Market Overview
Global Automotive Interior Material Market will develop at a 4.50% CAGR between 2020- 2027, reveals the current Market Research Future (MRFR) report. The strong global Automotive Interior Material Market is due to the growing demand for better car aesthetics by car owners.
Automotive interior materials are things like plastics, metals, and composites that are developed inside an automobile cabin space which is very crucial to the weight of the vehicle. The making of lightweight interior materials helps in conserving the emission levels. The growing demand for better car aesthetics and funky looks by car owners is one of the major factors that will uplift the growth of this market to a great extent.
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Key Vendors
NTF Private Limited (India), Sage Automotive Interior Materials Inc. (US), BASF SE (Germany), Faurecia S.A. (France), Toyoda Gosei Co., Ltd (Japan), Lear Corporation (US), Toyota Boshoku Corporation (Japan), and Johnson Controls (US)
Market Segmentation
Looking at the latest research analysis, the automotive interior material industry can be bifurcated based on type, and application. Out of all the segments of this market, the passenger car segment will witness enormous growth during the forecast period and the reason for this is the increasing income of individuals and rising demand for fabric material for its use in cars like SUVs, sedans, etc.
The synthetic leather segment will also experience significant growth with the highest CAGR during the forecast period and synthetic leather is a cost-effective alternative to leather due to which its demand is rising day by day. If we look at this industry then based on type, it has leather, thermoplastic polymer, fabrics, and synthetic leather. And based on the application it has commercial vehicles and passenger cars.
By Type
· Synthetic Leather
· Fabrics
· Thermoplastic Polymer
· Leather
By Application
· Passenger Cars
· Commercial Vehicle
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Regional Analysis
If we look at Automotive Interior Material Market share and other details, this industry is remarkably working in three major regions of the world that is Asia Pacific, Europe, North America, and the rest of the world. During the forecast period, the Asia Pacific region will dominate this market and the reason for this growth will be the increasing population in the developing countries of this region like China and India, favorable government policies & incentives, rising spending power of the middle-class population, etc.
Also, the automotive industry has a very strong base in countries of this region such as Thailand, Japan, South Korea, China, and India. North America will witness average growth during the forecast period. Europe will also witness noteworthy growth during the forecast period due to the increasing adoption of electric cars and rising demand for passenger cars. Based on the data obtained from the Automotive Interior Material Market outlook, the prominent players of this market are Johnson controls (us), BASF SE (Germany), NTF Private Limited (India), Toyota BOSHOKU Corporation (Japan), Toyoda GOSEI Co., Ltd (Japan), Sage Automotive Interior Materials Inc. (US), etc.
Industry News
In January 2021, the launch of MARUTI CIAZ which will come into the market in 2022 was announced by MARUTI SUZUKI with the idea of having a new interior design and a lot of changes in the color scheme.
In January 2021, for providing a unique auto experience to its customers with a fantastic blend of luxury and innovation, Volvo Polestar 2 was launched. Its interior is made up of eco-friendly modern material which gives a sporty and aesthetic look inspired by wetsuits which in turn indicate that they are smooth and durable. The steering wheel of this car comes with a leather-free matte finish.
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