October 20, 2021

Automotive Interior Materials Market Value Predicted To Reach US$ 42.60 Billion By 2030

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Interior material plays a significant role in the design of an automobile are utilized as inside cabin materials in a vehicle such as plastics, composites, metals, and many others. As the demand for high performance is increasing in a vehicle, the demand for improved ergonomics and appealing aesthetics is also rising at the same rate for the automotive interior. Advanced lighting and higher-level of comfort are the common features demanded by the consumers in almost every new automobile. Doors, console, seats, dashboards, floor carpet, steering wheels, and various other interior parts of a vehicle are the common application areas for an automotive interior material.

According to Precedence Research, the global automotive interior materials market was estimated at US$ 27.60 billion in 2020 and is projected to reach US$ 42.60 billion by 2030, registering a CAGR of 5.6% from 2021 to 2030. The report contains 150+ pages with detailed analysis.

The report provides the overall revenue of the global automotive interior materials market from 2017 to 2030, considering 2020 as the base year and 2030 as the forecast year. The study includes drivers and restraints of this global market. It offers a thorough analysis of the market revenue status, growth, future trends, and forecast of the global automotive interior materials market for the period from 2017 to 2030.

Growth Factors

Increasing demand for light weight vehicle and hence its body parts and other materials used in the manufacturing process is one of the significant factors that drives the market for automotive interior materials in the coming years. Cabin section of an automobile is very critical for the overall weight of a vehicle and making light weight automotive interior materials are imperative for conserving the emission level. Superior functions and attributes of cabin components have significantly increased the number of interior automotive components.

Further, rising demand for low-emission materials particularly from the emerging nations along with stringent fuel economy standards have propelled the market growth for automotive interior materials. For instance, in 2018, the Ministry of Industry and Information Technology (MIIT) in China issued new guidelines for the passenger vehicles sold in the country. Under the guideline, new vehicle should meet the average fuel economy of 5.8 liters per 100 kilometers. In the last decade, the average fuel efficiency of new cars in China is better compared to USA, Europe, Japan, Australia, and other parts of the world.

However, rising prices for natural leather anticipated to hinder the market growth and likely to propel the demand for synthetic leathers. This is mainly attributed to the demand-supply gap along with increasing regulations for the use of synthetic leathers. As synthetic leathers are not bio-degradable, hence governments of various regions have issued stringent regulations on the application of synthetic leathers as well as to promote the application of natural leathers in various industries. The aforementioned factors are expected to prosper the market growth of automotive interior materials in the near future.

Report Highlights Details
Market Size US$ 42.60 Billion by 2030
Growth Rate CAGR 5.6% from 2021 to 2030
Base Year 2020
Forecast Period 2021 to 2030
Segments Covered Material, Vehicle, Application, End-User
Key Companies Profiled Evonik Industries AG, UFP Technologies, Saudi Basic Industries Corporation (SABIC), Arkema, BASF SE, Stahl Holdings B.V.

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Scope of the Study

This market report studies market dynamics, status and outlook especially in North America, Europe and Asia-Pacific, Latin America, Middle East and Africa. This research report offers scenario and forecast (revenue/volume), and categorizes market by players, product, application, and region. This report also studies global market prominence, competitive landscape, market share, growth rate market dynamics such as drivers, restraints and opportunities, and distributors and sales channel.

This research study also integrates Industry Chain analysis and Porter’s Five Forces Analysis. Further, this report offers competitive scenario which comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies.

Report Highlights

  • The Asia Pacific leads the global automotive interior materials market owing to prominent growth of automotive industry in the region
  • North America and Europe are the significant markets in the global automotive interior materials owing to stringent regulations and amendments in the automotive applications
  • By material, plastics captured majority of revenue share in the year 2020 because of its favorable capabilities to make a vehicle lighter and more appealing in terms of aesthetics
  • In terms of application, seats dominated the global automotive interior materials market and hold nearly 30% in the year 2020 owing to an important segment for driver and passenger comfort
  • Based on vehicle, passenger car leads the global automotive interior materials market in the year 2020 and projected to maintain the same trend over the forecast period due to high sales rate compared to other vehicle types
  • On the basis of end-users, aftermarket captured considerable revenue share and register a fast growth during the forecast period because of increasing demand for parts change in vehicles

COVID-19 Impact:

The industrial report mentions the influence of the ongoing COVID-19 pandemic. The outbreak has caused disturbances in several industries and has hammered the logistics, resulting in delayed deliveries and cancellation of product demand. The automotive interior materials report proficiently explains the resulting factors and concerns of manufacturers. Researchers have also well-explained how the producers and providers will tackle the ongoing epidemic and the key strategies to be adopted post-pandemic for turning their businesses back to normal.

Regional Snapshots

By geography, the Asia Pacific is the front-runner in the global automotive interior materials market and estimated to continue the same trend in the upcoming period. The region estimated to hold nearly 50% of the revenue share by the analysis period. This is mainly because of rising sale of automobiles in the region. Rising urbanization, robust economic development, and rising purchasing power of middle-class people in the region are other significant factors that propel the growth of automotive interior materials market. Apart from this, proliferating demand of passenger cars along with supportive government measures like to accelerate the demand for automotive interior materials in the region.

Key Players & Strategies

The prominent players operating in the global automotive interior materials market anticipated to experience intense competition during the upcoming years mainly because of rising focus on research & development and aggressive strategies adopted by the market players to maintain their competitive edge on the global scale. Further, industry players also adopt inorganic growth strategies such as product development, merger & acquisition, partnership, collaboration, and other strategies. For instance, in May 2018, SABIC introduced its new PP compounds portfolio, particularly for automotive interior applications that strengthens its market position on the global range.

Some of the prominent players in the Automotive Interior Materials Market include:

  • Evonik Industries AG
  • UFP Technologies
  • Saudi Basic Industries Corporation (SABIC)
  • Arkema
  • BASF SE
  • Stahl Holdings B.V.
  • Hexcel Corporation
  • Continental AG
  • Toray Industries Inc.
  • Huntsman International
  • Sumitomo Chemical Company
  • Dow Chemical Company
  • Trinseo S.A.
  • Borealis AG
  • Covestro AG

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Precedence Research has segmented the global automotive interior materials market report on the basis of material, vehicle, application, end-users, and region:

By Material Outlook

  • Composites
    • Glass Fiber
    • Carbon Fiber
    • Natural Fiber
  • Plastics
    • Thermosets
    • Thermoplastics
  • Leather
  • Fabrics
  • Others

By Vehicle Outlook

  • Passenger Cars
  • Light Commercial Vehicle (LCV)
  • Heavy Commercial Vehicle (HCV)

By Application Outlook

  • Doors
  • Consoles & Dashboards
  • Seats
  • Floor Carpet
  • Steering Wheels
  • Others

By End-users Outlook

  • OEMs
  • Aftermarket

By Regional Outlook

North America

  • U.S.
  • Canada

Europe

  • U.K.
  • Germany
  • France

Asia Pacific

  • China
  • India
  • Japan
  • South Korea

Rest of the World

Why should you invest in this report?

If you are aiming to enter the global automotive interior materials market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for automotive interior materials are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2030 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

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