Automotive Interior Materials Market worth $54.8 billion by 2026 | Key players Lear Corp, Asahi Kasei Corp, Toyota Boshoku Corp, Faurecia, Toyoda Gosei

According to recent market research the global automotive interior materials market size is estimated to be USD 48.1 billion in 2021 and is projected to reach USD 54.8 billion by 2026, at a CAGR of 2.6% between 2021 and 2026. Optimizing fuel efficiency by reducing the overall vehicle weight, increased globalization, and the high demand for new technologies and customization are driving the automotive interior materials market. The automotive industry is currently under constant pressure to adapt to new changes due to technological advancements and end-user preferences. Vehicle interiors are key areas that have witnessed a rapid change due to various factors such as the consumer demand for safety and comfort, preference for fuel efficiency, and increasing competition within the industry. OEMs strive to provide vehicles with good interior styling, comfort, and safety. They also focus on reducing the weight of the vehicle by using lightweight, cost-effective, and highly durable materials in the designing of components.

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The key players in this market are Lear Corporation (US), Asahi Kasei Corporation (Japan), Toyota Boshoku Corporation (Japan), Faurecia (France), Toyoda Gosei Co., Ltd. (Japan), Grupo Antolin (Spain), Yanfeng Automotive Interiors (YFAI) (China), Seiren Co. Ltd. (Japan), DK Leather Corporation Berhad (Malaysia) and DRAXLMAIER Group (Germany).

Players in the automotive interior materials market are mainly concentrating on new product launches, and acquisitions to meet the growing demand for automotive interior materials for various application. New product launches help companies to strengthen their product portfolio and meet the specific demands of customers.

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The growth of the automotive interior materials market has been influenced by new product launches that were undertaken between 2018 and 2021. Different companies are deploying different strategies to win the automotive interior materials market. Lear Corporation are primarily focused on the Americas, whereas Toyoda Gosei Co., Ltd., Asahi Kasei Corporation and Toyota Boshoku Corporation are mainly focused on Asia Pacific and Faurecia on Europe. In general, these five companies are all strong in their home region and exploring geographic diversification alternatives to grow their businesses. All five companies are focused on increasing their market shares through partnerships and enhancing their product portfolio over the past few years.

Lear Corporation is the largest player in the automotive interior materials market. The company manufactures and distributes electrical distribution and connection systems, electronic systems, and software and connected services, to all the worlds major automotive manufacturers. It has 251 manufacturing, engineering, and administrative locations in 39 countries. Lead Corporation continue to restructure its manufacturing footprint to optimize its cost structure with 68% of its manufacturing facilities and 86% of its employees located in low-cost countries. The company has built its foundation on a strong culture of innovation, operational excellence, engineering, and program management capabilities. Company uses its product, design and technological expertise, global reach and competitive manufacturing footprint to achieve its financial goals and objectives.

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On the other hand, Asahi Kasei Corporation is the second-largest player in the automotive interior materials market. Asahi Kasei Corporation works towards creating new businesses, targeting fields that can provide high value to society, under the Group Slogan "Creating for Tomorrow." In order to effectively create new businesses and provide value, company is reaching beyond existing core technologies that it has cultivated, strengthening its marketing functions, and knowledge both within and beyond the Asahi Kasei Group. In 2019, company launched its Marketing & Innovation unit and has been building a marketing and innovation platform and establishing systems to promote effective marketing activities across the Asahi Kasei Group while pursuing initiatives to create new businesses.

Company increased its production capacity for Lamous artificial suede, which is used in automobile interiors and other applications. In addition, its subsidiary Sage Automotive Interiors, which produces Dinamica car interior material using Lamous, acquired the automobile interior fabric business of U.S. company Adient plc.

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