Global Automotive Interior MaterialsMarket 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.
"Automotive Interior Materials Market (By Material Type: Leather, Thermoplastic Polymers, Fabric, Vinyl, and Wood; By Application: Heavy Commercial Vehicle, Light Commercial Vehicle, and Passenger Vehicle; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024"
The global automotive interior material market is majorly driven by technological advancements coupled with high demand for compact, rise in mid-sized cars. Moreover, increasing penetration of electric vehicles and rising trend of customization to differentiate their offerings could also boost the growth of the market. However, high cost of raw materials such as leather and strict government regulations on the usage of leathers may hamper the growth of the market. Furthermore, safe, lightweight & customized interiors along with flexibility on price would provide growth opportunities. Introduction of green technology and nano technology in the materials used would provide opportunity in the upcoming years.
The global automotive interior materials market has been classified into material, application and geography. Material type segment includes thermoplastic polymers, leather, fabric, vinyl and wood. Among them, thermoplastic polymers held the major share in 2016, owning to its ability to mold into components of complex geometrics, replacing several parts and offer integral fitments leading to easier assembly. Furthermore, application segment is further categorized into heavy commercial vehicle, light commercial vehicle and passenger vehicle. Passenger vehicles accounted for the highest share with in the automotive interior materials market in the year 2016.
Geographical segment of global automotive interior materials market is 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 due to rapid economic growth, increasing population, growing disposable income, improving living standards and demand for small & medium-sized luxury cars. Europe accounts the largest share of the market followed by North America in the year 2016.
The key players of automotive interior materials market include The Haartz Corporation, Toyota Boshoku Corporation, Johnson Controls Inc., Sage Automotive Interiors Inc., Faurecia S.A., GST AutoLeather Inc., International Textile Group Inc., Dow Chemical Company, BASF S.E., D.K Leather Corporation, Auto Trim Inc., and Lear Corporation.