Stringent Norms Circling Automotive Sector to Bolster Growth of the Market
On the back of growing concerns apropos to environment health along with higher vehicle performance expectations, the automotive sector has been involved in adopting eco friendly and sustainable material for vehicle interiors. The main aim being reduction in weight of the vehicle, the sector seeks to find, explore and integrate advanced material that can eventually support in reduction of carbon emissions alongside improving vehicle performance.
Moreover, owing to stringent norms in the automotive sector, such as CAFÉ (Corporate Average Fuel Economy) automakers are inclined towards adoption of light weight material such as composites, fabrics and plastics in vehicles. For instance, as per 2025 CAFÉ standards in developed economies in North America, car makers are expected to deliver fleet average of minimum 54.5 mpg. In addition, growing awareness along with trending PETA (People for the Ethical Treatment of Animals) regulation apropos to the use of natural leather are fuelling demand for lightweight and synthetic leather material in the industry, in turn contributing towards market growth.
Demand for Customization and Comfort to Augur Well for the Automotive Interior Materials Market
Increasing travel tourism on the back of growing trend of working during travel has resulted in demand for affordable vehicles and comfortable interiors among individuals. This has translated into increased consumer expectation regarding vehicle interior designs that deliver both aesthetic appeal along with enhanced comfort quotient. Moreover, with pervasive technological advances, it has become possible to drive customization of vehicle interiors that offer better feel and comfort. Also, manufacturers are including eco friendly material owing to rising awareness regarding consumer health. These aspects remain instrumental in driving sales of automotive interior materials, in turn complementing market growth.
Use of Biopalstics to Re-shape the Automotive Interior Materials Market
Use of plastics in the automotive sector for various exterior, interior and under the hood applications has been on the rise since past couple of years owing to advantages such as flexibility, reduced weight and better design possibilities. However, fossil fuels being a dwindling source of plastics, the automotive sector is shifting towards adoption of bio based plastics to ensure enhanced performance with reduced vehicle weight. Moreover, owing to environmental concerns, pressure from private and public organizations and stringent regulations for reducing GHG (Green House Gas) emissions, automobile manufacturers are researching, developing and adopting eco friendly plastic material for their latest models. In this background, various biopalstics such as Bio-PA (Biopolyamides), PLA (Polylactic Acid) and bio-based polypropylene (Bio-PP) are being adopted in applications such as bumper manufacturing, mats, body panels, tires, air ducts, dashboards, brake noses and door pockets. This trend is likely to disrupt the market in a positive way in the coming years.
Alternatively, growing veganism is also impacting the automotive interior materials market. Automobile manufacturers are also including vegan leather in the vehicle interiors to cope with growing consumer demand. For instance, Volkswagen in 2019 launched “ID Roomzz”, an electric vehicle featuring interiors manufacturing using apple leather. In this backdrop, the growing vegan trend is likely to emboss a significant impact on the market in the coming years.
Growing Polymer Demand to Significantly Contribute Towards Market Valuation
Use of polymers in automotive interior has been on the rise in the past and is expected to grow at a significant rate in the coming years. These are usually thermoplastics that have a multiphase composition wherein they become hard at room temperature and turn fluid after applying heat and can form an ideal mold. On cooling, they also form smooth and hard finish thus enhancing aesthetics. Thermoplastic polymers are adopted in various exterior and interior applications in the automotive sector as they offer light weight, high durability and flexibility, consequently improving vehicle performance. That said, increasing demand of polymers in the automotive sector is expected to largely contribute towards valuation of the automotive interior materials market.
Asia Pacific Likely to Showcase High Market Attractiveness
Emerging economies in Asia Pacific such as China and India are expected to reflect lucrative growth potential for automotive interior materials market. This is mainly attributed towards increasing manufacturing and sales of passenger and commercial vehicles across nations coupled with growing penetration of e-vehicles in Asia Pacific. In addition, the region exhibits business favoring environment and is considered as a manufacturing hub with growing research and development facilities along with industrial growth and urbanization. These macro aspects continue to influence growth of the automotive interior materials market in the region.
Automotive Interior Materials Market: Competitive Landscape
Key players in the automotive interior materials market are focusing on adopting growth strategies such as mergers and acquisitions to enhance their portfolio and improve market position. For instance, in 2020, Sage Automotive Interiors acquired Adient Plc’s automotive interior fabric business. Likewise, same year in January, Faurecia acquired SAS, a major player in the logistics and complex assembly of interior modules.
Few of the major players in the automotive interior materials market include Faurecia S.A., Lear Corporation, Toyota Boshoku Corporation, Yanfeng Automotive Interiors, Adient Plc, DuPont, Grupo Antolin and Seiren Co. Ltd.
Regional Classification of the Global Automotive Interior Materials Market is Listed Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Automotive Interior Materials Market
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