Automotive Interior Materials Market - Insights, Size, Share, and Industry Forecast till 2025
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The global automotive interior materials market was valued at US$ 61.69 billion in 2016, and is slated to reach US$ 117.59 billion by 2025. The market is expected to exhibit a CAGR of 7.51% over the forecast period.
The demand for premium automotive interiors is increasing worldwide and this is driving growth of automotive interior materials market. The demand for premium grade interiors with superior aesthetic appeal and tactile experience, even for non-premium cars from consumers is increasing. Therefore, counterfeit products, mostly of low-quality, made from plastic are introduced in the market by certain local players to meet the rising demand. Volvo develops new designs that exhibit a technological edge over its competitors at its R&D center in Shanghai, China.
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The rising sales of premium passenger cars is expected to have a significant impact on the automotive interior materials market. In China, despite a 10% austerity tax on premium vehicles, automotive sales have been strong with premium automobile manufacturers such as Porsche, Ferrari, McLaren, and Maserati—all reported healthy growth in 2016. In the U.S., Mercedes Benz alone sold over 340,000 vehicles, followed by Lexus and BMW at 331,000 and 313,000, respectively. This has augmented the market growth of automotive interior materials market in the aforementioned countries.
Asia Pacific is a lucrative market for automotive interior materials, primarily driven by strong performance of the automobile industry in India and China. The growth of transportation sector coupled with rise in need for transit of consumer goods, people, and raw materials has boosted the automotive interior materials market growth. According to China Association of Automobile Manufacturers (CAAM) and Society of Indian Automobile Manufacturers (SIAM), sales of cars in China stood at 28.03 million in 2016 and 3.00 million in India. The CAAM also projected automobile sales in China to grow by 5% to reach 29.4 million units in 2017. The boom in sales can be attributed to the favorable sales tax, which was cut from 10% to 5% in 2015. The Asia Pacific market was valued at US$ 24.96 billion in 2016 and is expected to exhibit a CAGR of 8.28%.
North America and Europe also experienced strong vehicle sales, with the U.S. positioned as the second-largest cars market in the world. In the U.S., the automotive sales in 2016 stood at 17.55 million. High dealer incentives, low interest rates on automotive loans, and low gasoline prices have resulted in the growth of automobile industry in the country. Pickup trucks and crossover SUVs witnessed maximum growth in sales. Automakers such as Ford, G.M, and Chrysler are among the largest customers of automotive interior materials. The North America automotive interior materials market was valued at US$ 11.12 billion in 2016 and is forecasted to exhibit a CAGR of 7.39%.
Also, as automotive companies aim to reduce the weight of vehicles to increase fuel economy, leather may be replaced with lighter synthetic fabrics such as wool, silk, carbon fiber, and faux suede. For instance, Toyota, BMW, Mercedes, and Volkswagen use faux leathers, which are similar to leather in both touch and feel. Leather usage is expected to decline in North America and Europe, owing to the strict emission and waste generation regulations prevailing in these regions.
Asia Pacific dominated the global automotive interior materials market in 2016 and is expected to retain its dominance throughout the forecast period.
Major Players in the Global Automotive Interior Materials Market
Global automotive interior materials market is extremely competitive and consolidated with the presence of large players accounting for major shares. Key players in the market include BASF S.E., Eagle Ottawa, Borgers A.G., Faurecia S.A, Adient Plc., Lear Corporation, Dow Chemical Company, and DK Leather Corporation Berhad, among others.
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