Automotive Interior Materials Market worth $54.8 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 10, 2022 /PRNewswire/ -- According to the new market research report "Automotive Interior Materials Market by Type(Polymer, Genuine Leather, Fabric, Synthetic Leather), Vehicle Type, Application(Dashboard, Door Panel, Seats, Floor Carpets) & Region(APAC, Europe, North America, MEA, South America) - Global Forecast to 2026", published by MarketsandMarkets™, the Automotive Interior Materials Market size is estimated to be USD 48.1 billion in 2021 and is projected to reach USD 54.8 billion by 2026, at a CAGR of 2.6% between 2021 and 2026.
Automotive interior materials are used in the interior of an automobile. Fabric, genuine leather, polymers, and synthetic leather are some of the materials used in the interiors. These materials should be of high quality, as they are used to enhance the appearance and comfort of the interiors of a vehicle. The efficiency of a vehicle depends on its weight. Lightweight automotive interior materials can help reduce the overall weight of an automobile. Several automotive manufacturers are looking for innovative and lightweight automotive interior materials for weight reduction, which increases the efficiency of vehicles by reducing fuel consumption.
Polymer is the largest type segment of the automotive interior materials market. Passenger cars are the largest type segment of the automotive interior materials market. Door Panel was the largest application segment of the automotive interior materials market. Asia Pacific was the largest market for automotive interior materials in 2020, in terms of value. This can be attributed to the rapidly increasing automotive components manufacturing facilities in the countries such as China and India, due to the availability of raw materials and cheap labor. Several R&D activities have also been conducted in Asia Pacific to reduce the weight of interior materials used in automobiles.
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"Polymer segment is projected to be the fastest-growing type for automotive interior materials market between 2021 and 2026"
Polymers used in the automotive interior is generally thermoplastics which are multiphase compositions in which one phase consists of a material that is hard at room temperature and fluid when heated, and the other phase consists of an elastomeric material that is soft and rubberlike at room temperature. They are plastic materials that soften on heating to form a perfect mold. On cooling, they set to a new form with a smooth yet hard finish. Thermoplastic polymers are used for various interior and exterior components in the automotive industry. These polymers help OEMs in manufacturing lightweight and durable interior components. Some of the polymers used in automotive interiors are PP, PU, PVC, and others. These polymers are lightweight, making the vehicles more fuel efficient.
"Passenger cars segment is projected to be the fastest-growing vehicle type for automotive interior materials market between 2021 and 2026."
Passenger vehicles consist of all the vehicles which are used for the transportation of passengers. Personal cars, wagons, hatchbacks, sedans, SUV, MUV, estate cars, vans, pickups, and other personal-use vehicles are considered under this segment. These vehicles can carry one to eight people depending on their type. The technologies used in this type of vehicle are frequently changing due to the high demand from consumers for luxurious and convenience features. Passenger vehicle manufacturers emphasize on producing vehicles which would provide the utmost safety and exquisite ride quality to the passengers, as safety and luxury are important factors considered while buying any vehicle. Increasing living standards in emerging economies and shift of the production facilities of various manufacturers in these regions are the factors propelling the use of automotive interior materials in passenger vehicles.
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"Dashboard is projected to be the fastest-growing application in automotive interior materials market between 2021 and 2026."
A dashboard is one of the most important parts of an automobile aesthetically and functionally. Various types of materials are used for the making of a dashboard. Mostly plastics are used due to its light weight and ease in the mouldability. Polypropylene is the most used material due to characteristics like opacity and aphonicity. Polyurethane is also popular material as it is good in shock absorption. ABS is used for its rubber like properties, resistant to weather and chemicals, and impact. It also gives a shiny appearance to the surface of dashboard. Natural-fiber composites are sometime used for making dashboard.
"Asia Pacific is projected to be the fastest-growing region for the automotive interior materials market during the forecast period"
Asia Pacific is the fastest-growing region in automotive interior materials market owing to rapid economic growth in the region. These factors play an important role in driving the automotive interior materials market. The developed countries of Asia Pacific house the key global automakers. This region not only serves as a manufacturing hub but also has key R&D facilities. The automotive industry in developing countries of Asia Pacific is expected to grow because of the improving economic conditions as well as the booming manufacturing sector. The market in North America is projected to grow at a moderate rate during the forecast period because of the shift of manufacturing bases to the developing countries. However, the rising demand for luxury vehicles in the region will drive the need for automotive interior materials.
The key market players profiled in the report include Lear Corporation (US), Asahi Kasei Corporation (Japan), Toyota Boshoku Corporation (Japan), Faurecia (France), Toyoda Gosei Co., Ltd. (Japan), Grupo Antolin (Spain), Yanfeng Automotive Interiors (YFAI) (China), Seiren Co. Ltd. (Japan), DK Leather Corporation Berhad (Malaysia) and DRAXLMAIER Group (Germany). They have adopted strategies such as and new product launch, acquisition, and collaboration in order to gain an advantage over their competitors
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