The automotive interior materials market is estimated to be valued at US$ 203.4 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Automotive interior materials include products such as plastic composites, decorative films and fabrics, leather, rubber and vinyl used inside vehicles to enhance comfort, aesthetics and safety of passengers. They are used in products such as dashboards, door panels, armrests, seat covers, flooring and headliners in a vehicle.
Market Dynamics:
The automotive interior materials market is expected to grow at a significant rate due to rising production and sales of passenger cars across the globe. According to International Organization of Motor Vehicle Manufacturers, around 77.62 million passenger cars were produced globally in 2019. In addition, rising demand for leather and premium interiors in high-end luxury vehicles will also drive the market growth over the forecast period. However, volatility in raw material prices such as leather may hamper the market growth. On the other hand, development of lightweight and environment-friendly automotive interior materials will provide lucrative opportunities for manufacturers in the coming years.
SWOT Analysis
Strengths: The automotive interior materials market has several multinational players with a strong brand presence and financial resources. OEMs and designers are focusing on innovative interior designs and materials to enhance safety, comfort and convenience.
Weaknesses: Raw material price volatility can negatively impact profit margins for manufacturers. Strict environmental regulations around the globe increase production costs for eco-friendly materials.
Opportunities: Growing demand for lightweight and sustainable materials from electric vehicles provides new opportunities. Developing economies offer strong growth potential driven by rising disposable incomes.
Threats: Trade wars and political instability can disrupt global supply chains. Stiff competition from emerging low-cost players increases pricing pressures.
Key Takeaways
The global Automotive Interior Materials Market Share is expected to witness high growth, exhibiting CAGR of 4.0% over the forecast period, due to increasing demand for luxurious and comfortable interiors from premium vehicles.
Regional analysis: Asia Pacific dominates the market currently, accounting for over 35% of the global demand in 2023. China, India and Japan are major markets driving the regional growth on account of rising vehicle production and sales. Europe is the second largest region driven by strong demand from Germany, UK, France and Italy.
Key players: Key players operating in the automotive interior materials market include BASF SE, Dow Chemical Company, Borgers A.G., Faurecia S.A., Adient Plc, Lear Corporation, Eagle Ottawa, D.K. Leather Corporation Berhad. These players are focusing on new product development, partnerships and mergers & acquisitions to gain market share.
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