Automotive Fabric Market size is projected to reach $39.14 billion by 2027

According to a recent report published by Report Ocean, titled, “Automotive Fabric Market by Fabric Type, Application and Vehicle Type: Opportunity Analysis and Industry Forecast, 2020–2027,”

The global automotive fabric market was valued at $32.13 billion in 2019, and is projected to reach $39.14 billion by 2027, registering a CAGR of 4.8%.

GET SAMPLE PAGES @ https://www.reportocean.com/industry-verticals/sample-request?report_id=AMR1551

Asia-Pacific dominates the market in terms of revenue, followed by Europe, North America, and LAMEA. China dominated the global automotive fabric market share in 2019, and is expected to grow at a significant rate during the forecast period due to increase in production & sales of vehicles across the country.

Automotive fabrics are technical materials, which are used in vehicles to offer better aesthetic look to the user of the vehicle. They are made of different materials and components to offer better looks to the interior of the vehicle as well as are used to offer comfort to the passengers of the vehicle. Automotive fabrics have wider application in areas such as headliners, cockpit modules, door panels, automotive seats, flooring, vehicle acoustics, and others.

Increased demand for vehicles with better and pleasant aesthetic looks is preferred by customers; hence, vehicle manufacturers are installing different types of fabrics made of different materials such as
polyester, nylon, leather, and others. The availability of alternate and cheap fabric material has led the market toward a positive growth.

By fabric type, the market is categorized into polyester, vinyl, leather, nylon, and others. Polyester accounted for the highest revenue in 2019, owing to its higher adoption in vehicles. This increased adoption is due to the strong and long-lasting properties of polyester. However, the other type of fabric material is expected to grow at a significant rate, owing to its increased application in vehicles.

On the basis of application, the automotive fabric market is segregated into carpets/floor covering, upholstery, pre-assembled interior components, tires, safety-belts, airbags, and others. The carpets/floor covering segment has a wider application of automotive fabrics. Moreover, the airbags segment is expected to grow significantly during the forecast period due to increased application of airbags in vehicles.

Factors, such as rise in sale of vehicles, rapid economic improvement, and implementation of stringent safety standards, for usage of airbags are creating a huge demand for automotive fabrics globally. However, rise in raw material cost and increase in opposition for the use of leather hamper the growth of the global market. Moreover, rise in demand for environment-friendly fabric material and low-weight automotive fabric to reduce vehicle pollution creates better opportunity for the growth of the market.

Furthermore, growth in production of passenger vehicles in developing countries of Asia-Pacific is majorly characterized by rise in disposable income. These factors are largely responsible for the expansion of the automotive fabric market as the growth of fabric materials is directly related to advancement in applications of the passenger vehicle segment.

COVID-19 impact analysis

The COVID-19 outbreak impacted the automotive industry significantly, which resulted in substantial decline in automobile sales, shortage of raw material, and others.
Textile manufacturers across the globe have been severely affected by COVID-19 due to the unavailability of skilled labor, followed by shortage of raw material required to manufacture fabrics for different applications.
Manufacturers are affected in such a way that their production has been reduced to a much larger extent.
The automotive fabric market has also been affected by the loss of vehicle production across the globe.
Manufacturers have started their alternate business such as the production of PPE kits and face masks & protection shields.
Key Findings Of The Study

By fabric type, the others segment is expected to register a significant growth during the forecast period.
Depending on application, the airbags segment is anticipated to exhibit significant growth in the near future.
On the basis of vehicle type, the passenger vehicle segment is projected to lead the global automotive fabric market, owing to higher CAGR.
Region-wise, Asia-Pacific is anticipated to register the highest CAGR.
The key players analyzed in this automotive fabric market report are Acme Mills Company, Adient plc., Aunde, Grupo Antolin, Heathcoat Fabrics Limited, Lear Corporation, Martur Automotive Seating System, Sage, Seiren Co., Ltd., SRF Limited, Suminoe Textile Co., Ltd., Tesca, Toyota Boshoku Corporation, Krishna, Arvind Limited, Navbharat Textile Processors, Parishudh Fibres, Shandong Exceeding Auto Interior Parts Co., Ltd., DongGuan Cigno Leather Co., Ltd., and Changzhou JLON Composite Co., Ltd.

READ FULL REPORT @ https://www.reportocean.com/industry-verticals/sample-request?report_id=AMR1551

Get in Touch with Us:
Report Ocean
Email: sales@reportocean.com
Address: 500 N Michigan Ave, Suite 600, Chicago, IIIinois 60611 – UNITED STATES
Tel: +1 888 212 3539 (US – TOLL FREE)
Website: https://www.reportocean.com/

We are the best market research reports provider in the industry. Report Ocean believe in providing the quality reports to clients to meet the top line and bottom line goals which will boost your market share in today’s competitive environment. Report Ocean is “one-stop solution” for individuals, organizations, and industries that are looking for innovative market research reports.

This release was published on openPR.