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:
According to our primary respondents’ research, the Automotive Interior Materials market is predicted to grow at a CAGR of roughly 2.4% during the forecast period.
The Automotive Interior Materials market was estimated to be worth roughly USD 47.5 Million in 2021 and is expected to reach USD 54.7 Billion by 2028; based on primary research.
On the basis of region, Asia Pacific is projected to dominate the worldwide Automotive Interior Materials market.
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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Segmentation of Automotive Interior Materials Market:
Other Material Types
Light Commercial Vehicle
Heavy Commercial Vehicle
Buses & Coaches
Middle East & Africa
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COVID-19 Impact Analysis:
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:
Impact Assessment of COVID-19 Pandemic
Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
Long Term Dynamics
Short Term Dynamics
The Report on Automotive Interior Materials Market Highlights:
Assessment of the market
COVID Impact Analysis
Historic Data, Estimates, and Forecast
Global and Regional Dynamics
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:
Lear Corporation (US)
Asahi Kasei Corporation (Japan)
Toyota Boshoku Corporation (Japan)
Toyoda Gosei Co. Ltd. (Japan)
Grupo Antolin (Spain)
Yanfeng Automotive Interiors (YFAI) (China)
Seiren Co. Ltd. (Japan)
DK Leather Corporation Berhad (Malaysia)
DRAXLMAIER Group (Germany)
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:
Which regional market will show the highest and rapid growth?
Which are the top five players of the Automotive Interior Materials Market?
How will the Automotive Interior Materials Market change in the upcoming six years?
Which application and product will take a lion’s share of the Automotive Interior Materials Market?
What is the Automotive Interior Materials market drivers and restrictions?
What will be the CAGR and size of the Automotive Interior Materials Market throughout the forecast period?
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:
Market Size Provided for Years
• Material Type
Region & Counties Covered
• North America
• Lear Corporation (US)
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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