when heated, allowing them to produce a precise shape. They set to a new form after cooling. In the automotive industry, thermoplastic polymers are utilized for a variety of internal and external components. OEMs can use these polymers to make lightweight, long-lasting interior components. The essential element driving the growth of the Automotive Interior Materials Market is the increased focus on the total weight reduction of automobiles to enhance fuel efficiency. Key automotive manufacturers use lightweight polymers and composites in vehicle dashboards, instrument panels, and flooring components to reduce carbon emissions. Furthermore, the increasing use of plastics in vehicle production around the world enhances the further growth options for the Automotive Interior Materials Market industry.
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Benefits of Purchasing Automotive Interior Materials Market Reports:
Segmentation of Automotive Interior Materials Market:
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The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the automotive industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
The Report on Automotive Interior Materials Market Highlights:
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on "Automotive Interior Materials Market Size, Share & Trends Analysis Report by Material Type (Polymer, Genuine Leather, Fabric, Synthetic Leather), by Vehicle Type (Passenger Cars, Light Commercial Vehicle, Heavy Commercial Vehicle, Buses & Coaches), by Application (Dashboard, Door Panel, Seats, Floor Carpets), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Asia Pacific to Witness Fastest Growth in the Global Automotive Interior Materials Market
Asia Pacific is anticipated to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. Owing to the largest economic growth in the region, this region is anticipated to be the fastest-growing region for the Automotive Interior Materials Market over the projected years. Apart from serving as a manufacturing hub, this region also has key Research and Development (R&D) facilities which further propel the growth of the Automotive Interior Materials Market. In addition, increased acceptance of Automotive Interior Materials Markets and rapid urbanization & economic development in developing countries such as China, India, Japan, South Korea, and Thailand are boosting the growth of the Automotive Interior Materials Market in this region.
List of Prominent Players in the Automotive Interior Materials Market:
August 2020: Sage Automotive Interiors (Sage), a South Carolina-based Asahi Kasei subsidiary (CEO: Dirk Pieper), has finalized the acquisition of Adient PLC's automotive fabrics division.
January 2019: Gentherm, the global industry leader and creator of breakthrough thermal management technology, and Lear Corporation, announced a strategic joint development agreement to help shape the future of passenger thermal seating solutions.
Key questions answered in the report:
This market titled “Automotive Interior Materials Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
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