Global Automotive Materials Market to reach US$137.06 by 2023 Bolstered by Demand for Better Comfort and Design in Vehicles

The surging demand for advanced vehicles has proven lucrative for the market for automotive interiors. Due to the launch of the latest vehicles models with exclusive interior designs, the market for automotive interior materials is expected to witness steady growth during the forecast period 2015 to 2023.A new analysis by Transparency Market Research, titled “Automotive Interior Materials Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023,” pegs the value of the global automotive interior materials market at US$111.61 bn in 2014. Rising at a CAGR of 2.7%, the overall valuation of the market is expected to reach US$137.06 bn by the end of the forecast period

Automotive interior materials comprise thermoplastic polymers, leather, fabric, wood, and vinyl. Of these, thermoplastic polymers and leathers are most commonly used as automotive materials. The increasing use of these materials is attributed to the rising demand for the better comfort of automobile users. Also with the launch of new vehicle segments, including electric and hybrid models, new technologies are expected to be introduced in automotive interior materials such as dirt repellent antimicrobial textiles, nano filters, anti-glare coated mirrors, and others. In the near future, climate controlled automotive seats based on thermo-electric technology will be introduced. These seats will have the ability to convert electricity into heating or cooling.

In the last few years, private equity firms have become very active in the automotive interior materials market. These firms buy and create strategies for smaller manufacturers operating in the market or for start-ups. The PE firms in the U.K., Germany, and the U.S. have invested significantly in companies manufacturing automotive materials. Besides this, the research and development activities in the automotive sector have spurred a transition in the automotive material markets. The application of green technology and the use of nano materials in fabrics used in automotive interiors are expected to boost the market for automotive interior materials in the coming years.

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Based on material, leather emerged as the largest segment accounting for a share of 30% in the market in 2014. By application, the market was led by the passenger vehicle segment in the same year. Passenger vehicles held over 60% of the market based on application. Regionally, Europe dominated the global market for automotive interior materials in 2014, followed by North America. The enterprises operating in the market also witness lucrative prospects in Asia Pacific and Rest of the World. Emerging economies such as India, Brazil, China, Japan, Australia, Russia, South Africa, and Saudi Arabia are exhibiting increasing demand for vehicles, thus, fuelling demand from the global market.

The report provides a comprehensive overview of the global market for automotive interior materials and presents insights into the prevailing vendor landscape. Some of the companies profiled in the report are Faurecia SA (France), BASF SE (Germany), Lear Corporation (U.S.), Johnson Controls, Inc. (U.S.), and Grammer AG (Germany). These companies are studied on the basis of their product portfolio, business strategies, financial overview, and development status.

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This release was published on openPR.