Automotive Interior Materials Market to Surpass US$ 80.08 Billion by 2030 - Coherent Market Insights
BURLINGAME, Calif., Nov. 17, 2023 /PRNewswire/ -- According to Coherent Market Insights, Global automotive interior materials market size was valued at US$ 56.26 Billion in 2022 and is expected to surpass US$ 80.08 Billion by 2030 and is anticipated to witness a compound annual growth rate (CAGR) of 4% from 2023 to 2030.
BURLINGAME, Calif., Nov. 17, 2023 /PRNewswire/ -- According to Coherent Market Insights, Global automotive interior materials market size was valued at US$ 56.26 Billion in 2022 and is expected to surpass US$ 80.08 Billion by 2030 and is anticipated to witness a compound annual growth rate (CAGR) of 4% from 2023 to 2030. The global automotive interior materials market has witnessed significant growth in the recent years and this is attributed to the growing demand for premium automotive interiors. Moreover, increasing disposable income of consumers coupled with the growing advancement in technology are further anticipated to foster the market growth. Additionally, growing sale of premium passenger car is again contributing to the market growth. For instance, the auto industry posted its highest-ever annual domestic passenger vehicle (PV) sales in 2022 at 3.793 million units on the back of pent-up demand and better semiconductor chip supply. The figure was 23.1 per cent more than that of 2021. The highest growth in annual domestic PV sales was seen by Tata Motors, Kia India and Toyota Kirloskar at 58.2 per cent, 40.2 per cent and 22.6 per cent (see table), respectively, according to data shared by the companies
Key Trends and Analysis of the Global Automotive Interior Materials Market:
Growing number of partnership and agreement for recycling of car interior materials due to the growing environmental concerns is a major trend observed in the market. For instance, in May 2022, Veolia and Faurecia have signed a cooperation and research partnership with an aim to use on average 30% of recycled plastics in car interiors by 2025. The collaboration, under which recycled plastics will be used in instrument panels, door panels and centre consoles in cars across Europe, will reduce Faurecia's carbon footprint, helping it advance its CO2 neutrality plan, and expand Veolia's product range to vehicle interiors.
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Key Market Takeaways:
Global automotive interior materials market is expected to surpass US$ 80.08 Billion by 2030 and is anticipated to witness a CAGR of 4% during the forecast period 2023-2030, owing to the increasing sale of premium passenger car sale, growing disposable income of consumers, and advancement in car interior making technologies.
On the basis of Material Type, Thermoplastic Polymers segment is expected to hold a dominant position, owing to the fact that the use of plastic in car interior products gives premium look in car interior component. Also, growing demand for aesthetically appealing interiors is further propelling segment growth.
On the basis of Vehicle Type, Passenger Cars segment is expected to hold a dominant position, owing to growing sale of passenger cars due to increasing disposable income of consumers.
On the basis of Component, Dashboard segment is expected to hold a dominant position, owing to enhancement in vehicle dashboards and their material
On the basis of region, Asia Pacific is expected to hold a dominant position over the forecast period, owing to the growing importance of automotive interiors and favorable government policies for automotive manufacturers.
Key players operating in the global automotive interior materials market include BASF SE, Dow Chemical Company, Borgers A.G., Faurecia S.A., Adient Plc, Lear Corporation, Eagle Ottawa, D.K. Leather Corporation Berhad etc.
Global Automotive Interior Materials Market Key Developments
In March 2023, BASF introduces a new Ultramid® Deep Gloss grade, optimized for highly glossy automotive interior parts, and applied for the first time to the garnish of Toyota's new Prius
In July 2023, Avient Corporation has announced the addition of two reSound REC Recycled Content Thermoplastic Elastomers (TPEs). The new grades for automotive interior applications are formulated with post-consumer recycled (PCR) content, The Company claims that the materials offer a more sustainable TPE option with comparable performance to traditional TPEs.
Read complete market research report, "Automotive Interior Materials Market, By Material Type, By Vehicle Type, By Component, By Region and Segment Forecast 2023 - 2030", Published by Coherent Market Insights.
Global Automotive Interior Materials Market Segmentation:
- By Material
- Synthetic Leather
- Pure Leather
- Fabrics
- Thermoplastic Polymers
- By Vehicle Type
- Heavy Commercial Vehicles
- Light Commercial Vehicles
- Passenger Cars
- By Component
- Steering Covers
- Seat Covers
- Interior Roofing
- Dashboard
- Door Panel
- Mats
- Others
- By Region
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Europe
- By Country:
- U.K.
- Germany
- Italy
- France
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country:
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Middle East & Africa
- By Country:
- GCC Countries
- Israel
- South Africa
- Rest of Middle East & Africa
- By Country:
- North America
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