Automotive Interior Materials Market 2023

Global Automotive Interior Materials Market was worth USD 50.63 Bn in 2023. It is expected to reach USD 65.45 Bn by 2033 CAGR, of 2.60% between 2023 -2033.

NEW YORK,CITY, NEW YORK, UNITED STATES, January 17, 2023 /EINPresswire.com/ -- Global Automotive Interior Materials Market was worth USD 50.63 billion in 2023. It is expected to reach USD 65.45 billion by 2033. The market will grow at a compound annual rate (CAGR), of 2.60% between 2023 and 2033. Market growth is expected to be driven by the rising demand for passenger cars in North America and Asia Pacific over the forecast period.

Materials used in automotive interiors are materials that can be found inside automobiles. These materials include metals, plastics, and composites. The cabin is an important part of the total vehicle weight. To reduce emissions, it is crucial to use lightweight interior materials. The materials can be classified based on their product into Synthetic Leather (Leather), Thermoplastic Polymer (Flex), and Other. There are many uses for automotive interior materials, including passenger vehicles, light commercial vehicles, and heavy commercial vehicles.

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Growing Demand

Automotive interior materials offer a more appealing appearance, enhanced reliability, and greater sustainability for automobiles. They also help manufacturers improve vehicle performance and interior features. Automotive manufacturers can also use this information to improve the design and features of their automobile cabins. The demand for lightweight materials in automobiles has increased due to the increasing popularity of electric and autonomous vehicles. Many advanced technologies are required to integrate into autonomous and advanced vehicles. This increases vehicle weight and triggers the demand for lightweight materials for the vehicle's body.

Automotive interior materials are crucial to vehicle manufacturing. The automotive interior market's dynamics are directly affected by the sales and production of automobiles. The market growth in automotive interior materials depends on government regulations regarding vehicle sales and fuel efficiency. Government regulations on the pricing of leather also play a major role in determining global market value. In the case of leather, internal substitutions in automotive parts could hinder the market growth. The automotive industry is suffering from the loss of genuine leather because it is being replaced by synthetic PU or fabrics.

Market drivers:

Market growth is being boosted by a combination of a changing regulatory landscape and reduced weight

The automotive industry's central goal is to improve fuel efficiency and reduce emissions by decreasing the vehicle's weight. Consumers are choosing lightweight materials that will help them grow their market. Automakers have imposed strict norms like CAFE (Corporate average fuel economy). They want heavy consumption of lightweight materials like plastics, composites, and fabrics in their vehicles. Automakers must achieve a minimum of 54.5 mpg fleet average under the North American CAFE standards. Automakers have more flexibility to alter the design to optimize performance, such as using composite and plastic materials. The automotive industry is seeing a rise in demand for lightweight synthetic leather due to increasing awareness and PETA (People for the Ethical Treatment of Animals), regulations regarding the use of natural leather.

The Automotive Interior Materials Market is booming due to the rapid expansion of E-vehicles

With rising environmental concerns and rapidly diminishing fossil resources, the electric vehicle market is expanding quickly. In order to improve fuel efficiency and speed up recharge times, electric vehicles are made largely of plastics and lightweight materials. Electric vehicles are being promoted by lawmakers all over the globe as an eco-friendly and economical alternative to traditional vehicle technology. To encourage the adoption of cleaner technology, e-vehicle owners are offered subsidies and schemes. This has helped to increase the sales of electric vehicles and many customers are encouraged to join the clean league over the next few years. In 2018, for instance, the worldwide sales of e-vehicles rose 73%.

Key Market Segments:

Type

Plastic
Cloth
Leather

Application

Passenger Car
Commercial Vehicle

Key Market Players:

BASF SE
Learoration
GST AutoLeather
Seiren
Borger
Sage Automotive
Du Pont
Dow Chemical

Market Restraints

Global Automotive Industry Uncertainty to Limit Market Expansion

In recent years, the market for automotive interior materials has seen a slowing or flat growth in major global automotive markets. Countries like China, Spain, Turkey, Canada, South Korea, etc. According to OICA (Organisation Internationale des Constructeurs d'Automobiles), 2018 saw negative growth in the automotive industry. India, among others, also experienced negative growth in 2019, which impacted the region's revenue. The Coronavirus Outbreak in China further hampered the growth of China's automotive industry. Hyundai, a South Korean automaker suspended vehicle production in February 2020 due to a cutoff in parts suppliers from China. This situation could further limit market growth in 2020. Furthermore, changing regulatory norms on vehicle emissions such as BSIV (India) (Bharat Stage 6, Euro6, etc.|Changing regulatory norms regarding vehicle emissions, such as BSIV (India), (Bharat Stage 6), Euro6, etc., could also hinder market growth in 2020.} The global automotive industry has been disrupted. The market growth will be limited due to the growing number of disruptions in this industry.

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Market Trends:

The Market Growth is poised to be fueled by the rising adoption of bioplastics and veganism

Plastics have been used in the automotive industry for many years. They are suitable for interior and exterior applications. The industry is using bio-based plastics as an alternative to fossil fuels in order to keep its use of automobiles. This will ensure weight reduction and high performance. The interiors of the Lexus HS 250h's Lexus are made from bioplastics. Toyota and other major car manufacturers have used a variety of bio-based plastics, such as bio-polyesters and bio-PET (polyethylene triterephthalate), in the interior of their vehicles. Toyota Prius and Toyota SAI models feature headliners, sun visors, floor mats, and many other parts made from bioplastics.

In the automotive industry, the term "veganism" has also been introduced. As the demand for vegan interior leather is increasing, vehicle manufacturers now offer vegan interior leather to customers. Volkswagen, a German automaker, unveiled its full-size electric car 'ID Roomzz' at the Shanghai Motor Show 2019. It features interiors made of apple leather. Similar announcements were made by Audi and Volvo, which also have plans to offer vegan interiors in future projects.

Recent Development:

January 2020 - FAURECIA, a manufacturer of a wide range of automotive systems and components headquartered in France, successfully completed the acquisition of SAS, a key player in the complex assembly and logistics of interior modules.

October 2018 - Asahi Kasei, a manufacturer of a wide range of chemicals & materials headquartered in Japan, successfully completed the acquisition of Sage Automotive Interiors, a US-based manufacturer of automotive interiors.

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