As stated in our extensive report; providing insights on Key Drivers, Key Restraints, and Segments (i.e.,Material Type, Vehicle Type, Application, and Region); the Global Automotive Interior Materials Market accounted for USD 47.5 Billion in the year 2021.
“Key Factors Likely to Drive Growth of Automotive Interior Materials Market”
The materials used in the interior of a car are known as Automotive Interior Materials. The principal materials used in automotive interiors include fabric, plastics, genuine leather, and synthetic leather. The essential element driving the growth of the Automotive Interior Materials Market is the increased focus on the total weight reduction of automobile parts to enhance fuel efficiency.
Almost every industry in the world has been affected by the worldwide epidemic. The worldwide supply chain disruptions are projected to have a moderate impact on the Automotive Interior Materials industry. The refinery & petrochemical, chemical, metal, and power generation industries are all extremely important to the market. China is a big exporter and industrial producer of the Automotive Interior Materials Market. Strict lockdowns in major regions have an impact on the country's industrial activities. The emergence of COVID-19 caused a dramatic drop in demand for industrial equipment.
The growing emphasis on vehicle weight reduction to improve fuel efficiency will be a major element driving up demand for the Automotive Interior Materials Market. Composites and contemporary polymers have emerged as feasible interior alternatives because of their lightweight, greater rigidity, and strength. A lightweight is a fundamental approach for increasing a vehicle's overall fuel efficiency. A 10% reduction in vehicle weight will result in a 6–8% gain in passenger car efficiency and a 10% improvement in battery electric vehicle efficiency. Thus, it is anticipated to drive the growth of the Automotive Interior Materials Market over the forecast period.
Genuine leather is currently the most costly upholstery material. However, owing to the negative consequences of leather processing on the environment, its use in developed countries has slowed down. However, high import costs, the availability of substitutes (synthetic leather), and shifting consumer perceptions of genuine leather have forced most manufacturers to switch to environmentally friendly alternatives. These are the major factors that are expected to propel the growth of the Automotive Interior Materials Market over a projected period.
“Regional Outlook of Automotive Interior Materials Market: Asia Pacific is the Most Potential “
Asia Pacific held the largest share in the Automotive Interior Materials Market in 2021. This is owing to the better economic conditions and a rising manufacturing sector in the region. In addition, the increasing expansion of middle-class individuals in rising economies such as India, China, Taiwan, Thailand, and others, is also expected to propel the growth of the Automotive Interior Materials Market in this region. Furthermore, higher sales and greater acceptance of electric vehicles in the region are expected to enhance the market growth shortly.
Some of the key players in the Global Automotive Interior MaterialsMarketinclude-Lear Corporation (US), Asahi Kasei Corporation (Japan), Toyota Boshoku Corporation (Japan), Faurecia (France), 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), and others.