Automotive Interior Materials Market 2023 Industry Trends, Future Demands, Growth Factors, Emerging Technologies

The global automotive interior materials market size was valued at US$ 30.2 Billion in 2021, and anticipated to grow at a CAGR of 5.2% over the forecast period.

Automotive interior materials give cars a good-looking appearance, increased dependability, and increased sustainability, which aids automakers in improving vehicle performance and interior features. This helps automakers improve interior features and designs as well. Furthermore, surging trend for electric vehicles and autonomous vehicles have prominently bolstered the demand for light materials in an automobile. Autonomous and other advanced vehicles require a large number of ECUs and chips, which adds to their overall weight and necessitates the use of lightweight materials for the body and other parts of the vehicle.

The materials used in automotive interiors are essential for automobile manufacturing. Therefore, the sale and production of automobiles have a significant impact on the dynamics of the market for automotive interior materials. Additionally, government regulations for car sales and fuel efficiency affect the market growth for automobile interior materials. In addition, government regulation on leather pricing has a big impact on the value and trend of the global market.

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Rapidly expanding electric vehicles market to spur the demand for automotive interior materials. Plastics and other lightweight materials are used extensively in the construction of electric vehicles in order to increase fuel efficiency and shorten recharging times. Electric vehicles are being pushed by legislators all over the world as an affordable and environmentally friendly alternative to conventional vehicle technology. Various schemes and subsidies are being provided to e-vehicle customers to increase the adoption of cleaner technology which has indeed boosted the sales of e-vehicles.

Internal replacement in vehicle components, especially in the case of leather, is anticipated to impede market expansion. For instance, fabrics, synthetic PU, or PVC leather might replace real leather in the automotive industry, which affects the market for genuine leather.

Material Insights
On the basis of material, polymer segment dominated major market share in 2021. Polymers used in the automotive interior are generally thermoplastics which are multiphase compositions in which one phase consists of a material that is hard at room temperature and fluid when heated, and the other phase consists of an elastomeric material that is soft and rubberlike at room temperature.

In the automotive industry, thermoplastic polymers are utilised for a variety of interior and external components. These polymers help OEMs create interior components that are strong and light. PP, PU, PVC, and other polymers are a few of the materials utilised in car interiors.

Vehicle Type Insights
Based on the vehicle type, passenger vehicle segment accounted for the largest market share and is projected to grow at higher CAGR throughout the forecast period. Personal cars, waggons, hatchbacks, sedans, SUVs, MUVs, estate cars, vans, pickup trucks, and other vehicles are considered in this segment. These vehicles can hold one to eight passengers, depending on the model. Due to the increased demand from customers for luxurious and convenient features, the technologies utilised in this type of vehicle are constantly changing.

Application Insights
In terms of application, Seats segment leads the global automotive interior materials market. This is mostly due to the seats crucial role in the comfort and convenience of both the driver and the passengers. The use of diverse materials for automotive seats is the result of several physiological and psychological studies on human perception, posture & adjustability, and weight distribution.

Additionally, high performance PU foams and covering materials like leather or fabric are typically employed in the production of seat cushions. Utilizing carbon fibre and other composite materials to increase comfort in modern vehicles is a result of the growing demand for lightweight materials in seat design.

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Regional Insights
In terms of region, Asia pacific is projected to lead the marketplace all through the forecast timeline owing to rapid economic growth in the region. The region not only serves as a manufacturing hub but also has key R&D facilities. The automotive industry in developing countries of Asia Pacific is expected to grow because of the improving economic conditions as well as the booming manufacturing sector.

Europe is anticipated to be the second-largest automotive interior materials market during the forecast period. The region's industrial growth and technical advancements are boosting demand for automobile interior materials. The growth of the market is also projected to be supported by the improving global economy. In Europe, the automotive sector is one of the key industry. The increasing demand for technology, the escalating demand for a safe and secure driving experience, and the expansion of connected automobiles are the major growth factors for the European automotive interior materials market.

Furthermore, the market in North America is projected to grow at a moderate rate during the forecast period because of the shift of manufacturing bases to the developing countries. Moreover, the surging demand for luxury vehicles in the region will boost the need for automotive interior materials.

Key Companies Insights
Some of the major companies studied under the market scope are as follows: Evonik Industries AG, UFP Technologies, BASF SE, SABIC, 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, and Others. Prominent players operating in the market experiences intense competition owing to the presence of large number of players on the global scale. Further, the inorganic strategies adopted by these players such as merger and acquisition, new product launch, geographic expansion, research & development for expanding their product portfolio, and others.
In January 2020, FAURECIA, a manufacturer of a wide range of automotive components and system acquired SAS, a key player in the complex assembly and logistics of interior modules.

Segments
By Material

• Composites
o Glass Fiber
o Carbon Fiber
o Natural Fiber

• Plastics
o Thermosets
o Thermoplastics

• Leather
• Fabrics
• Others

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

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

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