Automotive Interior Materials Market Analysis by Type (Composites, Plastics, Metals, Fabric, Leather, and Others); by Application (Dashboard, Door Panel, Seats, Floor Carpets, and Others); and by Vehicle Type (Passenger Cars, LCVs, HCVs, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033
Buy Now Report ID: 4468 | Published Date: Feb 13, 2023
Regionally, the global automotive interior materials market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2033, owing to the increased demand of vehicles by the growing population. The total production of vehicles in the region was 46,732,785 units in 2021, a rise from 44,276,549 units in 2020. Similarly, the total sales in the region was 42,663,736 units in 2021, a rise from 40,322,544 in 2020 as per statistics released by International Organization of Motor Vehicles. Another factors that are attributed to the increase the utilization of automotive interior materials is the presence of major key players and leading exporters and importers of vehicles in the region. In 2021, China exported around 402,000 commercial vehicles and around 2 million passenger vehicles. Also the growing Gross Domestic Product (GDP) level along with the rising employment rate and rising income levels are another factors for increased adoption rate of automotive interior materials.
The global automotive interior materials market is further classified on the basis of region as follows:
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Our in-depth analysis of the global automotive interior materials market includes the following segments:
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Lear Corporation has entered into a definitive agreement to acquire substantially all of Kongsberg Automotive’s Interior Comfort Systems (ICS) business unit.
Toyoda Gosei Co., Ltd. has decided to apply its newly developed cellulose nanofiber (CNF)-reinforced plastic for interior and exterior automotive products to make lightweight containers.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
Ans: The expansion in automotive industry and the increased demand for vehicles is expected to fuel the market growth in the future.
Ans: The market is anticipated to attain a CAGR of ~3% over the forecast period, i.e., 2023 – 2033.
Ans: The rising concerns related to disposable of effluents along with the increased stringent government rules regarding environment protection and fluctuation costs of raw materials are expected to hamper the market growth.
Ans: The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are Lear Corporation, Asahi Kasei Corporation, Toyota Boshoku Corporation, Faurecia, Toyoda Gosei Co., Ltd., GRUPO ANTOLÍN IRAUSA, S.A., Seiren Co., Ltd., Fritz Dräxlmaier GmbH & Co. KG, DuPont de Nemours, Inc., Sage Automotive Interiors, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, application, vehicle type, and by region.
Ans: The passenger cars segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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