The global automotive interior materials market is estimated to be USD 46.63 in 2018 and is projected to grow at a CAGR of 3.5% to reach USD 55.41 billion by 2023. The increasing demand is attributed to the growing automotive industry in emerging regions. Players in this market are adopting various organic and inorganic strategies to expand their presence in emerging markets, such as India, China, Thailand, and Brazil.
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The introduction of government regulations for vehicle safety, reduction of carbon emission, and lightweight of vehicles is forcing OEMs to provide enhanced safety features in vehicles and use materials that will help in an overall weight reduction of the vehicle. According to EPA, every 100 pounds taken out of the vehicle increases the fuel economy by 1–2%. This is achieved by making the upholstery flexible and light yet tough to replace with the similar volume of plastic, as plastic components have a higher mass compared to the textile. Thus, replacing plastic with lighter interior materials results in an overall reduction in vehicle weight and at the same time maintaining the safety standards of the vehicle. Hence, manufacturers are encouraged to use automotive interior materials.
Polymers are the most widely used type of automotive interior material
The polymers segment accounts for the largest share of the overall automotive interior material. Automotive interior polymers are used in the manufacture of lightweight and durable interior components. The use of components manufactured with these lightweight polymers helps reduce the overall weight of the vehicle and makes it fuel-efficient.
Passenger vehicles are projected to be the fastest-growing segment in the overall market
The automotive interior materials market in the passenger vehicles segment is projected to witness the highest growth during the period between 2018 and 2023. This vehicle type is also estimated to account for the largest share of the overall interior materials market. This high growth is attributed to the rapidly increasing demand for passenger vehicles. Improving living standards, rising economic conditions, and higher incomes are leading to the increasing demand for passenger vehicles.
APAC is the global leader in the automotive interior materials market. China, India, and Southeast Asian countries are witnessing a significant increase in the use of automotive interior materials for different vehicle types. The production of an automobile is increasing in the region with the growing demand for vehicles. With improving standards of living, the demand for fuel-efficient automobiles is rapidly growing.
The automotive interior materials industry has several global players competing for a share of the market. These companies are actively investing in various strategies, such as expansions, new product developments, mergers & acquisitions, and joint ventures projects, to increase their market shares. Adient plc (Ireland), Toyota Boshoku Corporation (Japan), Lear Corporation (US), Toyoda Gosei Co., Ltd. (Japan), Faurecia S.A. (France), and Magna International (Canada) are the major players in the market. These players have adopted various organic and inorganic developmental strategies to sustain their position in the market.
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