Automotive Interior Materials Market worth $54.8 billion by 2026 | Key players Lear Corporation, Asahi Kasei Corporation, Faurecia, Grupo Antolin, Seiren Co. Ltd.

According to recent market research the "Automotive Interior Materials Market by Type (Polymer, Genuine Leather, Fabric, Synthetic Leather), Vehicle Type, Application (Dashboard, Door Panel, Seats, Floor Carpets) & Region (APAC, Europe, North America, MEA, South America) - Global Forecast to 2026", is projected to reach USD 54.8 billion by 2026, at a CAGR of 2.6% from USD 48.1 billion in 2021. Automotive interior materials are used in the interior of an automobile. Fabric, genuine leather, polymers, and synthetic leather are some of the materials used in the interiors. These materials should be of high quality, as they are used to enhance the appearance and comfort of the interiors of a vehicle. The efficiency of a vehicle depends on its weight. Lightweight automotive interior materials can help reduce the overall weight of an automobile. Several automotive manufacturers are looking for innovative and lightweight automotive interior materials for weight reduction, which increases the efficiency of vehicles by reducing fuel consumption.

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Polymer is the largest type segment of the automotive interior materials market. Passenger cars are the largest type segment of the automotive interior materials market. Door Panel was the largest application segment of the automotive interior materials market. Asia Pacific was the largest market for automotive interior materials in 2020, in terms of value. This can be attributed to the rapidly increasing automotive components manufacturing facilities in the countries such as China and India, due to the availability of raw materials and cheap labor. Several R&D activities have also been conducted in Asia Pacific to reduce the weight of interior materials used in automobiles.

Polymers used in the automotive interior is 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. They are plastic materials that soften on heating to form a perfect mold. On cooling, they set to a new form with a smooth yet hard finish. Thermoplastic polymers are used for various interior and exterior components in the automotive industry. These polymers help OEMs in manufacturing lightweight and durable interior components. Some of the polymers used in automotive interiors are PP, PU, PVC, and others. These polymers are lightweight, making the vehicles more fuel efficient.

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Asia Pacific is the fastest-growing region in automotive interior materials market owing to rapid economic growth in the region. These factors play an important role in driving the automotive interior materials market. The developed countries of Asia Pacific house the key global automakers. This 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. 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. However, the rising demand for luxury vehicles in the region will drive the need for automotive interior materials.

The key market players profiled in the report include 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). They have adopted strategies such as and new product launch, acquisition, and collaboration in order to gain an advantage over their competitors.

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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 world's 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.

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." 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.

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