Automotive Fabric Market Players to See Huge Investments Opportunities by SRF Limited, Lear Corp, Acme Mills, Suminoe Textile, Adient, Heathcoat Fabrics, Seiren, Toyota, Martur Automotive Seating System, Grupo Antolin Irausa
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According to the reports published by Allied Market Research the global automotive fabric market was estimated at $ 29.8 billion in 2017 and is anticipated to reach $ 37.2 billion by 2025, garnering a CAGR of 2.9% from 2018-2025. The report provides a detailed analysis of top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and changing market trends.
Rising vehicle sale, the prevalence of accidents, and strict safety standards by governments for the usage of airbags, safety-belts & others have spurred the growth of the global automotive market. Moreover, an increase in demand for environment-friendly fabric material and rising call for low weight automotive fabric to reduce vehicle pollution have created multiple opportunities in the segment. Nevertheless, high prices of raw materials and growing opposition for the use of leather have restrained the growth to a certain extent.
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Based on fabric type, polyester accounted for more than two-fifths of the total market in 2017 and is anticipated to dominate till 2025. The fact that polyester is widely used in applications of an automobile such as seat covers, headliners, door panels, package trays, tires, and safety belts has coaled the growth of the sector.
By vehicle type, passenger vehicle contributed to nearly three-fourths of the total market and is expected to retain its hegemony during the estimated period. A rise in demand for vehicles such as sedans, luxury sedans & mid-range vehicles, an increase in disposable income is projected to escalate the demand for fabric materials in passenger vehicles which, in turn, has surged the growth of the segment.
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The market is analyzed across various regions including North America, Asia-Pacific, Europe, and Latin America, the Middle East and Africa (LAMEA). Asia-Pacific accounted for two-fifths of the total market share in 2017 and has come out as having the largest market segment. Increase in adoption of fabric material in automotive, rise in vehicle sale, Government investments & initiatives in emerging economies, and constant emphasis on developing newer products are factors that have fueled the growth of Asia-Pacific automotive fabric market.
The key players analyzed in the report include Adient Plc., SRF Limited, Acme Mills Company, Suminoe Textile Co. Ltd., Grupo Antolin Irausa, S.A., Lear Corporation, Heathcoat Fabrics Limited, Seiren Co., Ltd., Toyota Boshoku Corporation and Martur Automotive Seating System. The top-end strategies they adhere to have helped them cling onto their top status in the market.
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