Menu ×

CHEMICALS AND ADVANCED MATERIALS

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

  • Text Size:

Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

Request Insights

Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

Read More

IN THE NEWS

  • 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. 

Global Automotive Interior Materials Market Highlights Over 2023 - 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~3%

Base Year Market Size (2022)

~ USD 50 Billion

Forecast Year Market Size (2033)

~ USD 80 Billion

The global automotive interior materials market is estimated to garner a revenue of ~USD 80 billion by the end of 2033 by growing at a CAGR of ~3% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 50 billion in the year 2022. The primary factor attributed to the growth of the automotive interior materials is attributed to the rapid growth in the automotive industry during the years. The recent statistics reveal that the global automotive industry is expected to reach approximately USD 9 trillion by 2030.  

Automotive-Interior-Materials-Market-Size

Get more information on this report: Request Sample PDF

The automotive interior materials carry a huge importance as these are the primary factors that pleases and attracts the customers. Also, the increased technological advanced and demand for customization of the automotive interiors is expected increase the sales of automotive interior materials market in the forecast period. Owing to this new trend, the employment rate in the automotive industry has significantly risen up in the fast years. Thus, the high employment in the global automotive industry is expected to increase the usage of automotive interior materials in manufacturing vehicles. In fiscal year 2018, the Indian automotive industry employed approximately 2 million people.

Global Automotive Interior Materials Market: Growth Drivers and Challenges

Growth Drivers

  • Rapid Growth in Population Across the World -  The constant rise in the population is raising the demand of vehicles worldwide. An increase in demand of vehicles is expected to escalate the need of automotive interior materials for increasing the durability, upgrading the looks and addition of stunning finish. Thus, the rapid growth in the population is expected to fuel the market growth in the assessment period. As per the World Bank, it is estimated that the world population stood at 7.84 billion in 2021, an increase from 7.09 billion in 2021. This number is anticipated to rise to 9.8 billion in 2050 and 11.2 billion in 2100, as per United Nations, Department of Economic and Social Affairs.

Automotive-Interior-Materials-Market

  • Soar in Number of Vehicles on the Roads – The recent urbanization has led the number of vehicles on the roads to increase. As a result, the utilization of automotive interior materials is expected to also surge considerably. The latest reports suggest that were approximately 2 billion vehicles on roads across the globe by the end of first quarter of 2022.
  • Improved Production Rate of Vehicles - International Organization of Motor Vehicle Manufacturers (OICA), released the global sales of vehicles statistics which revealed that it rose from 56,398,471 units in 2021 to 53,917,153 units in 2020. Whereas, the global production of vehicles calculated to be 57,054,295 units in 2021, an increase from 55,908,989 units in 2020.
  • Increased Interest of Population in Luxury Cars -  A latest report suggested that the global sales of luxury cars is anticipated to stand at 200K vehicles in 2026, a rise from 190K vehicles in 2022.  

Challenges

  • Rising Concerns Related to Disposable of Effluents
  • Stringent Government Rules Regarding Environment Protection
  • Fluctuation Costs of Raw Materials

The automotive interior materials market is segmented and analyzed for demand and supply by vehicle type into passenger cars, LCVs, HCVs, and others. Out of these, the passenger cars segment is expected to garner the highest market share by 2033, owing to the high demand of personal vehicles by the burgeoning population. International Organization of Motor Vehicle Manufacturers (OICA) stated that the global passenger vehicles sales rose from 53,917,153 units in 2020 to 56,398,471 units in 2021, whereas, the production rose from 55,908,989 in 2020 to 57,054,295 in 2021. Also, the growth in disposable income, increased interest in travelling and rising need for comfortable vehicles are some of the other factors that are expected to bring lucrative growth opportunities for the market in the assessment period.

Major Macro-Economic Indicators Impacting the Market Growth

Major-Macro-Economic-Indicators-Impacting-the-Market-Growth

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.

Global Automotive Interior Materials Market Regional Synopsis

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.

Automotive-Interior-Materials-Market-Growth

The global automotive interior materials market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global automotive interior materials market includes the following segments:

By Type

  • Composites
  • Plastics
  • Metals
  • Fabric
  • Leather
  • Others

By Application

  • Dashboard
  • Door Panel
  • Seats
  • Floor Carpets
  • Others

By Vehicle Type

  • Passenger Cars
  • LCVs
  • HCVs
  • Others

Top Featured Companies Dominating the Global Automotive Interior Materials Market

  • Lear Corporation
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • 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

 

FREQUENTLY ASKED QUESTIONS


Related Reports


Disclaimer | Privacy Policy | Terms & Conditions | LOB

Copyright © 2022 Research Nester. All Rights Reserved