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Automotive Textiles Market Analysis 2024 - Global Insights, Industry Demand, Growth Trends And Outlook By 2033
Automotive Textiles Market
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According to The Business Research Company's, The automotive textiles market size has grown strongly in recent years. It will grow from $28.87 billion in 2023 to $30.33 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to increased automotive production, demand for lightweight and fuel-efficient vehicles, focus on interior comfort and aesthetics, stringent automotive safety regulations, growth of electric vehicles.
The automotive textiles market size is expected to see steady growth in the next few years. It will grow to $35.94 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The growth in the forecast period can be attributed to rise in autonomous vehicle development, focus on noise reduction and insulation, circular economy initiatives, demand for antimicrobial textiles, increasing focus on carbon footprint reduction. Major trends in the forecast period include advancements in nanotechnology, collaborations between automakers and textile manufacturers, integration of smart textiles, customization and personalization, sustainability and eco-friendly materials.
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Market Drivers and Trends:
The growing automotive production is expected to boost the automotive textiles market going forward. Automotive encompasses the design, development, production, and maintenance of motor vehicles, including cars, trucks, motorcycles, and others. Automotive textiles enhance comfort, safety, aesthetics, and functionality, elevating the driving experience and contributing to the industry's growth. The growth in automotive production creates opportunities for the automotive textile industry to expand and innovate, meeting the evolving needs of the automotive sector. For instance, in May 2023, according to The European Automobile Manufacturers Association (ACEA), a Germany-based automobile manufacturers association, there were 85.4 million automotive vehicles produced worldwide in 2022, an increase of 5.7% compared to 2021. Therefore, the growing automotive production will drive the future automotive textiles market.
Product innovations are a popular trend in the automotive textiles market. Major companies operating in the automotive textiles market are focused on product innovations to meet specific demands and sustain their position in the market. For instance, in May 2022, Sumitomo Chemical Co. Ltd., a Japan-based chemical company, and Newlight Technologies Inc., a US-based technology company, started joint development of polypropylene (PP) compounds for use in autos and textile applications using AirCarbon, a carbon-negative biomaterial created by microorganisms from methane. Newlight Technologies will develop new grades of AirCarbon for usage in the automotive and textile industries as part of this collaborative development effort.
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Major Key Players of the Market:
Reliance Industries Limited, Continental AG, Johnson Controls, Lear Corporation, Asahi Kasei Corporation, Adient plc, DuPont de Nemours Inc., Toyota Boshoku Corporation, Autoliv Inc., Autoneum Holding AG, Borgers SE & Co. KGaA, Sage Automotive Interiors Inc., Global Safety Textiles GmbH, Shawmut Corporation, Bally Ribbon Mills, Ductmate Industires Inc., Arville Textiles Limited, Baltex Ltd., CMI Enterprises Inc., Jelliff Corp, Fabri-Tech Components Inc., Eleather Group, Adler Pelzer Group, Autotech Nonwovens Pvt. Ltd., Aunde S.A.
Automotive Textiles Market 2024 Key Insights:
• The automotive textiles market size is expected to see steady growth in the next few years. It will grow to $35.94 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%.
• Automotive Production Surge And The Acceleration Of The Automotive Textiles Market
• Sustainability And Innovation In The Automotive Textiles Market
• Asia-Pacific was the largest region in the automotive textiles market in 2023
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