Global Automotive Interior Materials Market is expected to reach $155 Billion by 2024 from $124 Billion in 2016, growing at a CAGR of 2.8% from 2016 to 2024. By geography, Asia-Pacific and North America are expected to grow at a CAGR of 3.5% and 2.7%, respectively, during the forecast period.
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The factors supporting the growth of the global automotive interior materials market are technical upgradation, increasing sale of mid-sized cars, and growing preferences of electric vehicles. Furthermore, increasing demand for customization to differentiate their offerings fuel the growth of the market. However, high cost of raw materials such as leather, and government rules & regulations on the usage of leathers may restrain the growth of the market. Additionally, introduction of nano technology and green technology in the materials used would provide several growth opportunities in the future years.
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The global automotive interior materials market has been bifurcated into material, application, and geography. Material type segment is categorized into leather, thermoplastic polymers, fabric, wood and vinyl. Thermoplastic polymers accounted for the largest market share in 2016, driven by its ability to mold into components of complex geometrics, replacing several parts and offer integral fitments leading to easier assembly. By application, the market is further classified into light commercial vehicle, heavy commercial vehicle, and passenger vehicle. Passenger vehicles held the highest market share in the application segment.
Geographically, the automotive interior materials market has been categorized into North America, Europe, Asia-Pacific, and Rest of the World (RoW). Asia-Pacific is the fastest growing region in the global automotive interior materials market, and is expected to continue this trend during the forecast period, owing to rapid economic growth, improving consumer lifestyle, growing population, rising disposable income, and popularity for small & medium-sized luxury cars. Europe held for the major share of the market followed by North America in the year 2016.
The major key players operating in the automotive interior materials market are Toyota Boshoku Corporation, The Haartz Corporation, Sage Automotive Interiors Inc., Johnson Controls Inc., Faurecia S.A., GST AutoLeather Inc., Dow Chemical Company, International Textile Group Inc., BASF S.E., D.K Leather Corporation, Lear Corporation, and Auto Trim Inc., among others.
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Scope of Automotive Interior Materials Market
• Thermoplastic Polymers
• Heavy Commercial Vehicle
• Light Commercial Vehicle
• Passenger Vehicle
• North America
o South America
o Middle East
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